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104-622: Fintech , a clipped compound of " financial technology ", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking , online lending platforms, digital payment systems, robo-advisors , and blockchain -based applications such as cryptocurrencies . Fintech companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services. The evolution of fintech spans over

208-828: A fair trial . The English monarchs, through inheritance of substantial territories in France and claims to the French crown, were also heavily involved in conflicts in France, most notably the Hundred Years' War , while the Kings of Scots were in an alliance with the French during this period. Early modern Britain saw religious conflict resulting from the Reformation and the introduction of Protestant state churches in each country. The English Reformation ushered in political, constitutional, social and cultural change in

312-521: A subpolar oceanic climate . Higher elevations in Scotland experience a continental subarctic climate and the mountains experience a tundra climate . The prevailing wind is from the southwest and bears frequent spells of mild and wet weather from the Atlantic Ocean, although the eastern parts are mostly sheltered from this wind. Since the majority of the rain falls over the western regions,

416-604: A welfare state was established, and a comprehensive, publicly funded healthcare system, the National Health Service , was created. The rise of nationalism in the colonies coincided with Britain's much-diminished economic position, so that a policy of decolonisation was unavoidable. Independence was granted to India and Pakistan in 1947. Over the next three decades, most colonies of the British Empire gained their independence, and many became members of

520-515: A word processor ( ワー ド プロ セッサ wā do puro sessa ) may be referred to as simply ワープロ wāpuro , sexual harassment ( セク シャル ハラ スメント seku sharu hara sumento ) as セクハラ sekuhara , the program Clip Studio Paint ( クリ ップ スタ ジオペイント Kuri ppu Suta jio Peinto ) as クリスタ Kurisuta , the video game series Monster Hunter ( モン スター ハン ター Mon sutā Han tā ) as モンハン Monhan , the United Nations ( 国 際 連 合 Koku sai Ren gō ) as 国連 Kokuren , and

624-510: A century, marked by significant technological innovations that have revolutionized the financial industry. While the application of technology to finance has deep historical roots, the term "fintech" emerged in the late 20th century and gained prominence in the 1990s. The earliest documented use of the term dates back to 1967, appearing in an article in The Boston Globe titled "Fin-Tech New Source of Seed Money." This piece reported on

728-401: A clipped compound the components already serve the function of producing a compound meaning (for instance, pulmotor <— pulmonary + motor ). In addition, a clipped compound may drop one component completely: hard instead of hard labor , or mother for motherfucker (a process called ellipsis ). Laurie Bauer suggests the following distinction: If the word has compound stress, it is

832-730: A clipped compound; if it has single-word stress, it is a blend. The meaning of clipped compound may overlap with that of acronym , especially with compounds made of short components. In the Russian language , a clipped compound may acquire one or more extra suffixes that indicate the intended grammatical form of the formed word. In particular, the suffix -k is commonly used, for example, in askorbinka (from askorbinovaya kislota (i.e., ascorbic acid )). In Japanese , clipped compounds are very commonly used to shorten long, either coined or wholly borrowed, compounds (see also Japanese phonology and transcription into Japanese ). For instance,

936-463: A leading role in the movement to abolish slavery worldwide through the blockade of Africa and pressing other nations to end their trade with a series of treaties. In 1800 the parliaments of Great Britain and Ireland each passed an Act of Union, uniting the two kingdoms and creating the United Kingdom of Great Britain and Ireland on 1 January 1801. After the defeat of France at the end of

1040-430: A mobile card reader in 2009 enabled small businesses to accept credit card payments using smartphones, democratizing access to payment processing and highlighting the transformative potential of mobile technology in the financial services industry. The evolution of mobile payment systems continued with the launch of Google Wallet in 2011 and Apple Pay in 2014, which further popularized mobile payments and demonstrated

1144-853: A policy of splendid isolation in Europe, and attempted to contain Russian influence in Afghanistan and Persia , in what came to be known as the Great Game . During this time, Canada , Australia and New Zealand were granted self-governing dominion status. At the turn of the century, Britain's industrial dominance became challenged by the German Empire and the United States . The Edwardian era saw social reform and home rule for Ireland become important domestic issues, while

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1248-621: A primary source of income for many fintech businesses, particularly payment processors and cryptocurrency exchanges. These companies typically charge a percentage of each processed transaction. Some companies have expanded this model to include premium fees for services like instant payouts, catering to merchants who require immediate access to funds. Interchange fees represent another significant revenue stream, particularly for firms offering payment cards. Subscription and freemium models allow companies to offer basic services at no cost while charging for advanced features or premium tiers. This approach

1352-595: A profound impact on the fintech industry, accelerating the adoption of digital financial services and highlighting the importance of technology in ensuring the resilience and accessibility of financial systems. As lockdowns and social distancing measures forced businesses and consumers to rely more heavily on digital channels, fintech solutions experienced a surge in demand. Mobile-first fintech applications saw unprecedented growth during this period. Many trading platforms reported significant increases in new user accounts, with some seeing millions of new funded accounts added in

