Findexable - Global Fintech Rankings 2020exSFA PDF

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The Global Fintech

Index 2020
THE GLOBAL FINTECH INDEX
CITY RANKINGS REPORT
In partnership with
The 1st fully global fintech index covering

VERSION 1.0 DECEMBER 2019 230+ cities across 65 countries
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intended to be relied upon as professional advice. 4 December 2019, version 1.0
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Content
0 ABOUT FINDEXABLE 1
Building a Global Fintech Index 2
Our Global Partnership Network 3
Introducing the World’s 1st Global Ranking of Fintech Ecosystems 4
About Our Global Partners 5
1 INTRODUCTION 6
Finder. Not founder. 7
Foreword 9
Executive Summary 10
Methodology 12
Defining fintech 16
2 FINTECH NATIONS 20
Fintech Rising? The dawn of non-traditional financial centres 21
Fintech Country Rankings 26
Diversity in finance 27
Fintech’s Top 10 30
A regional race to the top 31
Regional Ranking Tables 33
Fintech Nation: Big ain’t better 37
The Wagers 38
The Watchers 49
3 FINTECH CITIES 60
City rankings 1-25 61
Gateways 63
Growth Hubs 79
How do you build a fintech hub? 89
The Next 20 92
Ch-India: The story of the digital decade? 94
4 Partners 97
Meet Team Findexable 118
0
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About
findexable
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Building a
Global Fintech Index
Fintech exists to solve global problems. view of global fintech that lets you com-
Of access – such as in emerging markets pare cities and companies?
where banking economics stop the poor That’s the vision of Findexable, the
from getting a bank account. Of speed – company founded with the mission to
where old infrastructure slows the send- build the Global Fintech Index. This city
ing of money, receipt of payments or rankings report is the first glimpse of
makes international trade difficult. Or of what the Index algorithm is designed for.
cost and convenience – by making it eas- To identify emerging hubs, fintech com-
ier to pay, or cheaper to borrow. panies and trends – objectively and in
There’s another problem too. An real-time. To promote growth and adop-
industry founded on principles to make tion of progressive, inclusive financial
the world better, needs a global index to services everywhere.
track progress, and benchmark its suc- With our founding partners we’re
cess. Without one there’s no easy way building a global coalition to promote
to learn from the best. Or, like any other the values of fintech – and help it meet
tech-driven industry, to learn from past its potential to improve access to finan-
mistakes. cial services, and the connectedness of
And with the world creating informa- countries and regions. We hope you’ll
tion at an unprecedented rate, where join us in our mission.
do you turn for a trustworthy, unfiltered
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Our Global Partnership Network

FinTech Scotland Fintech Mundi
Global Growth Hub NCE Finance Innovation
Transparency Task Force Norway
UK
Helsinki Fintech Farm
Finland
The Fintech Cluster Tokyo FinTech

Iceland Japan
Fintech Week Tel Aviv
Israel
European Women
FinTech Payments Network Bahrain FinTech Bay
Netherlands Bahrain
IberoAmérica
Mexiko Portuguese FinTech &
InsurTech Association
Portugal
Egyptian Fintech MENA
Association Fintech
Egypt Association
UAE
Bogota Chamber
of Commerce RAK SME
Colombia Fintech Africa FinTech UAE FinTechNZ
Colombia Network New Zealand
Nigeria
African Women in
FinTech & Payments
FinteChile Kenya FinTech Australia
Chile Australia
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Introducing the World’s 1st Global

Ranking of Fintech Ecosystems
The Findexable Global Fintech Index City Rankings
report publishes for the first time the results calcu-
lated by our Index algorithm which ranks the fintech
ecosystems of more than
230 Cities
65 Countries
7000 Fintech companies
Link directly here to our Ranking Tables where you
can compare individual cities and country rankings
and search for specific locations.
The Global Fintech Index scores locations across
several thousand data points on fintech companies
registered on the Index map combined with metrics
on local business infrastructure and fintech ecosystem
quality, and data from our global partners including
StartupBlink, Crunchbase, and SEMrush.
DATA PARTNERS
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About Our Strategic Partners
Global Partners
Insight Partners
Increasingly we live in an ecosystem-centred world.
And fintech is an ecosystem business.
The success of the Index’s ability to provide a living
record of fintech activity and how it’s changing relies on
the strength and support of our global partners to help
improve the accuracy of the rankings and to inspire the
development of their own fintech ecosystems.
Our 2020 launch partners are listed here, and
with the launch of the Index we hope we can inspire
many more to join our growing coalition to promote
the spread of progressive financial services. For more
details, follow the link at the bottom of the page.
Tech Partner
JOIN THE GLOBAL PARTNERSHIP NETWORK
Our partners range from fintech associations and
accelerators to public innovation corporations, aca-
demia and investment promotion agencies. To find Data Partners
out about the Network and the benefits for partners,
please contact us.
Benita Morgan
Head of Global Partnerships Community Partners
Disclaimer: The views and insights explained in this report are expressly those of
Findexable and the Global Fintech Index. Partnership of the Index does not imply
endorsement of the views contained here by partners.
1
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Introduction
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Finder. Not founder.

