Financial Technology - Fintech Assignment

Fintech Assignment 1
FINANCIAL TECHNOLOGY(FINTECH) ASSIGNMENT 2
By(Name)
The Name of the Class(Course)
Professor(Tutor)
The Name of the School(University)
The City and State where it is located
The Date

Fintech Assignment 2
FINANCIAL TECHNOLOGY(FINTECH)
Digital finance is a term used to refer to a broad range of new financial
businesses, financial products, finance-related software and new forms of
technology-enabled customer interaction and communication. Fintech (financial
technology) is a term used to refer to the technological innovations that give rise to
new business applications, models products, and processes. The key technologies
included in Fintech (financial technology) include the Internet of Things (IoT), Big
data, machine learning and artificial intelligence, advances in web-based financing
applications and mobile technology. These digital finance technologies applied in
Switzerland focus on the achievement of green finance and the realignment of
financial flows to ensure low-carbon and with more efficient financial flows.
Mobile technology involves the use of mobile phones equipped with the
appropriate applications to access a wide range of products and services. Some of
the common features of Online banking and mobile apps include personalized
financial dashboards and financial planning tools, Foolproof customer data
management solutions, data analytics systems to improve decision-making,
monitoring, and productive outcomes transactions, trading inventories as well as
other investments, personal finance for entrepreneurs and small businesses, data
integration allowing ideal electronic payments. This essay will explain the application
of mobile banking apps and online banking as a specific fintech regulatory eco-
system in Switzerland. It will explain the regulatory framework, the interaction with
the UK eco-system in a post-Brexit environment, current and future Fintech
opportunities in different fintech verticals, challenges presented in the next few
years.

Fintech Assignment 2
One good application of mobile technology is the use of mobile money
transfer. Distributed ledger technology or blockchain is a shared database of
transactions distributed across P2P networks. The encrypted nature of the data
together with its distributed nature makes on the blockchain make it immutable,
secure, transparent and verifiable across different platforms. Several advances in
web-based financial applications include but not limited to the peer to peer network
platforms which ensure direct electronic money transfer between two peers. The
majority of the platforms arise from crowdfunding which allows contribution from a
large number of people for financing the project.
The regulatory framework
Switzerland does not have well established mobile banking-specific
regulation, however, it has laws and regulations governing businesses regardless of
innovation being used (Falach, 2018). These laws and regulations are being applied
to fintech services and products. It is important to note that Switzerland has already
initiated numerous consultations and policy changes to enable the fintech industry
especially mobile money applications to thrive in the existing local business
environment and makes its services and products available. One of the main
features of the proposed changes in Switzerland is the launch of a specific fintech
license for companies that do not lend any money but instead only take deposits
(totaling a combined CHF100 million (Eidgenössische Finanzmarktaufsicht FINMA,
2018). The conditions necessary to secure a license would be less onerous than for
a traditional banking license.
Swiss financial regulatory body has made several strides to make online banking
and mobile banking operation smooth. To minimize the obstacles to FinTech