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4 FinTech Myths and Misconceptions: Busted

Fintech has witnessed an astounding global expansion in the last couple of years. And as with all innovation and growth stories, the rise of Fintech has not escaped unchecked misconceptions. Hereu2019s to busting them

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4 FinTech Myths and Misconceptions: Busted

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  1. 4 FinTech Myths and Misconceptions: Busted From cryptocurrencies to virtual currencies and blockchain

  2. Fintech has witnessed an astounding global expansion in the last couple of years. And as with all innovation and growth stories, the rise of Fintech has not escaped unchecked misconceptions. Here’s to busting them.

  3. 1. It’s more than lending and payments Estimatedly, nearly 80% of US Fintech companies are involved with lending and payments - probably triggering the root of the myth. But contrarily, Fintech continues to play a prominent role when it comes to loans and insurance, investment management, fraud detection, capital raising and more.

  4. 2. It’s a war between Fintech and Banks It is a myth that banks and Fintech companies cannot co-exist. Fintech brings in a wave of innovation, whereas traditional banks stand for reliability, existing customers and a strong network. Not surprisingly, 80% of investors in London*, believe working side-by-side with Fintech start-ups will help to bring new ideas into *Accenture study their business.

  5. 3. Fintech is for the big-shots While some believe that Fintech is for the elite markets in New York, California, London, Hong Kong, Singapore, it’s far from being the truth. In fact, Fintech has penetrated global markets with markets in developing countries, especially Africa and Latin America, being a hotbed for drawing investments. .

  6. 4. It’s a bubble Fintech is here to stay. Blockchain has afected segments across banking and fnance and it is unlikely that Fintech will crash anytime in the future. As proof of its prospects, there are currently over 50 Fintech companies that are valued in billions of dollars, there’s gradual convergence between banks and Fintech, expansion has begun in new markets etc.

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