User Clip: Firoz Patel: What is Fintech?

The term Fintech has gained relevance in recent years, due to the significant growth in the number of companies and investments in this sector. Now, what is a Fintech? Fintech specialist Firoz Patel indicates that the concept is derived from the sum of the words finance and technology and has been used to describe technological developments that aim to improve or automate the use of financial services.

Firoz Patel claims that among the main advantages of these innovations is that they allow greater flexibility and ease when accessing a financial product, since they are leveraged on user-friendly interfaces. Likewise, in many cases, efficiencies associated with agility in access are generated.

According to Firoz Patel, fintech companies can operate or engage in various segments. For example, there are those specialized in payment methods and their infrastructure, such as payment processing providers and point of sale terminals. Likewise, there are others that focus on personal finances, close