1456-767: A quarter of the world's landmass and population, and was the largest empire in history . However, its involvement in the First World War and the Second World War damaged Britain's economic power and a global wave of decolonisation led to the independence of most British colonies. The United Kingdom is a constitutional monarchy and parliamentary democracy . The UK has three distinct jurisdictions: England and Wales , Scotland , and Northern Ireland . Since 1999, Scotland, Wales and Northern Ireland have their own governments and parliaments which control various devolved matters. A developed country ,

1560-669: A regulatory gray area. While PFOF allows for commission-free trades, potentially benefiting retail investors, it has faced scrutiny due to concerns about conflicts of interest and best execution practices. As fintech companies seek to disrupt traditional financial services , some have been criticized for prioritizing growth over compliance , security, and consumer protection . In a notable controversy, cryptocurrency exchange FTX collapsed in November 2022, facing accusations of deceptive practices, improper handling of client assets, and insufficient risk controls. FTX founder Sam Bankman-Fried

1664-507: A result of a shortage of workers in the 1950s, the government encouraged immigration from Commonwealth countries . In the following decades, the UK became a more multi-ethnic society. Despite rising living standards in the late 1950s and 1960s, the UK's economic performance was less successful than many of its main competitors such as France, West Germany and Japan. The UK was the first democratic nation to lower its voting age to 18 in 1969. In

1768-811: A series of connected wars (including the English Civil War ) which led to the temporary overthrow of the monarchy, with the execution of King Charles I , and the establishment of the short-lived unitary republic of the Commonwealth of England , Scotland and Ireland. Although the monarchy was restored , the Interregnum along with the Glorious Revolution of 1688 and the subsequent Bill of Rights 1689 in England and Claim of Right Act 1689 in Scotland ensured that, unlike much of

1872-497: A significant leap forward from the traditional open outcry system used in stock exchanges. Two years later, the founding of the SWIFT (Society for Worldwide Interbank Financial Telecommunication) standardized and secured communication between financial institutions globally. SWIFT's messaging system became the global standard for international money and security transfers. The introduction of electronic fund transfer systems, such as

1976-503: A startup investment company established by former executives of Computer Control Company , aimed at providing venture capital and industry expertise to startups in the financial technology industry. However, the term didn't gain popularity until the early 1990s when Citicorp Chairman John Reed used it to describe the Financial Services Technology Consortium. This project, initiated by Citigroup ,

2080-452: A wide range of financial services. These include digital banking , mobile payments and digital wallets , peer-to-peer lending platforms, robo-advisors and algorithmic trading , insurtech , blockchain and cryptocurrency , regulatory technology, and crowdfunding platforms. The late 19th century laid the groundwork for early fintech with the development of the telegraph and transatlantic cable systems. These innovations transformed

2184-404: Is common among digital banks and financial management platforms. In the business-to-business (B2B) sector, usage-based pricing is prevalent, especially for API services. Fintech infrastructure providers often charge based on the volume of API calls or transactions processed, enabling other businesses to access specialized financial services without developing them internally. Interest-based revenue

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2288-932: Is crucial for many fintech companies, particularly in the banking and lending sectors. Digital banks and investment platforms typically earn interest on customer deposits and cash balances. Lending platforms often combine interest revenue with loan sales, selling portions of their loan portfolios to other institutions or investors. Data-driven revenue models, while potentially lucrative, have faced increasing scrutiny and regulation. Some firms engage in data monetization, selling aggregated or anonymized user data to third parties. However, this practice has raised privacy concerns and regulatory challenges. A less controversial approach involves leveraging user data for targeted advertising and lead generation, earning revenue through product recommendations and referral fees while providing free services to users. Some revenue models, such as payment for order flow (PFOF) used by certain brokerage firms, occupy

2392-577: Is on the rise, with active companies reaching 1,263 in 2024, a significant increase from 1,049 in 2022 and 450 in 2020. Nigeria leads the fintech sector, accounting for 28% of all fintech companies on the continent. The fintech industry includes a diverse range of financial services and technologies, categorized into several key areas. Many companies operate across multiple areas or create new niches that blur these distinctions. Fintech companies utilize various revenue models, often combining multiple approaches to diversify income streams. Transaction fees form

2496-481: Is only the one specific nominal term 'Great Britain' which invariably excludes Northern Ireland". The BBC historically preferred to use "Britain" as shorthand only for Great Britain, though the present style guide does not take a position except that "Great Britain" excludes Northern Ireland. The adjective "British" is commonly used to refer to matters relating to the United Kingdom and is used in law to refer to United Kingdom citizenship and nationality . People of

