“Fintech” now is much more than another buzzword in the financial services vocabulary. This compound noun represents a fundamental challenge to banking dominance in providing those services.
The fintech world is becoming white hot. For example, a group called The Venture Center, in partnership with FIS—that major financial technology provider used by thousands of traditional banks—is sponsoring a “VC FinTech Accelerator,” in which ten selected startups will be admitted to a 15-week program. This is intended to focus on emerging technologies and innovations in financial services. Those selected will get an initial $50,000 investment, plus the opportunity to pitch for up to $300,000 in additional investment at the end of the investment.
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