Geneva, Switzerland – Financial Technology (FinTech) is a silent revolution. Without making large waves, FinTech is transforming and facilitating practical aspects of our life. From simple bill payments and sending small money instantly to friends, to sophisticated and complex investments or trade orders, to tracing trends and ensuring follows up transactions involving recurrent finance – all can be done without moving from home or on a smartphone and at a fraction of the usual costs and commissions. Financial intermediation from banks, brokers, insurers and other financial institutions is, most of the times, drastically reduced and can be done with a couple of clicks.
FinTech has made very rapid advances offering now seamless solutions that frequently appear almost natural as if they have always existed. Many developed countries, for example, now use some form of digital payment – and the share of consumers is still increasing. People interact with FinTech in different and very practical ways. And, what is more important, the evolution is far from completed. Every other day, new financial products and new opportunities enter our life offering healthy competition. Yet, for most people, FinTech has several less-known areas, bringing uneasiness and confusion.
Faced with consumers’ initial concerns regarding the security of digital payments, financial institutions have rapidly invested in security measures. Realizing that consumer preference for digital transactions is intimately linked to the perceived security of the technology, financial institutions had to implement significant behavioral transformation to work with regulators and vendors to strike a balance between customer trust, ease of use and enhanced digital security.
The FinTech online training offered by UNITAR, reviews and clarifies all the mechanisms, platforms and apps that are unleashing its large potential in different areas: From simple things such as evolution of “home finance”, to apps useful for businesses and traders, to more complex one that permits to reduce costs, risks and time for organizations. The online course will facilitate understanding of all FinTech facets, including the need for new efficient digital products and services targeting industrial countries; on the other hand, it will provide the basic knowledge to understand the evolving needs in this area in the developing world where FinTech has become an important player by facilitating financial inclusion and assisting in achieving SDGs Goals. Last, but definitely not least, the course will go deeply on the new field of green FinTech and on the very important role of Islamic Fintech.
Furthermore, as FinTech companies are posing new risks to investors and consumers and possibly threatening the financial stability and integrity of the monetary system, this FinTech course will review the initiatives adopted by various jurisdictions to keep abreast of the rapid technological developments and the development of their FinTech ecosystems. Innovative regulatory approaches have become necessary such as sandboxes and innovation hubs in response to FinTech developments as well as cryptocurrencies, bitcoins and blockchain.