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NUR SYAFIQAH BINTI SARIFF INFOGRAPHIC Flipbook PDF
FINTECH INFOGRAPHIC
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ISLAMIC BANKING AND FINANCIAL SERVICES (ISB 547)
F I N A NC IAL TEC H NO LO G Y "Driven technology for a better future"
NUR SYAFIQAH BINTI SARIFF (2019717589)
WHAT IS FINANCIAL TECHNOLOGY THE FUNDAMENTAL OF FINANCIAL TECHNOLOGY
INTRODUCTION According to Wikipedia, Fintech is the short name of Financial Technology. Fintech is technology driven that lead to improvement and innovation that differs from traditional financial method in delivery of financial services. In other word, Fintech is new revolution of financial industry that growing further as technology development and adaptive of world change. The area of Fintech has been used in banking industry, insurance industry, trading and investment industry and the many industry that applied to used the Fintech.
The technologies used in Fintech include Artificial Intelligence (AI), Blockchain and Cryptocurrency, Robotic Process Automation (RPA), Big Data, Crowdfunding platform and others. The technologies used in Fintech include Artificial Intelligence (AI), Blockchain and Cryptocurrency, Robotic Process Automation (RPA), Big Data, Crowdfunding platform and others.
HISTORY OF FINTECH The revolution of banks. This is a phase in which This phase represents the beginning from analogue to digital, and conventional financial institutions are leading it. The introduction of the first portable calculator and the first ATM built .
Fintech 1.0 (1886 - 1967)
Fintech 2.0 (1967 - 2008)
The revolution of fracture. This is a phase in which where it begin learning about financial globalisation. The first progressed with innovations such as telegraphs, trains and steamships.
The revolution of Fintech payment. This evolution are broader on Fintech technology payment. It lead to payment market flooded.
Fintech 3.0 (2008 - 2014)
Fintech 3.5 (2014 - 2017)
The revolution of start-up. The evolution of new started up It made a significant contribution to a change in mentality and opened the way for a new industry.The use of smartphone became primarily use.
Fintech 4.0 (2017 - Current) The revolution of Fintech of AI and Block Chain commercial model.
TYPES FINTECH PRODUCT DIGITAL WALLET REG TECH DIGITAL BANKING E-TRADE DIGITAL INSURANCE PAYMENT GATEAWAYS
GLOBAL ISLAMIC FINTECH
ISLAMIC FINTECH INDUSTRY BY NUR SYAFIQAH
OTHER EUROPE 12%
NORTH AMERICA 2%
ASEAN 39%
UK 16%
MIDDLE EAST 31%
TOP 5 CHART GROWTH FOR ISLAMIC FINTECH 2020 ASEAN
01
INDONESIA MALAYSIA SINGAPORE BRUNEI
MIDDLE EASTERN
02
SAUDI ARABIA UAE OMAN 33 WEEKS
UNITED KINGDOM, OTHER EUROPE AND NORTH AMERICA
03 04 05
05
LONDON GERMAN CANADA SWITZERLAND FRANCE 25 WEEKS
ISLAMIC BANKING AND FINANCIAL SERVICES
F I N A N C I A L
T E C H N O L O G Y
THE CHALLENGE IN FINTECH For the recent decades, the financial world has been shaken
by
an
globalisation
emergence
and
in
changing
technological
market
improvement
preferences.
Fintech
startups been at the core of the technology revolution in the banking industry, forcing established institutions to keep up. Except for traditional institutions, Fintech firms are capable of being interactive, flexible and modern. Fintech's potential appears to be endless. In fact, the Fintech industry is still at its youth, full of unrealized potential and growing every day. Therefore, there are several problem anc challenge occur in Fintech.
CHALLENGE 1 : INNOVATION Due to Fintech digitalization, some of customer
are
not
familiar
with
the
innovation of digital. They tend to have face to face services and tradional way. The probelm is hard to balancing human and technology.
CHALLENGE 2 : REGULATIONS Government
regulation
and
restriction
are tend to problem and challenge in emphasize the Fintrech.
CHALLENGE 3 : COMPETITION AND RISK Due to high competitors in rivalry market, it
lead
to
greater
risk
incurred.
The
lowest chances to sustain, need to create something different technology to survive in the industry.
CHALLENGE 4 : INTERNATIONAL EXPANSION The challenges faced by Fintech, such as risk and legislation, come together to build
tremendous
obstacles
to
international growth. Expansion usually relies
on
the
establishment
of
local
financial institutions, a long and tedious process that significantly continues to expand expansion.
ECONOMY
MALAYSIA HUB OF ISLAMIC FINTECH An in-depth look into Malaysia Fintech built Malaysia sukuk issuance performance for years 2019, showing 48% multiple grower broader from the competitor of Saudi Arabia. It's showing that Malaysia emphasize the market performance of Fintech development.
