CHAPTER NINETEEN: FINTECH COMPANIES QUESTIONS
WITH DETAILED VERIFIED AND 100% ACCURATE
ANSWERS
Fintech Adoption Rate Correct Answers Fintech users as a percentage of
digitally active population.
Smartphone Penetration Rate Correct Answers Smartphone subscribers
as a percentage of total population.
BaaS Correct Answers Process that allows fintechs and other third
parties to connect with banks' systems directly via application
programming interfaces so that they can build banking offerings on top
of the banks' infrastructure to reach users outside of the banks' existing
footprint.
Open Banking Correct Answers A system that provides a user with a
network of FI's data using APIs. By opening APIs to sharing, third
parties have easier access to financial information for existing bank
customers, which allows them to build new apps and services.
Mobile Wallet Correct Answers An app on the mobile device that stores
payment information from a credit or debit card.
Cryptocurrency Correct Answers A digital currency in which encryption
techniques are used to regulate the generation of units of currency and
verify the transfer of funds, operating independently of a central bank.
, Central Bank Digital Currency (CBDC) Correct Answers A new form of
digital central bank money that can be distinguished from reserves or
settlement balances held by commercial banks at central banks.
Cryptocurrency Exchanges Correct Answers Exchanges that allow
consumers to buy, sell, and trade cryptocurrencies, whether through fiat
currency like dollars, euros, or yen, or another cryptocurrency like
Bitcoin or Ether.
Distributed Ledger Technology (DLT) Correct Answers A digital
system for recording the transaction of assets in which the transactions
and their details are recorded in multiple places at the same time. Unlike
traditional data-bases, distributed ledgers have no central data store or
administration functionality.
Blockchain Correct Answers One type of a distributed ledger. It bundles
transactions into blocks that are chained together and then broadcasts
them to the nodes in the network.
Smart Contracts Correct Answers Self-executing contracts or
applications that run exactly as programmed without any possibility of
downtime, censorship, fraud, or third-party interference. In smart
contracts, the terms of the agreement between buyer and seller are
directly written into lines of code. Trust between the parties is not an
issue because the transaction is witnessed and verified by hundreds of
people; therefore, there is no need for an intermediary.
WITH DETAILED VERIFIED AND 100% ACCURATE
ANSWERS
Fintech Adoption Rate Correct Answers Fintech users as a percentage of
digitally active population.
Smartphone Penetration Rate Correct Answers Smartphone subscribers
as a percentage of total population.
BaaS Correct Answers Process that allows fintechs and other third
parties to connect with banks' systems directly via application
programming interfaces so that they can build banking offerings on top
of the banks' infrastructure to reach users outside of the banks' existing
footprint.
Open Banking Correct Answers A system that provides a user with a
network of FI's data using APIs. By opening APIs to sharing, third
parties have easier access to financial information for existing bank
customers, which allows them to build new apps and services.
Mobile Wallet Correct Answers An app on the mobile device that stores
payment information from a credit or debit card.
Cryptocurrency Correct Answers A digital currency in which encryption
techniques are used to regulate the generation of units of currency and
verify the transfer of funds, operating independently of a central bank.
, Central Bank Digital Currency (CBDC) Correct Answers A new form of
digital central bank money that can be distinguished from reserves or
settlement balances held by commercial banks at central banks.
Cryptocurrency Exchanges Correct Answers Exchanges that allow
consumers to buy, sell, and trade cryptocurrencies, whether through fiat
currency like dollars, euros, or yen, or another cryptocurrency like
Bitcoin or Ether.
Distributed Ledger Technology (DLT) Correct Answers A digital
system for recording the transaction of assets in which the transactions
and their details are recorded in multiple places at the same time. Unlike
traditional data-bases, distributed ledgers have no central data store or
administration functionality.
Blockchain Correct Answers One type of a distributed ledger. It bundles
transactions into blocks that are chained together and then broadcasts
them to the nodes in the network.
Smart Contracts Correct Answers Self-executing contracts or
applications that run exactly as programmed without any possibility of
downtime, censorship, fraud, or third-party interference. In smart
contracts, the terms of the agreement between buyer and seller are
directly written into lines of code. Trust between the parties is not an
issue because the transaction is witnessed and verified by hundreds of
people; therefore, there is no need for an intermediary.
