Financial technology, or FinTech, is transforming our financial system and potentially our entire economy and it’s not just about digitising transactions. Just as the internet has empowered people around the globe through access to information, financial technology is reducing information asymmetry in the marketplace and thereby helping to mitigate risk and promote the efficient allocation of scarce resources.

FinTech is all about stimulating technological innovation so that financial markets and systems can become more efficient and consumer-focussed. This can help drive improvements in traditional financial services and, perhaps more importantly, promote disruption through innovative new products and services, which can offer benefits to consumers and other sectors of the economy.