🎓
Scallop Learn
  • Guides
    • Welcome to Scallop Learn
    • Crypto
      • Basics
        • Don't Feel the FOMO - Crypto Slangs Explained
        • Blockchain: What is it?
        • What is an Exchange?
        • What are Stablecoins?
        • What is the Metaverse?
        • What are NFTs?
        • History of Bitcoin
        • What is Binance Smart Chain?
        • What is an IDO?
        • What is Staking?
        • Token Burning
        • Debunking Crypto Myths
        • The Crypto Dictionary
        • What is DYOR?
        • What is a Neo-bank?
        • Proof of Work vs Proof of Stake
        • Exploring Crypto Communities: How to Join and Connect with Like-Minded Enthusiasts
        • What is a DAO?
      • Intermediate
        • Scallop Chain Faucet: All you need to know!
        • Layer 2
        • Liquidity Pools
        • ETH 2.0 - The Merge
        • Centralised Exchanges VS Decentralised Exchanges
        • Web 3.0
        • Regulation
        • REIT's on the blockchain
        • The Future of Business Payments: How Crypto Payment Partners are Leading the Way
        • What Is A Crypto Card? How Does It Work?
        • Blockchain and AI
        • Why are regulations essential in Crypto Market? How does Scallop lead the way?
        • Banking on Blockchain
        • E-money Tokens
        • The Power Surge of Cross-Chain Interoperability in Blockchain's Future
        • Crypto Trading 101: Must know candlestick patterns for a successful trade
        • Exploring blockchain innovations and their real-world breakthroughs
        • Do not miss these common indicators of the crypto bull market
        • Decoding the Dynamics of Permissioned Blockchain Consensus Mechanisms
        • Summary
      • Advanced
        • Can Quantum Computers be a potential threat to Crypto?
        • Unlocking the cryptocurrency potential: How Banks can thrive in the digital age?
        • How do privacy-enhancing technologies ensure anonymity on the blockchain?
        • What Does Fintech Mean? Understanding the Intersection of Finance and Technology
          • Decoding Data Tokenisation: Its Vital Role and Relevance
        • Unravelling the Concept of the Time Value of Money: Its Implications and Applications
        • Unlocking the Potential of Real-World Assets
        • What is Byzantine fault tolerance?
        • Global Crypto Adoption and Its Potential Socio-Economic Impact
        • How ZK-Rollups are Supercharging Blockchain Transactions?
    • Security
      • Skimming of Credit and Debit Cards: What You Need to Know
      • How Blockchain Security Can Keep Your Crypto Safe?
      • Keeping Your Account Safe
      • Money muling scams: What are they and how can you avoid them?
      • Beware of these common frauds while using payment cards
    • Tutorials
      • Scallop App
      • Scallop Ramp
    • Markets
      • How are cryptocurrencies taxed across the globe?
      • What Can You Do On An Exchange?
      • Avoid FOMO To Plan A Recovery: 5 Things To Do In A Crypto Bear Market
      • Inflation
      • Meme Coins vs Altcoins
      • The Basics Of Investing
      • The Ripple Effect
      • Central Bank Digital Currencies: A Global Revolution and Impact
    • Know Your Crypto
      • Bitcoin
      • Ethereum
      • Binance Coin
      • Cardano
      • Optimism
      • Ripple
      • Solana
      • USD Coin
      • Polygon
      • Tron
      • Avalanche
      • Tether
    • Defi
      • Defi Introduction
      • Borrowing and Lending: Aave
      • Borrowing and Lending: Compound
      • Tokenisation
      • Defi projects: Terra
      • Wrapped Bitcoin
      • Summary
      • A Practical Guide: The Defi Walkthrough
      • Summary
  • Scallop
    • What is Scallop?
    • Products
      • Scallop Banking
        • Tips And Tricks For Getting The Most Out Of The Scallop App
      • Scallop Exchange
        • Getting started on Scallop Exchange
        • Trading Futures
        • Trading with Margin
        • Buying Ethereum on Scallop Exchange
      • Scallop Chain
        • Tech
          • Scallop Bridge Contracts
          • Configurations
          • Relayers
          • Launch Your Dapp on Scallop
          • Developing and Deploying Contracts​
          • Scallop Explorer​
          • Scallop Faucet​
          • Contract Verification​(Under Development)
          • Contract Security Checks​
          • Scallop Whitelist
        • Scallop Chain: Built on Cosmos and Secured by Biometric Bridge
        • E-Money Tokens and Scallop
      • Scallop Business
    • Getting Started
      • Getting Started: Fiat Onboarding And Exchanges
      • Getting Started: The Defi Walkthrough
      • Getting started: Scallop Exchange
      • Staking
        • Scallop Staking Guide
          • Useful Resources
          • 1. Setting Up Metamask Wallet
          • 2. Importing existing wallet
          • 3. Installing Binance Smart Chain
          • 4. Setting up a Kucoin Account
          • 5. Buying SCLP with a market order on Kucoin
          • 6. Transferring from Kucoin to Metamask
          • 7. Connecting Metamask to the SCLP Staking platform
        • LP Staking Guide
  • Announcements
  • News
    • News: Terra Collapse
    • Terra: Beyond Hope
    • News: Chapter 11 for Celsius
    • News: Nomad Bridge Hack
  • Extras
    • Task Lists
    • Tokenising Real Estate
    • How to Donate Crypto to Ukraine
Powered by GitBook
On this page
  • Understanding Fintech
  • Scallop: The best of crypto and fintech
  1. Guides
  2. Crypto
  3. Advanced

