Top 5 Emerging FinTech Centres of Excellence
As the digitalisation of global banking systems continues, new players in the FinTech game are coming to the fore to challenge the traditional giants such as London and Berlin.
As the likes of Blockchain, AI, and automation have a greater impact on the banking world, expect these up-and-comers to further challenge the established cities people think of when they consider Financial Technology.
Stockholm – already the home for 1/5 of European FinTech investment, the original home of Skype is poised to try and sweep up any FinTech players departing a post-Brexit London. In 2016 they established the not-for-profit Stockholm Fintech Hub to push the country and leading player in the industry.
Taipei – In December 2017 the Taiwan Parliament formally approved a government-backed drive to turn Taipei into the leading Asian FinTech hub. London-based finance companies have hailed this as a welcome move, which when added to the fact Taiwan is home to 2000 traditional financial institutions and their emergence among the Crytocurrency world in the wake of China and South Korea banning them, Taipei is in a strong position to dominate the Asian FinTech market.
Edinburgh – having recovered from the 2008 HBOS and RBS crashes, Edinburgh has established itself as the largest UK FinTech hub outside of London. Fintect Scotland, which was established in 2017 as a joint enterprise by the Scottish Government, University of Edinburgh, and private sector financial bodies, appointed its first fulltime CEO last month and is sure to push the Edinburgh FinTect agender even further.
Shenzhen – the “Silicon Valley of China” has the highest number of patents filled within China, has venture capitalists flocking to fund their technological advancements. In a move to further strengthen this position, Shezhen, Singapore, and Hong Kong entered into a deal in 2017 to collaborate across FinTech developments and standards.
Visakhapatnam – following a coordinated effort by the regional government, Reserve Bank of india, and various private sector bodies, Visakhapatnam is quickly morphing into a leading player for Blockchain, Cybersecurity, data analytics, and AI. Following this they recently selected 8 Fin-Tech startups to back and take part in an accelerator programme.
Source: “Financial Services Technology” by Raconteur, written by Ian Fraser, The Sunday Times, 18/02/2018