The Future of Real Estate: FinTech
AZIT is a blockchain-based, point integration platform for real estate and residential services. AZIT provides a service that allows users to conveniently use points as they see fit for residential services related to real estate or community facilities by integrating points that can be used anywhere.
Welcome to AZIT!
Today, we will take a look at what FinTech Real Estate is. I think that you may have already heard the term FinTech a lot. FinTech is a combination of the words “finance” and “technology,” where digital technology and the financial industry meet to create a more comfortable world than before. Similarly, PropTech was created by combining “property” and “digital technology.” We will explore that word in more details in the next article. For today, let’s focus on FinTech!
PropTech & FinTech = FinTech Real Estate
The area that we want to look at today is the combination of PropTech and FinTech, which we can call FinTech real estate. During the Fourth Industrial Revolution, the distinction between FinTech and PropTech has become meaningless. Blockchain technology becomes FinTech when it meets the financial industry and PropTech when it meets the real estate industry. Technological advancements are blurring the boundaries between industries.
Whenever you buy or sell anything, you will perform a “transaction.” Therefore, real estate transactions also generate financial transactions, which is an example of where real estate and finance converge. In this respect, Real Estate FinTech refers to any good or service that makes real estate transactions easier and faster based on digital technology. Real estate platforms, such as AziT’s partner Dabang, have been developed to make real estate transactions easier. They take transactions that have traditionally only been done offline and move them to online platforms where they ca be completed quickly and conveniently. In developed countries, everything from the search for information to the implementation of real estate transactions and loans is done through real estate FinTech.
In this way, real estate FinTech is using technology in all areas of real estate assets to make smooth transactions. It can be applied to commercial real estate, P2P finance, and indirect investment markets, not just housing.
Domestic real estate FinTech is focused on housing transactions. In the US, real estate FinTech markets, mortgage-related platforms or real estate marketplaces are active, while the development of Korean real estate FinTech markets in this field has been relatively slow. Opendoor, a leading real estate FinTech company, provides services from housing purchases to sales and even exchanges. In Korea, various types of real estate FinTech companies are expected to develop in accordance with changes to related regulations.