What Does Fintech Mean? Understanding the Intersection of Finance and Technology

PreviousHow do privacy-enhancing technologies ensure anonymity on the blockchain?NextDecoding Data Tokenisation: Its Vital Role and Relevance

Last updated 1 year ago

Fintech, a portmanteau for financial technology, is how we handle our financial transactions, whether making payments, managing investments, or accessing loans with the help of technology.

But fintech isn't just for the tech-savvy urban population. In fact, fintech has the potential to bring financial services to millions of people who have been traditionally excluded from the banking system. Take, for instance, the small grocery shop owner in a remote village in India or Nigeria. Until recently, they would only accept cash payments from their customers, which would then have to be physically deposited in a bank - a time-consuming and sometimes risky process.

However, with the advent of fintech, the situation has changed dramatically. Now, the shop owner can simply display a QR code at their shop, which customers can scan using their smartphones to make payments. This saves time and effort and reduces the risk of handling cash. And this is just one example of how fintech is empowering people who have been left out of the formal banking system.

According to World Bank data, over worldwide remain unbanked, meaning they cannot access basic financial services like savings accounts, credit, and insurance. Fintech seeks to bridge this gap by providing digital solutions that are accessible, affordable, and easy to use. For instance, mobile banking apps can allow people to access banking services from their smartphones without physically visiting a bank branch. And digital lending platforms can provide small loans to people who may not have access to traditional sources of credit.

The growing popularity is why some experts predict that the fintech market will grow to .

Understanding Fintech

The term "financial technology" encompasses any form of innovation in financial transactions, ranging from the invention of digital currency to double-entry bookkeeping. With the emergence of the internet, fintech has become one of the fastest-growing industries globally.

When fintech emerged in the early 2000s, the term was used to describe the technology employed at the backend systems of established financial institutions, such as banks. However, from 2018 onwards, fintech took a consumer-oriented approach and now encompasses various sectors and industries like education, retail banking, fundraising, nonprofit organizations, and investment management.

Apart from these sectors, the fintech industry has also carved a niche in developing and using cryptocurrencies such as Bitcoin. While the media attention on this fintech segment has been massive, the real money still lies in traditional global banking, which has a multitrillion-dollar market capitalization.

Scallop: The best of crypto and fintech

Scallop merges the benefits of fintech and blockchain technologies. It is a blockchain-driven platform enabling users to access an everyday banking account directly connected to the Decentralized Finance (Defi) ecosystem.

By doing so, Scallop users can seamlessly use financial services such as staking, borrowing, lending, yield farming, and many more directly from their normal Scallop IBAN bank accounts. At the same time, the platform acts as a fully-fledged fiat banking account that comes with numerous rewards, making it an excellent avenue for crypto enthusiasts and traditional banking customers.

The phrase "half cryptocurrency, half fintech" describes Scallop's capability to bridge the distance between standard finance and the fast-evolving cryptocurrency industry. Scallop achieves this by leveraging the advantages of blockchain technology, like security, cost-efficiency, transparency, immutability, and more, to develop a robust platform for users' financial transactions. It also offers everyday banking features for ease of use, such as bill payments, debit cards, borrowing, lending, savings accounts, and more, making it straightforward for users to manage their fiat and crypto on a single platform.

Thus Scallop Crypto is sitting at the cusp of the cryptocurrency and fintech ecosystems by providing a holistic and user-friendly platform that harnesses the best of blockchain technology and everyday banking. Its accessibility, simplicity, and versatility make it an excellent choice for any modern user seeking a reliable and efficient platform to manage their financial transactions.

Scan to download the Scallop App!

1.4 million adults
over $37 billion by 2026
Download Scallop App!