Fintech can be summed up as "companies doing illegal things to lose money". It's seriously the thing that made me realize there is something very, very wrong with tech today.
For most of history the reason to do illegal things was because it was profitable but I have personally witnessed self described "fintech" companies do illegal (or at the very least questionably legal) things that anyone with a brain would say "wait, that will clearly lose more money than it makes"
Of course the trouble is that no regulatory bodies can actually enforce the majority of the regulations they are supposed to. If the government had the staff to enforce the regulations they are responsible for half of the CEOs doing fintech work would be in prison.
"bubble" doesn't even come close to describing the situation we're in.
For most of history the reason to do illegal things was because it was profitable but I have personally witnessed self described "fintech" companies do illegal (or at the very least questionably legal) things that anyone with a brain would say "wait, that will clearly lose more money than it makes"
Of course the trouble is that no regulatory bodies can actually enforce the majority of the regulations they are supposed to. If the government had the staff to enforce the regulations they are responsible for half of the CEOs doing fintech work would be in prison.
"bubble" doesn't even come close to describing the situation we're in.