A linguistic blend of two individual terms ‘Finance’ & ‘Technology’, FinTech is being used to denote the wide array of technological innovations that have a bearing on financial services.
fintech overview

Incorporation of technological innovations while provisioning and designing financial services has significantly altered the dynamics of financial sector, especially in the last decade. While the exact scope of activities under FinTech will keep evolving with emerging use cases, what will remain constant is the increasing embrace of technology by the financial sector. To keep pace with the dynamically changing landscape, Reserve Bank has been making conscious efforts to facilitate innovation in FinTech sector, for attaining the larger public good.