Fintech is defined as the "digital revolution in financial services" and is used to refer to all technology-driven changes in finance. This includes not only the emerging alternative financial sector but also traditional banks' digital transformations. Fintech can be seen as a disruptive force in today\u2019s society. It has created great innovations in the field of finance, which are redefining how much control people have over their finances and how they interact with their banks. Digital disruption is creating opportunities for fintech companies to change the landscape for consumers by providing them with better customer service and more options for managing their finances. With this, fintech businesses are expanding their reach beyond just offering customers new products or services. There are those who may argue that the fintech industry does not need regulation because it is already highly profitable and can provide workers with a variety of benefits. Financial technologists have been responsible for the rapid growth in digital financial services since the late 2000s. In the future, financial technologists will have to invent new technologies to address challenges in areas such as aging populations, climate change, and artificial intelligence. The technology that will define this next era of finance is still in its infancy stage. There won't be a single technology that will dominate the market - there will be a combination of technologies working in tandem with each other to provide consumers with greater access and choice when it comes to managing their finances. The role of Financial Technology (FT) is to create innovative tools and services that consumers can use in everyday life - from shopping to investment decisions. Defining Fintech Financial technology or Fintech is an advancement in the system of financial services. This technology seeks to improve and automate the delivery of financial services. Fintech is an innovation that aims to progress the processes and financial operations of companies, business owners, and consumers by using algorithms and specialized software either on computers or smartphones. The term fintech was first popularised in the 21st century when all industries are starting to revolutionize and digitize their processes. The term was initially used for technologies that are used at the back-end of established financial institutions. Since almost all industries are going digital and consumers are more accessible through computers and smartphones, a shift to a more consumer-oriented service using fintech is very much evident. Non-profit, retail, banking, education, and investment are a few of the numerous industries that are starting to adopt fintech. Cryptocurrency, which rose to popularity upon the introduction of Bitcoin, is also included in the developments under fintech. Bitcoin market price is now at a whopping $ 39,986 with a market capitalization of $749 Billion. Cryptocurrency is the most celebrated news regarding fintech. The trend is specifically heading towards cryptocurrency buying and trading. Financial experts view cryptocurrency trading as a high-risk financial technology investment. This stand came from the market volatility and rapid price-changing attributes of cryptocurrency. However, more and more crypto enthusiasts and traders are diving into cryptocurrency trading because of its promising return of revenue. Learn more about the cryptocurrency industry. Explore your investment options and visit the BitiQ trading platform.\u00a0 \u200bFintech Today At present, fintech is already embedded in the innovation of the economy and different financial systems. This is a far cry from the previous function of fintech as back-office support for traders and bankers. Years ago, capitalists and business people barely took an interest in this sector. Yuan Pay AppGovernment and public companies hardly invest in improvements that include fintech. However, the skyrocketing success of fintech is now evident. In the last decade, undertakings involving fintech and the investment dollar share increased from 5% to almost 20%. The dreaded plot twist of 2020, Covid-19, catalyzes the progression of fintech. Economical, industrial, and business sectors were not spared from the negative impact of the pandemic. Fortunately, the immediate reaction of several industries to the changing financial and consumer needs fueled the growth of fintech. Industries keep up with changing dynamics of digitalization and place adequate measures that may help businesses bounce back with resilience and robustness. Fintech helped many companies handle the many challenges brought by the pandemic, and it is one of the many sectors that rose during this crisis. The opportunity that the global health crisis brought is the realization of digital technology's importance. Pandemic improved the synchronization of finance and technology. The retail, food, banking, tech, cards, and payment industry are already embracing the digital approaches to stay afloat and thrive. A United States survey reported that by 2020 almost 20% of the population will shift to digital-only accounts; these numbers are far from 1% of the population with digital versions back in 2019.\u00a0 Fintech 2021\u00a0 The Future of Fintech Fintech is the technology that is changing the way people interact with their money. The future of Fintech is interactive, cross-platform, and convenient to use. The future of Fintech will be built on blockchain technology and cryptocurrencies. However, we have listed the main facts that are the future of Fintech in today's technology and beyond. Thus; The Growth of Embedded Finance Investments Embedded finance services are a new way to give service to consumers. They offer one-stop apps or websites that include payments to loans, shopping, retail, and insurance to mortgages. These companies provide their consumers with everything they need in a single app or website. The trendsetters in this game are giants like Amazon and Uber. The embedded finance industry, including BaaS (Bank as a Service), is predicted to reach $2 trillion in the next decade, as reported by 11:FS. This industry is growing rapidly as more and more brands are embracing the BaaS business model.\u00a0 Contactless Payment Will Invade All Payment Systems A new way of payment is one of the many changes that Covid-19 caused. As social distancing and lockdowns are consistently implemented in the new normal, banking and payment sectors prepared and launched their contactless payment systems. Companies are continuously hiring web developers to adapt to this change and incorporate cashless payment into their businesses. By 2021 and beyond, financial institutions and bank will improve their self-checkout features for a smooth and convenient mode of payment. Ecommerce retail stores, food partners online might disable cash payment and encourage their consumers to pay virtually. Fintech may eliminate the cash payment system and push the contactless payment to be the new payment method. Adoption of Cryptocurrency Cryptocurrency, mainly Bitcoins, paves the way for the acceptance of digital assets as a legitimate and secure form of financial exchange and investments. Big companies are already leaping to adopt cryptocurrency as part of their financial investment or mode of payment. Tesla, Square, MicroStrategy, Yum Brands, PayPal, and Amazon are the few big companies who expressed their support and plans involving Bitcoin and Cryptocurrency. Financial experts are looking at this emerging technology as the future face of digital assets. As industries are shifting to digital systems, it is acceptable that cryptocurrency may be used phenomenally as the medium of exchange. Cryptocurrency is one of the significant financial technology breakthroughs of this century, giving consumers and traders more options for utilizing their money and investments.\u00a0 Fintech\u2019s Collaborations and Partnerships Massive growth will be seen in the financial technology sectors as new players will soon enter the industry. Collaborative projects between companies, government, and financial institutions will rise for a competitive but innovative fintech realm. Fintech companies will be in demand as partnerships with insurance companies, banks, payment systems, and management companies will increase. This development will ensure that digitization is easy and convenient for all businesses.\u00a0 The Rise of Wealthtech and Regtech The fast-paced industry of fintech will give birth to wealth management technology and regulatory technology. Regulatory, financial, and technological institutions will team up to implement innovation and improvement in these three industries.\u00a0 2020 is a year of challenges and opportunities, triggering different changes to all business sectors. Significantly, it accelerates the digitization of trade, commerce, and economy through financial technology. The industry must be futuristic and swift in keeping up with the ever-changing demands of consumers and technology. This is the key for all sectors and businesses to be resilient and robust in all kinds of global challenges. Conclusion The future of Fintech is exciting and uncertain. The past few decades have appeared to be a time of change as the financial landscape has fluctuated and regulators have put in place new rules to ensure Fintechs continue to operate as they should. This year, we've seen more regulation that was putting pressure on smaller Fintechs. However, it's not all bad news for them as it will help to ensure they comply with regulatory changes. There will always be a need for smaller companies and startups who want to take on the challenges and opportunities ahead of them. The future of Fintech is bright because there will always be room for innovation and creativity in this ever-changing industry.