Abstract
Currently there is not a universally accepted definition of the term “FinTech.” The following section provides a brief survey of its use within existing scholarly literature. A definition is formed by means of a general description of the characteristics of FinTechs and an enumeration of the individual segments that make up the FinTech market.
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Notes
- 1.
Kawai (2016), General Secretary of the International Association of Insurance Supervisors, a member organization of the Financial Stability Board, offers a working definition of “FinTech” as follows: it is a “technologically enabled financial innovation. It is giving rise to new business models, applications, processes and products. These could have a material effect on financial markets and institutions and the provision of financial services.”
- 2.
For example, the crowdfunding platform Startnext financed itself through voluntary contributions.
- 3.
In accordance with the “Pooling and Carry Agreement” used by Companisto, the platform currently receives 10% of all proceeds distributed to investors, with the exception of proceeds from the loan and from the fixed interest payment.
- 4.
For example, in October 2013 the average price for a Bitcoin on the largest virtual currency exchange was around 122 USD. A few months later, at the beginning of December 2013, the price had already risen to 1151 USD (BlockchainInfo 2016).
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Dorfleitner, G., Hornuf, L., Schmitt, M., Weber, M. (2017). Definition of FinTech and Description of the FinTech Industry. In: FinTech in Germany. Springer, Cham. https://doi.org/10.1007/978-3-319-54666-7_2
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