The development and adoption of digital financial technology (fintech) has experienced immense growth in the last five years, especially during the COVID-19 pandemic. Today, competition between fintech companies and traditional financial banks is intensifying in the European Union. Simultaneously, two trends are disrupting the financial industry: the first, in which foreign Big Tech players such as Amazon, Google and Alibaba are encapsulating numerous fintech applications; and the second, of decentralized finance (DeFi), wherein technology innovators are building a radically new, global and open-source infrastructure as an alternative to our financial system.
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