Introduction:

This article will focus on the function of FinTech what their roles are in local economies and why they are so critical to our global economy and our financial well-being.

The essence of what banking is hasn’t changed since 800 B.C. when the Babylonians first conceived banking. If I were to describe banking in a single sentence, it would be it’s a medium for financial exchange. So what does this mean? At the core of every bank, regardless of its size, is a business model that focuses on receiving deposits and using those deposits to make loans.