2600-538: Is ranked 2nd out of 180 countries in the Environmental Performance Index . A law has been passed that UK greenhouse gas emissions will be net zero by 2050. England accounts for 53 per cent of the UK, covering 50,350 square miles (130,395 km ). Most of the country consists of lowland terrain, with upland and mountainous terrain northwest of the Tees–Exe line which roughly divides

2704-599: Is sometimes used as a loose synonym for the United Kingdom as a whole. The word England is occasionally used incorrectly to refer to the United Kingdom as a whole, a mistake principally made by people from outside the UK. The term "Britain" is used as a synonym for Great Britain , but also sometimes for the United Kingdom. Usage is mixed: the UK Government prefers to use the term "UK" rather than "Britain" or "British" on its website (except when referring to embassies), while acknowledging that both terms refer to

2808-579: Is the Isle of Wight . Scotland accounts for 32 per cent of the UK, covering 30,410 square miles (78,772 km ). This includes nearly 800 islands , notably the Hebrides , Orkney Islands and Shetland Islands. Scotland is the most mountainous constituent country of the UK, the Highlands to the north and west are the more rugged region containing the majority of Scotland's mountainous land, including

2912-588: The 1884 Reform Act championed by William Gladstone granting suffrage to a majority of males for the first time. The British population increased at a dramatic rate, accompanied by rapid urbanisation , causing significant social and economic stresses. By the late 19th century, the Conservatives under Benjamin Disraeli and Lord Salisbury initiated a period of imperial expansion in Africa , maintained

3016-590: The ACH (Automated Clearing House) in the United States , facilitated faster and more efficient money transfers. The ACH network allowed for direct deposits , payroll payments, and electronic bill payments, significantly reducing the need for paper checks. The 1980s and 1990s witnessed significant developments in fintech, with the rise of digital financial services and the early stages of online banking . A major breakthrough came when Michael Bloomberg founded Innovative Market Systems (later Bloomberg L.P. ) and introduced

3120-534: The Atlantic slave trade , mainly between 1662 and 1807 when British or British-colonial slave ships transported nearly 3.3 million slaves from Africa. The slaves were taken to work on plantations , principally in the Caribbean but also North America . However, with pressure from the abolitionism movement , Parliament banned the trade in 1807, banned slavery in the British Empire in 1833, and Britain took

3224-650: The Battle of Culloden in 1746, after which the Scottish Highlanders were forcibly assimilated into Scotland by revoking the feudal independence of clan chiefs . The British colonies in North America that broke away in the American War of Independence became the United States . British imperial ambition turned towards Asia, particularly to India . British merchants played a leading part in

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3328-618: The Bloomberg Terminal . This innovation revolutionized how financial professionals accessed and analyzed market data, providing real-time financial market data, analytics, and news to financial institutions worldwide. Online banking emerged in the early 1980s, with the Bank of Scotland offering the first UK online banking service called Homelink. This service allowed customers to view statements, transfer money, and pay bills using their televisions and telephones . The late 1980s saw

3432-715: The Cairngorms , Loch Lomond and The Trossachs and Ben Nevis which at 1,345 metres (4,413 ft) is the highest point in the British Isles. Wales accounts for less than 9 per cent of the UK, covering 8,020 square miles (20,779 km ). Wales is mostly mountainous, though South Wales is less mountainous than North and mid Wales . The highest mountains in Wales are in Snowdonia and include Snowdon ( Welsh : Yr Wyddfa ) which, at 1,085 metres (3,560 ft),

3536-523: The Commonwealth of Nations . The UK was the third country to develop a nuclear weapons arsenal (with its first atomic bomb test, Operation Hurricane , in 1952), but the post-war limits of Britain's international role were illustrated by the Suez Crisis of 1956. The international spread of the English language ensured the continuing international influence of its literature and culture . As

3640-767: The European Convention on Human Rights . The UK remained a great power with global diplomatic and military influence and a leading role in the United Nations and NATO . The UK broadly supported the United States' approach to the " war on terror " in the early 21st century. British troops fought in the War in Afghanistan , but controversy surrounded Britain's military deployment in Iraq , which saw

3744-583: The European Union (EU) in 1992, the UK was one of the 12 founding member states. From the late 1960s, Northern Ireland suffered communal and paramilitary violence (sometimes affecting other parts of the UK) conventionally known as the Troubles . It is usually considered to have ended with the 1998 Belfast "Good Friday" Agreement . Following a period of widespread economic slowdown and industrial strife in

3848-494: The Falkland Islands , leading to the 10-week Falklands War in which Argentine forces were defeated. The inhabitants of the islands are predominantly descendants of British settlers, and strongly favour British sovereignty, expressed in a 2013 referendum . From 1984, the UK economy was helped by the inflow of substantial North Sea oil revenues. Another British overseas territory, Gibraltar , ceded to Great Britain in

3952-545: The French Revolutionary Wars and Napoleonic Wars (1792–1815), the United Kingdom emerged as the principal naval and imperial power (with London the largest city in the world from about 1830). Unchallenged at sea , British dominance was later described as Pax Britannica ("British Peace"), a period of relative peace among the great powers (1815–1914) during which the British Empire became

