> [Fintech] holds the promise to expand financial inclusion, improve financial stability, and lower the high profits and rents characterizing the financial industry.
I think the meaning of Fintech for most people in the industry is the opportunity to make an absolute shitload of money by being better at the tech side of finance than a lot of the incumbent institutions; particularly the retail financial institutions.
Some of them crashed and burned, but there's a good number of successful unicorns in this space and they absolutely succeeded in that mission.
I'm sure there are a few Fintechs that had more virtuous starting propositions, and certainly a lot of them pay lip service to those ideals (just like some of the crypto companies do), but at the end of the day it's just where the money is.
I think the meaning of Fintech for most people in the industry is the opportunity to make an absolute shitload of money by being better at the tech side of finance than a lot of the incumbent institutions; particularly the retail financial institutions.
Some of them crashed and burned, but there's a good number of successful unicorns in this space and they absolutely succeeded in that mission.
I'm sure there are a few Fintechs that had more virtuous starting propositions, and certainly a lot of them pay lip service to those ideals (just like some of the crypto companies do), but at the end of the day it's just where the money is.