You might well ask why the world needs you see listed in the windows of designer
another index or financial news service. shops around the world – drop out of
It’s a fair question. What we can tell you the list of the world’s 20 most important
is, that after years spent trying to find fintech centres. Replaced by less well-
an efficient, reliable way to deliver rel- known, often misrepresented, places like
evant insight and measurable data on Bangalore or Sao Paulo.
fintech – its impact, its development, and Smaller, previously overlooked,
its adoption – the choices are actually countries, are doing well at fintech too.
Success at building
pretty slim. Split between exclusionary, Lithuania – a country that has quite lit-
regionally focused, subscription ser- erally put its economic heart and regu- a fintech hub is not
vices and content marketing posing as latory soul into attracting fintech firms the same as being
research. appears in fourth place globally. A coun- a popular place
And so Findexable, the company try with a population about a third the
for start-ups. While
founded with a mission to build the Global size of London is now arguably Europe’s
Fintech Index, was born. The inspiration second fintech centre. there is overlap,
of thousands of hours of interviews, sur- As the report shows, being at once fintech activity is
veys and internet searches - and the highly regulated and purely digital, quite different to
product of four months of algorithm success requires a rare combination of
other start-up-
development to create, for the very first industry expertise, entrepreneurial grit
time, a fully global ranking of fintech and tech talent. oriented sectors
countries and cities. But the focus is worth it. Recent ana-
The rankings in the report are proof lysis of venture capital across European
of how much, and how fast, the world is technology firms showed that fintech
changing. Eight of what you might call exits create double the value for foun-
the ‘usual suspects’ – the kind of cities ders and investors of other sectors.
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It’s no exaggeration to say that one That’s why we created the Global Fin-
fintech success story can do more to tech Index. To help fintech founders, and
transform a local economy, or help an the ecosystems they’re based in, reach
entire nation re-define itself in the eyes their destination. As we start a new
of its citizens and trading partners, than decade, we hope you’ll join us in our
any other industry. mission to help them find their way.
Fintech is the electricity of the global
digital economy – making connections, Simon Hardie
and finding the path of least resistance Founder & CEO,
to make it easier, cheaper, (dare-we-say Findexable
it fairer?), to transact. And for more peo-
ple, in more parts of the world, than was
ever before possible.
Keeping up with the pace of change,
and keeping track of progress, however,
is essential if fintech’s ‘baked in’ digital
difference is to be successfully con-
verted into real-world value.
It’s our belief that fintech’s founding
purpose is to help solve these global
challenges. In doing so it also has a duty
to re-build the financial services indus-
try in a new image. One that is inclusive,
diverse, responsible. More like the world
we live in.
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Foreword
We are excited to take part in the crea- the approach that cities and countries We are confident that the Global
tion of the Global Fintech Index. At Start- are better off focusing on one specific Fintech Index will be an extremely val-
upBlink, we have been ranking startup vertical and creating favorable regula- uable tool for decision makers, such as
ecosystems globally since 2017 - and our tions to accommodate it. This way, such investors, corporations, governments,
reports have helped decision makers locations brand themselves as global and universities. But first and foremost,
around the world to take development vertical leaders. we hope to make this index valuable
steps based on either their own or their To make the Global Fintech Index and useful for entrepreneurs who are
competitor’s startup ecosystems. possible, StartupBlink worked with the thinking of relocation and questioning
As a research centre, we are also very fintech experts at Findexable, powered whether their current location is suitable
aware that when research is conducted by strong global data partners like SEM- for their needs and goals.
for a particular vertical, the situation rush and Crunchbase. Together, we built I would like to thank Findexable for
can change drastically. Many smaller an algorithm that is by far the most pre- the opportunity to join hands and create
cities realise that competing with giants cise and powerful we’ve ever built. And this specific index focusing on fintech.
like San Francisco, London, New York, the first of its kind globally, to rank all A dynamic and fast-moving industry.
and Tel Aviv, that boast excellent startup cities according to the level of develop- Working with them has been a delight-
ecosystems, is impossible; so speciali- ment of their fintech industry. ful experience. And we look forward to
sing in one particular vertical might be To ensure that the fintech rankings pro- extending this cooperation for years to
the way to go. vide the most accurate results on fintech come.
Focusing on fintech is a remarkable innovation around the world, a series
effort to rank hundreds of cities and of refinements were made to the algo- Eli David
countries around the world and mea- rithm used for the Startup Ecosystem CEO & Founder
sure their potential in this particular Rankings Report 2019. Those additions StartupBlink
sector. In comparison to the 2019 Global make sure the rankings are taking into
Startup Ecosystem Rankings Report, the account the specific environment of the
index published by Findexable validates fintech landscape.
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Broken links, new value chains
The launch of the Global Fintech Index show not just how much globalisation is
Executive Summary
marks the beginning of a new chapter, integrating economies along national

