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💡 Fintech 101: What you need to know! 1️⃣ A fintech, short for financial technology, is a company that uses technology, like online platforms and mobile apps, to provide financial services to customers. 2️⃣ Unlike traditional banks or credit unions, these companies don’t have banking licences, are not CDIC members and are not insured by the CDIC. 3️⃣ CDIC deposit protection may apply to eligible deposits managed by fintechs, depending on how and where the funds are kept. 4️⃣ Are you a Fintech user? To better understand how CDIC might apply to your fintech product, start by asking these questions: ❓Where are my deposits held? ❓Is that institution a CDIC member? ❓Are my deposits eligible for protection? #FintechSavvy #CDICProtection #FinancialWellness