In recent decades, technology has played a progressively more valuable role in the economic sphere. It all started in 1950 with the introduction of the first financial technology, known as the credit card. To relieve the stress of carrying cash, followed using automated teller machines (ATMs) to replace bank tellers and branches in the 1960s. Next, in the 1970s, electronic stock trading began on exchange trading floors, and in the 1990s. The Internet and e-commerce business models shone.

Fintech has once again transformed the role of financial services in the early twenty-first century. Fintech is a term use to describe financial technology and to help established organisations develop new solutions. Such as mobile internet, big data, cloud computing, and blockchain. Firms can use Fintech to build new goods and services by analysing client information and insights. Secondly, Fintech may benefit all firms by boosting payment systems, customer relationship management, invoicing, and collections. As a result, it can contribute to greater economic possibilities, more economic activity, and economic growth.