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Fintech (FInancial Technology) literally means technology related to finances or the application of technology to financial business. It originated in the 2000s, whether it was an ATM innovation that facilitated cash payments or mobile banking that allowed people to transfer money online without having to go to banks. These mentioned above are one of fintech.
Fintech plays a huge role in both small and large businesses in all industries. Although Fintech has many advantages and benefits, there are still some parts that need to be developed.
Strength of Fintech in Thailand
With the convenience of today’s technology, customers are always looking for easy-to-use services, regardless of which age they are. Fintech also provides lower-income people with easier access to credit services and more flexible access to non-banking than financial institutions. As a result, businesses are constantly adjusting to new products and services.
The introduction of Fintech will help solve problems or create new service behaviors for consumers. It can be observed through iBanking transactions to reduce their business hours and reduce travel time.
As FinTech is related to financial transactions in one way or another, service security is a fundamental requirement for the system, both in terms of customer data protection and transaction security.
Weakness of FIntech in Thailand
Many people may experience a time when transaction volumes are high, resulting in system outages and inability to transfer money, etc., as well as the security of information generated by systems and users.
Speaking of Fintech, many people may think of Mobile Banking only, in fact, Fintech can be divided into various categories as follows;
Most banks and financial institutions have adopted technology to provide services from the transactions that need to be done at the branches to digital through smartphones. This kind of Fintech is mobile banking, which allows customers to manage their money on their own.
It is an intermediary platform between entrepreneurs and investors, to provide financial support and fund. Instead of entrepreneurs having to take out loans from banks, they can raise funds from investors while the investors can choose to invest in interested businesses via the platform.
Digital currency known to many people is the introduction of blockchain technology that makes it work like real money, and can also be spent and speculated. Some digital currencies are seen as an opportunity to create financial equality, while others are seen as a threat to the world’s traditional financial system. However, Cryptocurrency is a financial system of the future with an ever-increasing interest.
The technology-based payment system requires users to open an account with the platform so that they can use it such as E-Wallet systems and credit cards. The payments are different from mobile banking where the platform owner is not a bank and only provides payment services.
ACU PAY is a Fintech, a type of payment technology, related to the Application E-Wallet, which provides financial transactions through electronic channels and is headquartered in Hong Kong and has registered ACU trademarks in more than 56 countries worldwide. ACU PAY makes easy, fast, and smooth transactions with special privileges and promotions for users with low fees in all financial transactions. Moreover, ACU PAY E-wallet ensures high security through more than 30 items.
These businesses can provide entrepreneurs with a great deal of returns and convenience for their customers. This is an important variable in driving the country’s economy. In the future, Fintech will play a greater role in our daily lives. With the advent of start-ups, technology companies have changed their financial landscape, making service providers and banks constantly develop new technologies.
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