Attached.

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The Evolution of Fintech and Its Impact on Banking and Emerging Markets

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Outline
Title:The Evolution of Fintech and Its Impact on Banking and Emerging
Markets
Introduction
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Fintech is the new form of technology that has revolutionized the financial industry in the
world today.

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This paper aims to identify the key differences between Fintech and traditional banking
systems, define R3’s role in the Fintech market, outline the uses of Cord, and discuss the
influence of Fintech in developing countries.
Fintech and Traditional Banking
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Traditional banking has dominated the financial service industry for a long

time, utilizing physical outlets and strict legal frameworks.
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According to Yang et al. (2019), due to the advancement in Fintech, banks are

also changing by implementing Fintech solutions to facilitate digital transactions.
R3 and Its Distributed Ledger Technology Mission
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Distributed Ledger Technology solutions for the financial industry was a

primary focus for R3 which was established to help develop Cord, a platform that does this.
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Yang et al (2019) claim that R3's Distributed Ledger Technology model not

only significantly reduces transaction costs but also mitigates reconciliation errors and
inefficiencies of operations.
Applications of Cord and Growth Strategies

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The cord has many uses in the financial services sector especially in trade

finance, payment and securities, and settlement services among others.
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R3 has adopted an open-source approach to its growth plan, which means the

firms may design their apps for Cord (Yang et al., 2019).
Fintech’s Impact on Emerging Markets
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Fintech has had profound impacts on emerging markets, significant in digital banking, mobile
payments, and lending.

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For instance, China has emerged as one of the leading countries in Fintech Implementation
where most of the Fintech firms including Ant Group and Tencent have made significant
strides in mobile payment (Yang et al., 2019).
Conclusion

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Fintech has particularly impacted the financial sector by providing better and easily
acce...