Fintech
Fintech, short for financial technology, refers to app-based and other digital companies that offer payments, investing, or banking-style services. In the United States, these apps made it easier to send money and invest, often with low or no account minimums. Money sitting in a fintech app is not automatically FDIC-insured the way a bank deposit is. In Canada, banks may partner with fintech firms, but money or cryptocurrency in many investing apps is not covered by CDIC insurance either.
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