D2.1 Executive Report on State of Practice of Research Translation in Fin Tech
The emergence of digital economies has provided numerous opportunities for innovation. Financial markets offer a great example of how digitalisation has allowed financial technology (FinTech) newcomers to challenge incumbents, existing market dynamics and regulatory requirements, among other facets. In this context, FinTech is defined as “technology-enabled innovation in financial services that could result in new business models, applications, processes or products with an associated material effect on the provision of financial services” (FSB, 2017, p. 7). The application of FinTech stretches across a wide spectrum of services including digital payments, insurance, wealth management, digital lending, and cryptocurrencies. To date, globally, there are 94 FinTech unicorns (valuation exceeds USD1billion) with an aggregated value of USD377billion (CB Insights, 2021). This executive report presents FinTech trends along with a use case reflecting the state of research translation in the FinTech era.
