Web Analytics

Tax & Finance

Banking & Fintech

BANKING & FINTECH

Financial sector is a segment of the market which comprise of various institutions and firms whose sole purpose is to provide financial services to the commercial and retail sector. This sector usually comprise of industries such as the banking industry, insurance companies, real estate industry and investment firms. Fintech on the other hand is nothing but a financial sector enterprise tool that uses technology to improve and automate the use of financial services. Fintech is, as the word suggests, financial technology that business owners and consumers can use to better the management of various financial processes, operations by the use of specific algorithms and software.

The financial sector has recently built up in terms of efficiency owing to the new found affinity and use of ‘fintech’ based services that is making companies and organizations chart their day to day operation and processes with relative ease.

One of the finest examples as well as a separate and unique development in ‘fintech’ is the use of online currency such as Bitcoins and Cryptocurrency. Although the RBI had put forth its reservations on the usage of online currency way back in 2013 when Bitcoins were introduced in India and even had put a ban on Cryptocurrency or any other Virtual Currency.[1] Although RBI and its entities (regulated by RBI) had disassociated itself from online currency (Bitcoins), they have decided to promote and propagate the use of blockchain technology, which is a platform on which online currency operate.

To understand this area better, a few examples of consumer centric fintech are online insurance, mobile payment gateways & apps, crowdfunding platforms, budgeting apps etc. The financial industry is governed by commercial, banking and security laws; and with the addition of financial technologies (fintech), the industry even invokes IT and Intermediary laws and regulations for its governance.

FINANCE & FINTECH:

Financial sector is a segment of the market which comprise of various institutions and firms whose sole purpose is to provide financial services to the commercial and retail sector. This sector usually comprise of industries such as the banking industry, insurance companies, real estate industry and investment firms. Fintech on the other hand is nothing but a financial sector enterprise tool that uses technology to improve and automate the use of financial services. Fintech is, as the word suggests, financial technology that business owners and consumers can use to better the management of various financial processes, operations by the use of specific algorithms and software.

The financial sector has recently built up in terms of efficiency owing to the new found affinity and use of ‘fintech’ based services that is making companies and organizations chart their day to day operation and processes with relative ease.


[1] Available at: https://www.rbi.org.in/Scripts/NotificationUser.aspx?Id=11243

 

Disclaimer

This website https://www.ssrana.in (hereinafter referred to as the “website”) is a public resource website and provides general information about the location of the firm S.S Rana & Co. Current Rules of the Bar Council of India do not permit lawyers to solicit work or advertise their services. The website is a resource website for non-commercial, general informational and educational purposes only and there has been no advertisement, personal communication, solicitation, invitation or inducement of any kind whatsoever from S.S.Rana & Co., or any of its members, to solicit any work or create an Attorney-Client relationship through this website.

Although every effort is made to update this website and provide its visitors /users with accurate, updated and latest information, S.S Rana & Co. does not guarantee or undertakes any warranties concerning the accuracy or completeness of the information provided on the website. Nothing on this website should be interpreted to constitute any legal advice. S.S Rana & Co. is not liable for any consequences arising out of any action taken by the visitor / user relying on material/information provided on this website, and the visitor / user should seek the advice of competent counsel licensed to practice in the relevant country/state for any legal issue.

By accessing the website, the visitor /user acknowledges that he/she on his own accord wishes to know more about S.S Rana & Co. and the website for his/her own information and use. The visitor/user further acknowledges that there has been no solicitation, invitation or inducement of any kind sort whatsoever from S.S Rana & Co. or from any of its members to create an Attorney-Client relationship through this website. The visitor/user furthers acknowledge having read and understood this Disclaimer.