Financial techniques and currency trading

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2 years ago

Financial technology is used by many institutions, both small and large, everywhere in the world, as currency exchange and conversion have become simple

Financial technology is a technology that describes all sectors of financial services in the modern century, and it is a term that is used with all consumer and commercial institutions, as it includes the economic sector that includes all companies that create solutions related to the financial system, such as those methods followed by banks and insurance companies regarding It concerns online payment services and ease of money transfer, as well as assumption services, group financing, investment and all matters related to the modern financial system.

Important information about financial technologies

Financial technology is a comprehensive term that includes all the methods recently used in currency trading, and this term became more comprehensive at the beginning of the twenty-first century after it included all innovations related to the financial sector, such as: education innovations, literacy, investment, cryptocurrencies, bitcoin and all banking services, Therefore, this concept is considered very important for all those interested in the economy and cryptocurrencie

financial technology abbreviated as (FinTech) has become very popular, and it can be applied to all modern payment methods and electronic wallets created by communication companies, such as: Vodafone Cash wallet, Etisalat Cash, and Orange Cash, as well as online payment methods through Visa postal or any bank visa in addition to many modern electronic inventions that are issued to customers day after day to facilitate the process of exchanging currencies from home.

Therefore, it is possible to describe financial technology as: any financial service that depends mainly on technology and computers through programs and applications for payment methods such as all electronic wallets, and I think that we have known here well what financial technology means and what it includes.

The impact of the development of financial technology in the modern era

Currency circulation was carried out manually in ancient times, which caused many problems and difficulties that negatively affect the economy and delay payment processes. Imagine with me, dear reader, that two international companies deal in a specific product as import and export, so what is the time it takes for the company to send the company The other is the amount of money agreed upon manually by one or more people traveling from one place to another.

Today, with the advancement of financial technology, the transfer of funds and dealing in them has become very easy, which is done through a few clicks on a computer or even through a mobile phone from your place without the need to go anywhere, and this of course has affected many financial economists and saved time and effort on companies And economic and investment institutions, as all financial transactions are carried out through technology, the Internet and computers without the need for old and traditional means of payment.

This is only one aspect of the impact resulting from the development of technology and computers, as this development affected many aspects of our lives and saved a great deal of time and effort in dealing and completing tasks, so now we cannot do without technology and the solutions it provides to us.

Financial technology users

Financial technology is used by many institutions, whether small or large, everywhere in the world, as currency trading and conversion are made through simple steps, as the users of technology in matters of money are as follows:

Banks and all professional clients, which is called B2B or Business to Business.

Small businesses as well as B2C or Business to Customer consumers of goods.

The function of all modern technology means for money matters is to facilitate these four parties in the circulation of money and save time, whether from banks, large institutions and their clients, as well as small companies and consumers. As banks and companies provide their own payment methods that facilitate the process of communication and the implementation of transfers through free phone applications or payment applications through the Internet.

Startups in fintech

Forbes mentioned the best startups in the financial tech field in the modern era in the Middle East and Africa, where the company was based on the money that gets paid as well as the growth it achieves year after year.

These companies are as follows:

PayTabs Company: As it is a company that provides electronic solutions to process financial payments, and its financial investment comes to (26) million dollars, and it was established in (2013).

Baizat Company: It is a website for human resources and health insurance solutions, and the financial investment comes to (24) million dollars, and the company was established in (2014).

Aqeed Company: It is a private company with insurance technology and its financial investment comes to (18) million dollars and it was established in (2018) and since then it has been providing a large annual development.

Capital Market Company: It is a site through which to compare financial products that were established in (2012) in the UAE, and the investment for it is $ 15 million.

Liwa Company: It is a company that provides electronic services for peer-to-peer loans and invests about (9) million dollars, and it was established in (2015).

These are some of the emerging companies in the field of technology for money, and these companies have achieved remarkable success and a large volume of investment in recent years, and there are many other companies that have developed a lot in this field, and this reflects the importance of financial technology and its impact on the volume of trade and transactions between all institutions.

Here, we have talked in detail about the definition of financial technologies, the most prominent emerging companies in this field and the extent of their impact on our lives, and in other articles we will talk about the most important Arab examples in this field, which include payment services such as: Vodafone Cash, Bank Visa, Egyptian Post Visa and others

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