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We’ve talked a lot about “fintech.” But what is fintech? It is an abbreviation for ‘financial technology’ and simply put, is the use of technology to automate various financial systems. Think of your cellphone, and the apps on it. Nowadays, banking, investing, online payments and many other services can be carried out with the tap of a button, thanks to fintech platforms.
The rise of fintech platforms has been unprecedentedly swift and efficient, disrupting the traditional financial service sector. Think about it; you can tap your phone to pay for certain items now, where not long ago cards, cheques or even cash were the norm. This has lead to many opportunities for both businesses and consumers, simplifying life for all.
There has been a particularly rapid rise in the fintech industry in developing areas like South Africa and across Africa. Fintech companies have revolutionised the world, providing innovative solutions to previously marginalised or neglected markets. This can be seen locally in South Africa - with digital platforms providing entrepreneurs financial services like the small business loans they need to make their SMME’s thrive. Without these fintech platforms, these individuals would otherwise have not had access to these financial services.
So, we can confidently say that fintech provides a platform to even the traditionally largely uneven financial playing field, and promote greater financial inclusion to not only the country or continent, but to millions all over the world.
Being the leading software development company in Africa, we’ve scaled countless businesses within the financial technology sector. We know success, because we’ve built it, and have the ranking and expertise to back our claims. But above all, is our undulating passion for technology, software, and the ingenious innovation that is revolutionising the financial sector into one that is not only more efficient for all, but also more equitable and accessible for all. Having expertise in a wide range of fields, we’re everything software. From AI to mobile app development, our world-class offerings are comprehensive yet customised. That’s why we launched the SovTech Heartbeat, to recognise greatness and motivate others to share our same passion and drive to make leaps and bounds in the software development and financial technology industry. Whether a company is making moves in the digital payments sector, or in the cryptocurrency space – if they have that flame that burns brightly enough to spearhead innovation, ingenuity and make lives better, they deserve to be noticed and have their stories shared.