Question

Financial technology, also known as FinTech is an industry composed of companies that use new technology and innovation with available resources in order to compete in the marketplace of traditional financial institutions and intermediaries in the delivery of financial services.

The use of mobile apps is embedded in the average Mauritian’s everyday life while the country already provides services such digital insurance, mobile banking amongst others.

Several enterprises, particularly those aiming towards Africa, are already using Mauritius as a viable Fintech platform. The stable business climate and well-established corporate governance culture in Mauritius, favorable time zone, excellent connectivity and highly-educated labour, mitigates the high-risk profile of certain African countries.

Question :

Select a local company of your choice which provides FinTech services and Explain the services provided by the chosen company & justify why the provided services   falls under the FinTech umbrella of technologies.

(Answer should be preferable of a banking sector in Mauritius - 2000 words)

Expert Answer

Answer 1

An example of a Fintech Company in India would be PayTM.

Fintech companies are companies which use technology to automate and use of delivery of financial services.

PayTM provides the following services because of which it is Fintech :

1. Cash Transfer phone number to number : Each paytm account is linked to a phone number. People can directly transfer money from one account to another using Paytm.

2. Payment at shop / establishment / online by code scanning.

3. Credit advance being given for purchase with permission to make the payment after 7/10 days.