Fintechs: the risky marriage between the finance and tech industries
Fintech is the perfect marriage between the finance industry and technology that is challenging and changing the traditional methods of interacting with financial institutions. One of the ways in which Fintech is doing this is by giving small business the opportunity to borrow money without the need to secure the loan. The industry is relatively new in Australia and is growing in leaps and bounds, so much so that the regulating body, ASIC, hasn’t caught up. However, ASIC is taking a bold new approach to this new evolutionary finance sector by collaborating with Fintechs and providing support to ensure the sector develops and grows strongly. But is encouraging Fintechs to hand out unsecured loans in the best interest of small business and the rest of the financial sector?