Financial technology or FinTech is going to change our way in dealing in the financial world! No if, No But, the only question is how our life will be affected and when is going to happen!
So, what is FinTech? FinTech is the short form of Financial Technology. FinTech is transforming the financial services in a way we have not seen before. In a very layman term, any services on how and where we use our money or any financial services will be impacted. Everything will eventually become faster, cheaper, simpler in our lives.
Below are some examples how our daily life evolves in future.
- Mobile Banking: The smartphone is becoming our bank. People can consume financial services on the go. We no longer need to queue at the ATM machines or visit the bank branches for transaction.
- Cashless transaction: We no longer need to bring money, credit card and even wallet. Our physical wallet will be replaced by digital wallet or e-wallet in the Mobile phone. This digital wallet or e-wallet is basically an apps to link to our bank account. Cryptocurrencies like BitCoin, Etherium, Ripple may be the currency in the very near future.
- Cyber connectivity: The Internet has compressed time and space. Interaction is real-time and unconstrained by physical boundaries.
- Unlimited Brain Power and Storage: Don’t worry about our memory power when we are aging. We have unprecedented computing power. The devices in our hands or on our wrists are our 2nd brain that pack more data and more processing power than super computers just a couple of decades ago.
- Big Data / Cloud Computing / Artificial Intelligence: You are going to hear all these alien words more and more frequently.
While there are so many advantages FinTech can bring to us. This new technology also brings another type of risks or threats. As every data is stored in a cloud system, cyber risk like data breaching become the biggest threats. The recent hacking of the SingHealth’s patient data is a very good example. The following are the risks we have to be aware off:
- Personal Data / Privacy Breach: Ranges from our bank account, where we stay, what we do, how many properties we have, employment income, investment, etc.
- Location Traceability: As we are connected through internet all the time, our location, our movement, our favourite visiting places are easily exposed and we can be easily the targets of the criminals.
- Cyber Theft: As our digital currency and our investment are all stored in the cyber space, all our assets could be stolen easily if there is any successful hacking.
There is no way we can run away from this FinTech Revolution, we just have to get ourselves prepared to embrace FinTech and use FinTech to improve our productivity in everything we do. You may want to learn more about FinTech in the coming Invest Fair 2018 on Aug 25 and 26. Look for the FinTech Zone in the Invest Fair to learn more about the Digital Exchange, Crowd Funding and how the Wealth Management scene embraces FinTech. You can register the event by clicking HERE and enter promo code MYSTOCKSINVESTING to have 3x chances to win the lucky draw.
Register here http://sg2018.invest-fair.com/register