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Fintech: An Historical Perspective
Fintech, or financial technology, has been around for centuries.
The term Fintech is relatively new, but the concept of using technology to improve financial services is not. Some of the oldest examples of fintech date back to the early days of banking and lending.
One of the earliest examples of fintech is double-entry bookkeeping, which was developed in medieval Italy and is still used by businesses today. Double-entry bookkeeping is a system in which each financial transaction is recorded in two places, which helps ensure accuracy and prevent fraud. This system was a major breakthrough in financial reporting and helped pave the way for modern banking.
In the 18th century, another important development in fintech occurred with the advent of paper currency. Before this innovation, people had to carry large amounts of gold and silver coins to conduct business. Paper currency made transactions much easier and more efficient, and it quickly became the standard way of doing business around the world.
Today, fintech covers a wide range of topics, from mobile payments to cryptocurrency to artificial intelligence. And while some people view fintech as a threat to traditional banking and financial institutions, others see it as an opportunity to make these industries more…
