London and Singapore 'still best global FinTech hubs'
According to the findings of a recent report published by Deloitte – 'Connecting Global FinTech: Interim Hub Review 2017' – London and Singapore remain the top Financial Technology (FinTech) hubs.
12 April 2017
The two global Financial Technology (FinTech) hubs remain London and Singapore, according to the findings of a new Deloitte report.
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Publication of the report followed comments by a senior UK regulator earlier in the week that the UK's FinTech sector had recovered after a dip following the nation's referendum vote to leave the European Union last June.Chris Woolard, director of strategy and competition at the Financial Conduct Authority (FCA), said that centres such as Berlin and Luxembourg had targeted UK FinTech companies in the hope of luring them away after the Brexit vote.“In the immediate aftermath of the EU referendum there was a concern that we would see the number of innovative firms wanting to operate in the UK fall,” he said.After an initial dip in requests for regulatory advice and applications to the FCA, Mr Woolard said there had now been a noticeable pick-up in formal requests from FinTech start-ups, with 321 requests for support being received in nine months after the referendum, compared with 264 in the nine months before it.For related news and features, visit our Technology section.Access hundreds of global services and suppliers in our Online Directory
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Bringing together investors and FinTech firms
As the International FinTech Conference – which aims to bring together domestic and international investors and UK FinTech firms – got underway in London on Wednesday, the 'Connecting Global FinTech: Interim Hub Review 2017' report was published and analysed 44 of the world’s FinTech hubs.The report was based on research conducted by SWIFT Innotribe and Innovate Finance, which recently launched the Global FinTech Hubs Federation aimed at building closer ties with hubs around the world “through collaboration and knowledge sharing”.Deloitte's analysis of the report found that London and Singapore remained the top hubs to establish and grow a FinTech start-up.The report also found:
- New European hubs tended to agree that there is good access to talent in their hubs. On the other hand, most of these new hubs rated regulation in their hub negatively.
- In Asia-Pacific, hub representatives were more positive about regulation in their hubs compared to their European counterparts.
- Although the research only included two hubs from the Gulf region, both representatives presented very similar self-assessments. For one, both hubs claimed excellent government and regulator support for FinTech.
- In Africa, FinTech developments continue to be concentrated around mobile and social payments.
- In the Central and South America region, Brazil leads the pack by way of investment and number of FinTechs and much of the activity is concentrated in Sao Paulo.
- In North America, while Silicon Valley and New York continue to be the indisputable top FinTech Hubs in the USA, and Toronto in Canada with 80 per cent of the Canadian FinTech activity in this hub, over the last year we have seen a number of other emerging Hubs including Chicago, which has been included in this Interim report; and Charlotte in North Carolina.
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Publication of the report followed comments by a senior UK regulator earlier in the week that the UK's FinTech sector had recovered after a dip following the nation's referendum vote to leave the European Union last June.Chris Woolard, director of strategy and competition at the Financial Conduct Authority (FCA), said that centres such as Berlin and Luxembourg had targeted UK FinTech companies in the hope of luring them away after the Brexit vote.“In the immediate aftermath of the EU referendum there was a concern that we would see the number of innovative firms wanting to operate in the UK fall,” he said.After an initial dip in requests for regulatory advice and applications to the FCA, Mr Woolard said there had now been a noticeable pick-up in formal requests from FinTech start-ups, with 321 requests for support being received in nine months after the referendum, compared with 264 in the nine months before it.For related news and features, visit our Technology section.Access hundreds of global services and suppliers in our Online Directory
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