In 2019, FinTech is not a new concept, with most people having at least some understanding of it. But this is not the case for TechFin. What is it? And how is it different from FinTech?
At its most simple level, FinTech refers to financial companies looking at technology as a way to improve services and consumer experiences. TechFin, on the other hand, refers to a technology firm that wants to deliver financial products on the basis of existing tech solutions (e.g. Google, Amazon, Facebook and Apple). Jack Ma, a co-founder and executive chairman of Alibaba Group, has described the difference between Fintech and TechFin in an interesting way: “There are two big opportunities in the future financial industry. One is online banking, where all the financial institutions will go online; the other is internet finance, which is purely led by outsiders”. In other words, it really comes down to a matter of how each approaches financial services.