Financial Technology, often abbreviated as FinTech, refers to the integration of technology into offerings by financial services companies to improve their use of financial services. It encompasses a broad range of applications, products, and services that leverage software and digital technologies to provide financial services in a more efficient, streamlined, and accessible manner. FinTech innovations can include mobile banking, online lending platforms, cryptocurrency, robo-advisors, peer-to-peer payment systems, and blockchain technology. The goal of FinTech is to enhance financial processes for both consumers and businesses by providing faster, cheaper, and more convenient solutions compared to traditional financial systems. It aims to democratize access to financial services, reduce operational costs, and increase transparency in the financial sector.
BBVA is leading the way in integrating cryptocurrencies with traditional banking, breaking industry norms by offering Bitcoin and Ether trading and custody services. The European Union's MiCA regulation has brought…