PALM BEACH, Fla., July 22, 2022 /PRNewswire/ -- Fintech is a combination of technology and financial services that have transformed the way businesses operate. In the last few years, the financial technology sector has emerged considerably, resulting in the modification of businesses to a customer-centric approach. Therefore, it finds room in a large number of companies ranging from start-ups to technology companies and established companies around the world. With a collaborative or demanding approach, financial services companies and technology companies have taken reciprocal paths and progressed with innovative and disruptive techniques in a continually changing business scenario. A report from Market Data Forecast projected that the global financial technology market is expected to grow gradually and reach a market value of approximately $324 billion by 2026, growing at a compound annual rate of about 25.18% over the forecast period 2022-2027. The report said: "Fintech or financial technology is a novel advancement that is gaining prominence across the globe by replacing traditional financial services in various sectors such as payments, electronic commerce, banking, social commerce, wealth management and others. As e-commerce is spreading rapidly around the world, it succeeds the key application segment of the FinTech market, which is expected to grow with a superlative annual growth rate of about 12% until 2026. With a large number of mobile users who have a penchant for online transactions, coupled with the fact that the implementation of FinTech significantly improves the customer experience by providing convenience in payments and delivery in the e-commerce, the global Fintech market demand will experience incredible growth in the future." Active companies in the markets this week include Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN), 360 DigiTech, Inc. (NASDAQ: QFIN), FinVolution Group (NYSE: FINV), Qudian Inc. (NYSE: QD), Affirm (NASDAQ: AFRM).
