WHAT IS FINTECH? Firoz Patel explains that FinTech is a nascent industry in which companies use technology to provide financial services in an efficient, agile, comfortable and reliable way. The word is formed from the contraction of the terms finance and technology in English. FINANCE + TECHNOLOGY = FINTECH Firoz Patel indicates that FinTech companies offer various types of financial services and operate within varied markets. Some provide their services directly to users of the financial system and others design solutions for other companies.