FinTech is an emerging industry aimed at developing innovative technological solutions for the traditional financial ecosystem. Financial technology companies, popularly known as FinTechs, offer customers personalized and efficient services at a comparatively low cost. The sector comprises startups in segments such as digital payments, online wallets, alternative finance, online insurance, and financial management, as well as technology ventures initiated by some established financial service providers. With the advent of 5G, artificial intelligence (AI), blockchain, machine learning (ML), and other innovative technological solutions, FinTech has registered tremendous growth over the past few years. The COVID-19 pandemic has also provided a significant boost to the digitally active sector.
The FinTech landscape in France is almost on par with the FinTech landscape in other developed countries though the rate of FinTech adoption among consumers is somewhat less compared to fellow European countries where customers have a penchant for innovative FinTech solutions. Despite the lower adoption rate, France continues to be one of the major players in the European FinTech industry.
Growth and Future Potential
Britain’s move to exit the …