FINANCIAL technology (fintech) is not about technology at all. It is about developing new transaction capabilities through innovative business models, more often than not, enabled through consumer-facing technology.Fintech is also not about the banking sector, as it touches the way in which everyone — consumers, businesses and governments — relate to and manage the exchange of goods and services.It is the latest it word on social media, and Facebook and Twitter both made major plays to feature discussions and use their reach to become transaction enablers.Mark Shuttleworth, a fintech pioneer long before the word was coined, is one of many domestic successes in this field, followed by mobile banking platforms such as Fundamo and Wizzit, and payment firms VCPay and Snapscan.Fintech is a worldwide movement drawing on brain trusts in China, Europe and Silicon Valley in the US. According to Accenture, fintech attracted $12bn in venture capital investments in 2014.Banks are not the princi...
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