4056-564: The Irish Sea . The United Kingdom had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the United Kingdom is London , whose wider metropolitan area is the largest in Western Europe , with a population of 14.9 million. The cities of Edinburgh , Cardiff , and Belfast are the national capitals of Scotland, Wales, and Northern Ireland, respectively. The lands of

4160-650: The Labour Party emerged from an alliance of trade unions and small socialist groups in 1900, and suffragettes campaigned for women's right to vote. Britain was one of the principal Allies that defeated the Central Powers in the First World War (1914–1918). Alongside their French, Russian and (after 1917) American counterparts, British armed forces were engaged across much of the British Empire and in several regions of Europe, particularly on

4264-647: The Representation of the People Act 1918 . After the war, Britain became a permanent member of the Executive Council of the League of Nations and received a mandate over a number of former German and Ottoman colonies. Under the leadership of David Lloyd George , the British Empire reached its greatest extent, covering a fifth of the world's land surface and a quarter of its population. By

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4368-637: The Soviet Union ( ソ ビエト 連 邦 So bieto Ren pō ) as ソ連 Soren . Clipped compounds are sometimes used in place names. United Kingdom The United Kingdom of Great Britain and Northern Ireland , commonly known as the United Kingdom ( UK ) or Britain , is a country in Northwestern Europe , off the coast of the continental mainland . It comprises England , Scotland , Wales , and Northern Ireland . The UK includes

4472-913: The Soviet Union formed in 1941, leading the Allies against the Axis powers . There were eventual hard-fought victories in the Battle of the Atlantic , the North Africa campaign and the Italian campaign . British forces played important roles in the Normandy landings of 1944 and the liberation of Europe . The British Army led the Burma campaign against Japan, and the British Pacific Fleet fought Japan at sea. British scientists contributed to

4576-511: The Western Front . The high fatalities of trench warfare caused the loss of much of a generation of men, with lasting social effects in the nation and a great disruption in the social order. Britain had suffered 2.5 million casualties and finished the war with a huge national debt. The consequences of the war persuaded the government to expand the right to vote in national and local elections to all adult men and most adult women with

4680-471: The coastline paradox . It is connected to continental Europe by the Channel Tunnel , which at 31 miles (50 km) (24 miles (38 km) underwater) is the longest underwater tunnel in the world. The UK contains four terrestrial ecoregions: Celtic broadleaf forests , English Lowlands beech forests , North Atlantic moist mixed forests , and Caledonian conifer forests . The area of woodland in

4784-491: The largest protest in British history in opposition to the government led by Tony Blair . The Great Recession severely affected the UK economy. The Cameron–Clegg coalition government of 2010 introduced austerity measures intended to tackle the substantial public deficits. Studies have suggested that policy led to significant social disruption and suffering. A referendum on Scottish independence in 2014 resulted in

4888-619: The 16th century and established the Church of England . Moreover, it defined a national identity for England and slowly, but profoundly, changed people's religious beliefs. Wales was fully incorporated into the Kingdom of England , and Ireland was constituted as a kingdom in personal union with the English crown. In what was to become Northern Ireland, the lands of the independent Catholic Gaelic nobility were confiscated and given to Protestant settlers from England and Scotland. In 1603,

4992-401: The 1713 Treaty of Utrecht, is a key military base . A referendum in 2002 on shared sovereignty with Spain was rejected by 98.97% of voters in the territory. Around the end of the 20th century, there were major changes to the governance of the UK with the establishment of devolved administrations for Scotland, Wales and Northern Ireland. The statutory incorporation followed acceptance of

5096-521: The 1970s, the Conservative government of the 1980s led by Margaret Thatcher initiated a radical policy of monetarism , deregulation, particularly of the financial sector (for example, the Big Bang in 1986) and labour markets, the sale of state-owned companies (privatisation), and the withdrawal of subsidies to others. In 1982, Argentina invaded the British territories of South Georgia and

5200-700: The 5th century) united with the Picts to create the Kingdom of Scotland in the 9th century. In 1066, the Normans invaded England from northern France. After conquering England , they seized large parts of Wales , conquered much of Ireland and were invited to settle in Scotland, bringing to each country feudalism on the Northern French model and Norman-French culture. The Anglo-Norman ruling class greatly influenced, but eventually assimilated with,

5304-700: The Brittonic area mainly to what was to become Wales , Cornwall and, until the latter stages of the Anglo-Saxon settlement, the Hen Ogledd (northern England and parts of southern Scotland). Most of the region settled by the Anglo-Saxons became unified as the Kingdom of England in the 10th century. Meanwhile, Gaelic speakers in north-west Britain (with connections to the north-east of Ireland and traditionally supposed to have migrated from there in

