The word “FinTech” is a portmanteau of “finance” and “technology”. It’s a broad term that basically means any technological advancement that makes it easier to manage your money; whether it be advancements in banking technology or the advent of the e-wallet. FinTech has been on the rise for years in Hong Kong now, and it’s changed the world of business forever.
In the old days, a Hong Kong business would need to get investment from a conventional investor or from their local bank. Those days are long gone thanks to the invention of mobile payments and crowdsourcing. There’s never been as much choice for entrepreneurs to get the funding they need. Thanks to FinTech, setting up and expanding a Hong Kong business has never been so affordable.
#1 Accept Payments From Anywhere
One of the great things about e-wallet services is that they allow people to take a payment from anywhere on their smartphones. Hong Kong businesses are able to sell anything they want, anywhere they want, at any time they want. If you’re a business owner looking for an affordable and flexible to way to accept payments then it’s time you looked at this form of FinTech.
FinTech innovations are also making it easier to move money over borders, which has forever been the bane of entrepreneurs. Services such as TransferWise do away with the traditional (and costly) banking solution for sending money between countries, allowing for individuals and small firms to transfer money for much cheaper than ever before. Some services even make it free.
Crowdsourcing and crowdfunding allow people with great ideas to quickly and easily get the funding they need provided by people the world over. An entrepreneur can turn to the internet and make a direct pitch to the world, rather than spending months in negotiations with investors. With a little luck and the right pitch, you’ll have your money within weeks rather than having to wait months or years.
#3 Cloud Accounting
Cloud accounting is the ultimate FinTech solution for managing your money. Cloud accounting packages replace traditional desktop accounting systems and take the whole process online. There are some great advantages to taking the cloud accounting approach. For a start, everything is done online. There’s no need to download or install software that eats up space on your hard-drive. Working through the cloud takes everything out of the office and makes it mobile. You can check your finances on the go, no matter where you are. If you have a financial advisor then they can long on too, making it easier to collaborate with them. Cloud accounting services also provide you with a live feed of your bank account, including real-time numbers. That way you can stay on top of your bank balance and cash flow. Cloud accounting simplifies the bookkeeping process, keeping all the data stored and secured online with backups. Finally, you have access to reporting, forecasting, and performance tools that help you control your business and make the most out of it.
FinTech solutions mean it’s never been easier for a business to take payments and manage their money. The best part is that we’re just getting started. Technology changes all the time, with new advancements made each day. It’s long past time your business jumped on the FinTech bandwagon and started enjoying the perks of financial technology.