Financial services is the largest industry in the world that collaborates with other sectors. It comprises banking, financing, investment, insurance, trading and intermediation services, as well as financial utilities like stock exchanges, market regulators and interbank networks.
The traditional dominance of large conglomerates and corporations is being transformed by new Financial Technologies or “FinTech” (defined as “software and modern technolgies used to support and / or enable financial services”). This creates an opportunity for new players to access the financial services industry, competing or collaborating with existing institutions. FinTech is driven by three main principles:
- Democratisation (financial services accessible to everyone);
- Transparency of financial services; and
- Improving customer experience.
This is an extremely data hungry industry, pioneering and pushing many enabling technologies like data analytics, telecommunications, artificial intelligence, blockchain, cybersecurity, smart contracting and – as an enabler of all of them – space. The size of the industry, its penetration in many other verticals and the amount of private investment available, all combine to make it a very attractive proposition for new businesses and researchers who are developing space-enabled services and applications.
How Space supports the Financial sector to foster the transition towards a green and sustainable future
Sustainable finance The climate change and the consequences from air and sea pollution, loss of biodiversity and deforestation are causing a strong pressure on industries to adopt sustainable growth policies and…