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5408-452: The Manhattan Project whose task was to build an atomic weapon. Once built, it was decided, with British consent, to use the weapon against Japan. The UK was one of the Big Three powers (along with the US and the Soviet Union) who met to plan the post-war world ; it drafted the Declaration by United Nations with the United States and became one of the five permanent members of the United Nations Security Council . It worked closely with

5512-425: The Name of Great Britain". The term "United Kingdom" has occasionally been used as a description for the former Kingdom of Great Britain , although its official name from 1707 to 1800 was simply "Great Britain". The Acts of Union 1800 formed the United Kingdom of Great Britain and Ireland . Following the partition of Ireland and the independence of the Irish Free State in 1922, which left Northern Ireland as

5616-495: The Scottish electorate voting by 55.3 to 44.7% to remain part of the United Kingdom. In 2016, 51.9 per cent of voters in the United Kingdom voted to leave the European Union . The UK left the EU in 2020. On 1 May 2021, the EU–UK Trade and Cooperation Agreement came into force. The COVID-19 pandemic had a severe impact on the UK's economy , caused major disruptions to education and had far-reaching impacts on society and politics in 2020 and 2021. The United Kingdom

5720-430: The UK has the world's sixth-largest economy by nominal gross domestic product (GDP). It is a nuclear state , and is ranked fifth globally in military expenditure . The UK has been a permanent member of the UN Security Council since its first session in 1946. It is a member of the Commonwealth of Nations , Council of Europe , G7 , OECD , NATO , Five Eyes , AUKUS and CPTPP . British influence can be observed in

5824-412: The UK have been inhabited continuously since the Neolithic . In AD 43 the Roman conquest of Britain began; the Roman departure was followed by Anglo-Saxon settlement . In 1066, the Normans conquered England . With the end of the Wars of the Roses the English state stabilised and began to grow in power, resulting by the 16th century in the annexation of Wales , the domination of Scotland , and

5928-404: The UK in 1922 as the Irish Free State , and the Royal and Parliamentary Titles Act 1927 created the present United Kingdom. The UK became the first industrialised country and was the world's foremost power for the majority of the 19th and early 20th centuries, particularly during the " Pax Britannica " between 1815 and 1914. At its height in the 1920s, the British Empire encompassed almost

6032-484: The UK in 2023 is estimated to be 3.25 million hectares, which represents 13% of the total land area in the UK. Most of the United Kingdom has a temperate climate, with generally cool temperatures and plentiful rainfall all year round. The temperature varies with the seasons seldom dropping below 0  °C (32  °F ) or rising above 30 °C (86 °F). Some parts, away from the coast, of upland England, Wales, Northern Ireland and most of Scotland, experience

6136-433: The UK into lowland and upland areas. Lowland areas include Cornwall , the New Forest , the South Downs and the Norfolk Broads . Upland areas include the Lake District , the Pennines , the Yorkshire Dales , Exmoor , and Dartmoor . The main rivers and estuaries are the Thames , Severn , and the Humber . England's highest mountain is Scafell Pike , at 978 metres (3,209 ft) in the Lake District; its largest island

6240-402: The United Kingdom and that elsewhere "British government" is used at least as frequently as "United Kingdom government". The UK Permanent Committee on Geographical Names recognises "United Kingdom", "UK" and "U.K." as shortened and abbreviated geopolitical terms for the United Kingdom of Great Britain and Northern Ireland in its toponymic guidelines; it does not list "Britain" but notes that "it

6344-411: The United Kingdom is 1339.7 hours, which is just under 30% of the maximum possible. The hours of sunshine vary from 1200 to about 1580 hours per year, and since 1996 the UK has been and still is receiving above the 1981 to 2010 average hours of sunshine. Climate change has a serious impact on the country. A third of food price rise in 2023 is attributed to climate change. As of 2022, the United Kingdom

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6448-436: The United Kingdom use several different terms to describe their national identity and may identify themselves as being British , English , Scottish , Welsh , Northern Irish , or Irish ; or as having a combination of different national identities. Settlement by Cro-Magnons of what was to become the United Kingdom occurred in waves beginning by about 30,000 years ago. The island has been continuously inhabited only since

6552-491: The United Kingdom. The 1928 Equal Franchise Act gave women electoral equality with men in national elections. Strikes in the mid-1920s culminated in the General Strike of 1926 . Britain had still not recovered from the effects of the First World War when the Great Depression (1929–1932) led to considerable unemployment and hardship in the old industrial areas, as well as political and social unrest with rising membership in communist and socialist parties. A coalition government

6656-478: The United States to establish the IMF , World Bank and NATO . The war left the UK severely weakened and financially dependent on the Marshall Plan , but it was spared the total war that devastated eastern Europe. In the immediate post-war years, the Labour government under Clement Attlee initiated a radical programme of reforms, which significantly impacted British society in the following decades . Major industries and public utilities were nationalised ,

