FinTech (financial technology) is a term that refers to software, mobile applications, and other technologies shaped to improve and automate traditional forms of finance for businesses and consumers alike. FinTech can be best described as a computer program and other cutting-edge technologies designed to underpin, facilitate, and enhance banking and financial services.
The significance of FinTech cannot be emphasized enough, not only it enhances financial accessibility and improves efficiency, but also opens up click here new avenues for financial advice and services. FinTech has a pivotal role in our day-to-day life, as it can provide convenient and user-friendly financial solutions. Its impact on our daily lives is significant as it offers accessible and efficient financial services, empowers individuals with personalized advice, and facilitates secure and practical transactions.
Embracing fintech is not just a strategic move; it’s a dynamic leap that empowers individuals and businesses to proactively navigate the constantly evolving financial landscape. By wholeheartedly adopting fintech solutions, they not only stay ahead of the curve but also strategically leverage the plethora of opportunities it unfolds. Fintech isn’t merely a tool; it’s a catalyst reshaping the very fabric of how we interact, engage, and experience financial services, ushering in a transformative era in the realm of finance.
The Financial Regulatory Authority (FRA) aims, through the implementation of the provisions of this Law, to enhance financial inclusion, expand the base of beneficiaries of non-banking financial activities, improve their efficiency, and reduce the costs required to benefit from such activities and services.
The FRA shall be the sole competent administrative authority responsible for applying the provisions of this Law, and it may take all necessary measures to promote and develop the use of modern and innovative financial technology systems in any fields of non-banking financial activities, and in providing related financial advisory services. In order to achieve the purposes of this Law