Malaysia's supportive policy framework, robust a fintech ecosystem. It's welcoming Islamic finance sector and the government's determination that lead the Islamic economy have already paved the way for Malaysia to become a global Islamic Fintech centre.
According to INCEIF, Malaysia has the ability to be a market leader in Fintech as it has recorded consistent growth in investments and developments.
Malaysia also seems to have a significant advantage in leading the global market in Islamic fintech by exploiting its role as an Islamic finance centre and scaling up its efforts in value-based and sustainable financial solutions.
THREE STRUCTURE MODELS OF ISLAMIC FINTECH FINANCIAL INCLUSION
THE FINANCIALLY EXCLUDED Digital financial inclusion is the provision and equity of opportunity for access to funds by digital methods. In line with its Islamic and progressive Fintech policy, Malaysia should lead the way in embracing the digital financial inclusion agenda infused with a Shariah-compliant proposal.
THE FINANCIAL HEALTH CHALLENGE HelloGold, the world's Shariah-compliant gold trading site, introduced a digital financial inclusion platform. This needed cash management, moving in and out. This has become very relevant, as those with low to modest income also want to work with currency, not just bank accounts or digital platforms.
THE SOCIAL FINANCING Crowdfunding could be another method being used to promote financial inclusion, with channels that appeal to the benevolence of Muslims and compulsory charity (zakat). Islamic fintechs such as Ethis Ventures Malaysia, the Islamic Equity Crowd Funding (ECF) platform, cater to financial institutions and stock market players to invest.
NUMBER OF ISLAMIC FINTECH COMPANIES IN MALAYSIA 6
4
2
Bl oc kc ha T in ec C & hI ro C T w ry D dfu pto at n a di An ng T Is a aly la ka ti c m ic Te En ch ab le r R P ob 2P o Pa Ad v Tr ym ad en e& t In v
0
Tech, IT & Infrastructure This sector allocate the highest number that actively conquer tha Fintech industry in Malaysia.
Blockhain Crowdfunding Islamic Enabler P2P Robu Advisory These are moderately tools of Fintech.
Payment Trading & Investment These are incured the second highest sector in Fintech industry. As it leading to monetary
Data Analytic Taka Tech These are the least of Fintech industry in Malaysia.
PROBLEM THAT FINTECH CAN SOLVE Financial technology or fintech commonly refers to a form of device or application that delivers financial care to clients or companies. So far, Fintech has reached all areas of the financial services industry, from banking and insurance to investment and leasing.
Consumer satisfaction has been identified as an indicator that decides how goods or services delivered by a business satisfy consumer preferences. Customer happiness is one of the most key criteria of customer purchasing and faithfulness.
While most people think about businessto-business (B2B) or business-to-consumer (B2C) applications when they think about fintech, one of their original applications was in the back-end of financial institutions. Fintech was not intended to be seen or used by the common citizen in its early days. This has improved significantly as more Fintech programmes have been built to address the needs of customers or businesses—needs they may not have known.
Customer satisfaction are very important toward a business development. It is because customer consider as "heart beat" of the business. As the business need to run and generate profit, the business need to have loyal customer to sustain. These are the big why, it is important toward business development.
Lastly, customer satisfaction stand to keep the business from competitors. The opponents are waiting for the business to make bad move. What's more, they will also serve as aggressors. It's not enough to be prepared for their aggression if don't know how to react with the bad press. However, if the business have a decent customer experience to the customer, itwill obtain reasons to persuade those who are sceptical about theservices.
FINTECH AS PROBLEM SOLVER TO
Access to Payment Options
Fintech is seeking to widen the payment mechanisms open to consumers and to extend the payment types that companies will embrace. For example, some Fintech payment processing applications charge a flat fee for all credit card purchases. Others would encourage customers to pay in a foreign exchange and charge an exchange rate that is better than the rate charged by conventional banks.
:
Security Concern More than ever, people are worried about the confidentiality of their financial records. Security controls and it is used to encrypt people's records, such as PINs, may not be as safe than you might think. It's pretty straightforward to approximate a four or six-digit number. Fintech is helping to overcome security issues by incorporating biometric identification indicators into some services. ATMs will check a persons personal fingerprints instead of pressing for a PIN. Other types of biometric identification are face detection and iris recognition.
REFERENCES Wikipedia : Fintech Introduction Problem Of Fintech : https://www.hydrogenplatform.com/blog/5problems-fintech-can-solve Global Of Fintech Data : Leveraging Islamic Fintech (World Bank Data) Malaysia Hub Islamic Finance : https://www.malaymail.com/news/money/2020/ 12/15/malaysia-can-be-world-leader-in-islamicfintech-according-to-inceif-report/1932173 Challenge in Fintech : https://www.currencycloud.com/company/blog/f our-challenges-facing-fintech-businessesaround-the-world