6760-401: The acquisition and settlement of overseas colonies , particularly in North America and the Caribbean. Though previous attempts at uniting the two kingdoms within Great Britain in 1606, 1667, and 1689 had proved unsuccessful, the attempt initiated in 1705 led to the Treaty of Union of 1706 being agreed and ratified by both parliaments. On 1 May 1707, the Kingdom of Great Britain was formed,

6864-537: The challenges posed by the rapidly changing environment, offering innovative solutions for remote banking, contactless payments, and digital lending. During this period, venture capital valuations for fintech companies soared, driven by low interest rates and a booming stock market . The surge in fintech investments was marked by significant capital inflows, leading to higher valuations and more frequent exits via IPOs and SPACs . Several prominent fintech companies achieved record-breaking valuations, further underscoring

6968-473: The credit card industry. The 1960s and 1970s marked the beginning of the shift from analog to digital finance, with several groundbreaking developments shaping the future of financial technology. In 1967, Barclays introduced the world's first ATM in London , revolutionizing access to cash and basic banking services. Inspired by vending machines , the ATM marked a significant step towards self-service banking. Fintech infrastructure continued to evolve with

7072-405: The decades-long process of European integration , the UK was a founding member of the Western European Union , established with the London and Paris Conferences in 1954. In 1960 the UK was one of the seven founding members of the European Free Trade Association (EFTA), but in 1973 it left to join the European Communities (EC). In a 1975 referendum 67% voted to stay in it. When the EC became

7176-471: The development of EDI (Electronic Data Interchange) standards, allowing businesses to exchange financial documents electronically and streamlining B2B (business-to-business) transactions. A significant milestone in consumer digital banking came in 1994 when Stanford Federal Credit Union launched the first Internet banking website. This service initially allowed members to check account balances online, with bill pay functionality added in 1997. However, it

7280-491: The early 2000s, gained significant traction in the post-crisis era. This model expanded beyond its initial "rent-a-charter" concept, evolving into more comprehensive partnerships between traditional banks and fintech companies. These collaborations allowed for rapid innovation and market entry, as fintechs leveraged the regulatory compliance and infrastructure of established banks while bringing their own technological expertise and customer-centric approaches. This further accelerated

7384-537: The early months of the pandemic. Similarly, payment and money transfer apps experienced substantial user growth, with some platforms more than doubling their monthly active users over a three-year period, indicating a massive shift towards digital financial services. The events of 2020 also exposed the limitations of traditional financial institutions in meeting the needs of consumers and businesses in times of crisis. fintech companies, with their agile and technology-driven business models, were better positioned to respond to

7488-483: The eastern parts are the driest. Atlantic currents, warmed by the Gulf Stream , bring mild winters, especially in the west where winters are wet and even more so over high ground. Summers are warmest in the southeast of England and coolest in the north. Heavy snowfall can occur in winter and early spring on high ground, and occasionally settles to great depth away from the hills. The average total annual sunshine in

7592-535: The establishment of the British Empire . Over the course of the 17th century, the role of the British monarchy was reduced, particularly as a result of the English Civil War . In 1707, the Kingdom of England and the Kingdom of Scotland united under the Treaty of Union to create the Kingdom of Great Britain . The Acts of Union 1800 incorporated the Kingdom of Ireland to create the United Kingdom of Great Britain and Ireland in 1801. Most of Ireland seceded from

7696-611: The establishment of the Inter-bank Computer Bureau in the UK in 1968. This development laid the groundwork for the country's first automated clearing house system, eventually evolving into BACS (Bankers' Automated Clearing Services) to facilitate electronic funds transfers between banks. The world of securities trading was transformed in 1971 with the establishment of NASDAQ , the world's first digital stock exchange . NASDAQ's electronic quotation system represented

7800-438: The fintech landscape continued to evolve, new payment processing companies entered the market, offering developer-friendly APIs that dramatically simplified online payment integration. By lowering the barriers to entry for e-commerce and online financial services, these companies played a crucial role in enabling the growth of new fintech startups and driving innovation in the sector. The partner banking model, which emerged in

7904-468: The first instances of electronic money movement. The 1950s ushered in a new era of consumer financial services. Diners Club International introduced the first universal credit card in 1950, a pivotal moment that would reshape consumer spending and credit. This innovation paved the way for the launch of American Express cards in 1958 and the BankAmericard (later Visa) in 1959, further expanding

8008-594: The first year, Britain and its Empire continued the war against Germany. Churchill engaged industry, scientists and engineers to support the government and the military in the prosecution of the war effort. In 1940, the Royal Air Force defeated the German Luftwaffe in the Battle of Britain . Urban areas suffered heavy bombing during the Blitz . The Grand Alliance of Britain, the United States and

