Fintech in Pakistan

Traditional banks are playing key role in the financial industry but the rapid technological development in financial sector has evolved the world economy to shift to digital channels gradually. Financial technology (FinTech) is a revolutionary contribution to fasten the pace of financial services. There is no doubt that the Internet is the main enabler for the FinTech industry. Leong and Sung (2018)6 defines FinTech as “any innovative ideas that improve financial service processes by proposing technology solutions according to different business situations”. Thus FinTech is the segment of industries consisting of technology-focused companies with innovative products and services, traditionally provided by the financial services industry. To date there are six FinTech business models: insurance services, crowdfunding, payment, lending, wealth management, and capital markets. Overall FinTech developments have impacted financial planning, financial well-being and economic inequality (Frame, Wall, and White 2019)7.