Question 1 In our lectures, we have discussed different insights of understanding the distinction between fintech...

Question 1 In our lectures, we have discussed different insights of understanding the distinction between fintech and financial innovation. Briefly discuss the difference between fintech and financial innovation using your own words. (Max. 250 words) You are required to use an academic referencing convention. The word count does not include citations.

Question 2 Name the different banks and NBFCs in the Saudi market. List four different innovations that are incorporated in some of these institutes that have disrupted previous services.

Question 3 is an opportunity to explore and refine an idea or area that is of interest to you. Address the following points in your answer: • What is the innovation, technology, or sector you believe is most interesting in financial services? • What are the reasons why you think the context of your choice has the potential to be disrupted by your idea? • What are the potential implications of this new idea within your context? • Justify your response with your own opinion as well as research.

Solutions

Expert Solution

1 FinTech are distributed ledger technology such as blockchain, and crowdfunding. Financial Innovation is therefore a wide definition of change in the finance industry, while FinTech is a form of financial innovation focused on technology, with the potential to disrupt the existing financial framework.

2 Banks are - The National Commercial Bank;The Saudi British Bank; Saudi Investment Bank;Alinma Bank; NBFC- HDB Financials; icici bank;

3 * Credit/Debit card usage is an Innovation technology in financial service sector. * because it makes all sort of transactions more easier. * its implication has good potential as one need not to carry cash every time. * As earlier mentioned it facilitate one to avoid carrying cash every time. Further every transaction are in the perview of Statutory body. Hence Black money holding and Money laundering and hawala transactions can be disablled

jeff jeffy answered 1 year ago

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