8112-587: The formal control it exerted over its own colonies, British dominance of much of world trade meant that it effectively controlled the economies of regions such as East Asia and Latin America . Throughout the Victorian era , political attitudes favoured free trade and laissez-faire policies. Beginning with the Great Reform Act in 1832, Parliament gradually widened the voting franchise , with

8216-448: The foundation for future digital currencies. The invention of Bitcoin in 2008 by an anonymous creator using the pseudonym Satoshi Nakamoto marked a turning point in the evolution of digital currencies and decentralized finance . Bitcoin's innovative use of blockchain technology sparked a wave of development in the field of cryptocurrencies , opening up new possibilities for secure, transparent, and decentralized financial systems. As

8320-762: The global hegemon and adopted the role of global policeman. From 1853 to 1856, Britain took part in the Crimean War , allied with the Ottoman Empire against Tsarist Russia , participating in the naval battles of the Baltic Sea known as the Åland War in the Gulf of Bothnia and the Gulf of Finland , among others. Following the Indian Rebellion in 1857 , the British government led by Lord Palmerston assumed direct rule over India . Alongside

8424-586: The growing consumer demand for convenient, secure, and user-friendly payment solutions. This period also saw the rise of peer-to-peer (P2P) payment applications. These platforms revolutionized how individuals transfer money, enabling quick and easy transactions between users. By allowing fast, direct transfers through mobile devices, P2P payment apps significantly reduced the friction in personal financial transactions, making it simpler for people to split bills, share costs, or send money to friends and family. The global COVID-19 pandemic , which began in early 2020, had

8528-585: The growth of numerous fintech companies. The 2008 global financial crisis served as a catalyst for the rapid growth of the fintech industry, as declining trust in traditional financial institutions created opportunities for innovative, technology-driven solutions. The early days of the post-crisis era saw the emergence of digital currencies, with e-Gold serving as a precursor to the development of Bitcoin . While e-Gold, which allowed users to create accounts denominated in grams of gold and enable instant transfers, ultimately faced legal challenges and closure, it laid

8632-435: The growth of the fintech sector, enabling the proliferation of digital-first financial services. The maturation of this model paved the way for the rise of neobanks , which challenged traditional banking paradigms by offering fully digital experiences, redefining customer expectations in the banking sector. The increasing adoption of smartphones drove the development of mobile-first fintech solutions. Square's introduction of

8736-773: The island of Great Britain , the north-eastern part of the island of Ireland , and most of the smaller islands within the British Isles , making up a total area of 94,354 square miles (244,376 km ). Northern Ireland shares a land border with the Republic of Ireland ; otherwise, the United Kingdom is surrounded by the Atlantic Ocean , the North Sea , the English Channel , the Celtic Sea , and

8840-403: The kingdoms of England, Scotland and Ireland were united in a personal union when James VI, King of Scots , inherited the crowns of England and Ireland and moved his court from Edinburgh to London; each country nevertheless remained a separate political entity and retained its separate political, legal, and religious institutions. In the mid-17th century, all three kingdoms were involved in

8944-408: The last retreat of the ice around 11,500 years ago. By the end of the region's prehistoric period , the population is thought to have belonged largely to a culture termed Insular Celtic , comprising Brittonic Britain and Gaelic Ireland . The Roman conquest , beginning in 43 AD, and the 400-year rule of southern Britain , was followed by an invasion by Germanic Anglo-Saxon settlers, reducing

9048-409: The legal and political systems of many of its former colonies , and British culture remains globally influential, particularly in language , literature , music and sport . English is the world's most widely spoken language and the third-most spoken native language . The Acts of Union 1707 declared that the Kingdom of England and Kingdom of Scotland were "United into One Kingdom by

9152-530: The local cultures. Subsequent medieval English kings completed the conquest of Wales and tried unsuccessfully to annex Scotland . Asserting its independence in the 1320 Declaration of Arbroath , Scotland maintained its independence thereafter, albeit in near-constant conflict with England . In 1215 the Magna Carta was the first document to state that no government was above the law, that citizens have rights protecting them and that they were entitled to

9256-618: The major part of the British Isles archipelago and includes the island of Great Britain, the north-eastern one-sixth of the island of Ireland and some smaller surrounding islands. It lies between the North Atlantic Ocean and the North Sea with the southeast coast coming within 22 miles (35 km) of the coast of northern France, from which it is separated by the English Channel . The Royal Greenwich Observatory in London

9360-674: The mid-1920s, most of the British population could listen to BBC radio programmes. Experimental television broadcasts began in 1929 and the first scheduled BBC Television Service commenced in 1936. The rise of Irish nationalism , and disputes within Ireland over the terms of Irish Home Rule , led eventually to the partition of the island in 1921. A period of conflict in what is now Northern Ireland occurred from June 1920 until June 1922. The Irish Free State became independent, initially with Dominion status in 1922, and unambiguously independent in 1931 . Northern Ireland remained part of

