Financial Technology

It has been a while since something really created waves in Gibraltar. Perhaps the perfect storm of brexit, uncertainty with Spain and the border, the full blown onslaught of cryptocurrency and the blockchain coupled with the Gibraltar Government’s forward thinking drive to create legislation on Distributed Ledger Technology (DLT). Whatever it is Gibraltar is awash with opportunities in this field. The Acquarius Trust Group is already well placed to help you and your company get involved and quickly. Acquarius has been working on this tech now for over 12 months it has been a steep learning curve but it is also an exciting challenge for those willing to get in early and reap the benefits for clients and businesses alike.

The term financial technology can apply to any innovation in how people transact business, from the invention of money to double-entry bookkeeping. Since the internet revolution and the mobile internet revolution, however, financial technology has grown explosively, and fintech, which originally referred to computer technology applied to the back office of banks or trading firms, now describes a broad variety of technological interventions into personal and commercial finance. Consider this, some 50% of the world’s population have no access to personal banking whatsoever. So what? You may ask. Well take a look at your life.

Imagine not just a world BUT a single day without access to banking and for impact let’s also say you don’t work in finance but drive a bus. You wake up in your nice warm house, you make breakfast on a stove and while eating breakfast you are watching the news on the tv or listening to the radio. You get dressed and either drive to work or get public transport. Having completed your morning shift you get lunch or you took it with you and continue work until you finished having earned your days pay. Finally you get home, to that warm home settle down for dinner and either an evening in or an evening out to relax before popping on the electric blanket and sleep.

Without banking most of what you just accomplished would be difficult the chances are your gas and electric bills are paid directly by your bank so you don’t have to take time out queueing in the shop to pay. Your appliances (cooker, TV,radio, electric blanket) were all bought either through banking on H.P. or with a loan. Even the beds, furniture and utensils were all bought and paid for using either a debit card or credit card otherwise you are queueing at a bank every day to take out cash from your account unless you keep your wages under the mattress. The cash you will need for a simple coffee, a bus fare or even a penny to use the loo. Every aspect of your life is monitored by banks and delivered to you by them in either a direct or indirect manner.

So it comes as no surprise that financial technology was going to be created if for no other reason than to widen the banking market or to increase the opportunity for those people around the world that are literarily stuck in their little pueblo without the chance to join in the 21st century. Better still it can be done openly, fairly and with a benefit in principle to all of us.

You can get details about it from our Fintech page on this website just click the word and we already have a few blogs written that outline some of the basic tenets, principles and buzzwords to get yourself started.
Better than that why not call our office on 00350 20050418 or click on the number and send an email enquiry? It couldn’t be any simpler for you to get involved and find out more.

The Acquarius Trust Group looks forward to hearing from you.