9464-463: The only part of the island of Ireland within the United Kingdom, the name was changed in 1927 to the "United Kingdom of Great Britain and Northern Ireland". Although the United Kingdom is a sovereign country, England, Scotland, Wales and Northern Ireland are also widely referred to as countries . The UK Prime Minister's website has used the phrase "countries within a country" to describe the United Kingdom. Some statistical summaries, such as those for

9568-504: The rest of Europe, royal absolutism would not prevail, and a professed Catholic could never accede to the throne. The British constitution would develop on the basis of constitutional monarchy and the parliamentary system . With the founding of the Royal Society in 1660, science was greatly encouraged. During this period, particularly in England, the development of naval power and the interest in voyages of discovery led to

9672-587: The result of the Acts of Union 1707 between the Kingdom of England and Kingdom of Scotland . In the 18th century, cabinet government developed under Robert Walpole , in practice the first prime minister (1721–1742). A series of Jacobite uprisings sought to remove the Protestant House of Hanover from the throne and restore the Catholic House of Stuart . The Jacobites were finally defeated at

9776-448: The sector's growth and investor confidence. The shift towards digital financial services during this period also accelerated the adoption of blockchain technology and cryptocurrencies. As central banks around the world explored the possibility of issuing digital currencies , the interest in decentralized finance and non-fungible tokens grew, opening up new avenues for innovation in the fintech sector. The fintech landscape in Africa

9880-569: The transmission of financial information across borders, enabling faster and more efficient communication between financial institutions. A significant milestone in electronic money movement came with the establishment of the Fedwire Funds Service by the Federal Reserve Banks in 1918. This early electronic funds transfer system used telegraph lines to facilitate secure transfers between member banks, marking one of

9984-436: The twelve NUTS 1 regions , refer to Scotland, Wales and Northern Ireland as "regions". Northern Ireland is also referred to as a "province". With regard to Northern Ireland, the descriptive name used "can be controversial, with the choice often revealing one's political preferences". The term "Great Britain" conventionally refers to the island of Great Britain, or politically to England, Scotland and Wales in combination. It

10088-495: The viability of digital payment solutions and paved the way for numerous subsequent fintech startups. The early 2000s also saw the emergence of innovative business models in the financial services industry. WebBank, established in 1997, began offering a "rent-a-charter" model in 2005, providing the necessary banking infrastructure and regulatory compliance for fintech startups to offer banking services without obtaining their own charters. This model would later prove crucial in enabling

10192-623: Was chosen as the defining point of the Prime Meridian at the International Meridian Conference in 1884. The United Kingdom lies between latitudes 49° and 61° N , and longitudes 9° W and 2° E . Northern Ireland shares a 224-mile (360 km) land boundary with the Republic of Ireland. The coastline of Great Britain is 11,073 miles (17,820 km) long, though measurements can vary greatly due to

10296-657: Was designed to promote technological cooperation in the financial sector, marking a pivotal moment in the industry's collaborative approach to innovation. The fintech ecosystem includes various types of companies. While startups developing new financial technologies or services are often associated with fintech, the sector also encompasses established technology companies expanding into financial services and traditional financial institutions adopting new technologies. This diverse landscape has led to innovations across multiple financial sectors, including banking , insurance , investment , and payment systems . Fintech applications span

10400-470: Was formed in 1931. Nonetheless, "Britain was a very wealthy country, formidable in arms, ruthless in pursuit of its interests and sitting at the heart of a global production system." After Nazi Germany invaded Poland in 1939, Britain entered the Second World War . Winston Churchill became prime minister and head of a coalition government in 1940. Despite the defeat of its European allies in

10504-443: Was later convicted of wire fraud , conspiracy , and money laundering . Clipped compound Clipped compounds are common in various slang and jargon vocabularies. A clipped compound word is actually a type of blend word . Like other blends, clipped compounds may be made of two or more components. However, a blend may have a meaning independent of its components' meanings (e.g., motel <— motor + hotel ), while in

10608-401: Was not until 1999 that the first state-chartered, FDIC -insured institution operating primarily online was established. First Internet Bank, founded by David Becker, marked a new era in online-only banking. The late 1990s and early 2000s marked a significant turning point in the evolution of financial technology, as numerous innovations emerged during the dot-com boom . One notable development

10712-432: Was the first country in the world to use an approved COVID-19 vaccine , developing its own vaccine through a collaboration between Oxford University and AstraZeneca , which allowed the UK's vaccine rollout to be among the fastest in the world. The total area of the United Kingdom is approximately 94,354 square miles (244,376 km ), with a land area of 93,723 square miles (242,741 km ). The country occupies

10816-428: Was the rise of online trading platforms, with E-Trade , founded in 1982, leading the charge. In 1992, E-Trade became one of the first financial services companies to offer online trading to consumers, revolutionizing the way individuals interacted with the stock market . Another pivotal moment was the founding of PayPal in 1998. PayPal's success in creating a secure and user-friendly online payment system demonstrated

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