and the closing of an old one, for the lines, as well as on a regional and
global economy. global level, but that fintech – as an
The findings from the global fintech industry, and a mindset – is ena-
city rankings included here are proof bling the creation of new value
of how much, and how fast, old-world chains. Linking economies
economies are integrating with their old and new, as well as citi-
counterparts in emerging regions. zens and businesses that
Indeed, the rankings give the first vis- were previously cut-
ible evidence that the convergence of off, with no hope of
‘advanced economies’ and new world connection to their
‘emerging’ ones is much more than a local economies,
feeling – it’s actually measurable. much less the
Eight of the world’s 20 most impor- global one.
tant financial centres do not feature in
the top 20 biggest fintech hubs. And of
the world’s top 100 leading fintech cit-
ies, almost half are found in emerging
markets.
Does that matter? We think it does.
The results are important because they
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Among the insights included here, tion as a start-up nation. Fintech

the Global Fintech Index City Rankings might operate on a level playing
report concludes that fintech can no field but succeeding at it requires
longer be dismissed. The research shows manoeuvring policy, activating local
that thriving, world-beating fintech eco- 8 of the world’s talent pools and removing road-
systems are cropping up everywhere 20 most important blocks to allow digital businesses to
by building on a values-based pyramid trade freely.
broadly outlined as follows:
financial centres do
1. Fintech is the engine of the digi- not feature in the The insights, rankings and city scores
tal decade – the link between the world‘s 20 biggest included here are the product of many,
financial wealth and the commercial fintech hubs. many hours and weeks of algorithm
power of a city is no longer implicit. development and research expertise.
Fintech is enabling greater connectiv- And of the world’s We hope you find this first Global Fin-
ity between nations and regions, and top 100 leading tech Index report a useful tool as you
causing a declining reliance on the continue your own fintech journey – as
fintech cities, almost
‘usual suspects’ of global finance. an innovator, a digital attacker, ecosys-
2. Fintech is a leveller - smaller cities half are in emerging tem hub or investor in advanced finan-
and remote regions with a fintech-fo- markets. cial services.
cused mindset can (and are) punch- For more insights on the Index, or a
ing well above their weight in building personalised briefing on what it takes to
world-leading advanced financial build a vibrant fintech hub, please get in
services hubs. touch at simon@findexable.com or con-
3. Fintech success takes focus – there’s nect with us on the link below.
no equivalence between a nation’s
status as a fintech hub and her posi-
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There is a method to our madness. Really.

After the initial rush of excitement as available or for the Index to provide it?
we set out to build the world’s first And are they recent enough, and more
global index of fintech cities one hot importantly (truly) globally representa-
summer day this year, the madness, tive – not just focused on a few handfuls
and the magnitude, of the task we had of the usual developed or emerging mar-
set ourselves began to dawn. ket suspects?
Apart from the scale of what we needed After multiple internal debates, index
to achieve in order to build a globally rep- iterations and test runs of the fintech
SEARCHING QUESTIONS
resentative sample of fintech companies Index algorithm, we’re confident we’ve
around the world, there were a number got something that presents a meaning- • How do you define
of thorny issues, each of which involved a ful picture of the world as it looks through what is, and what’s
Methodology
carefully thought-out response in order to the fintech lens – both today’s winners, not, fintech?
create a meaningful city score. and tomorrow’s ones to watch.
• How do you determine
A start-up company might be fairly Rome might not have been built in a
self-evident but – as this Index shows – day, but we managed to gauge its suc- a fintech location?
the words fintech and start-up are not cess as a fintech hub relative to the rest • What’s the difference
interchangeable. of the world’s former imperial capitals in between a start-up city
Then there’s the challenge of the data about four months.
and a fintech hub?
itself. The inconsistency, not to mention the We think that‘s something to be proud
incompleteness, of the available data on of. And as we kick off 2020 with the global
global fintech ecosystems was the reason fintech city rankings – we hope we can
we got ourselves into this in the first place. continue to work with our partners to build
So what datasets could we use to help a living record of fintech activity.
us with a viable solution, or sensible work- We now live in an ecosystem-centred
around, while we wait for the data to be world. Partners make perfect.
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MAKING A RECIPE FOR SUCCESS guide as to what makes a hub success-

So, what did we do? Firstly, starting from ful – but that’s not what the algorithm
a baseline that the Index must be both has been programmed to find.
accurate and objective we have used Instead we’re interested in measur-
only quantifiable data, from reliable ing only what exists now. And, so that
sources. We discarded the opportunity results can be evenly obtained across
to use interviews or industry surveys, thousands of locations worldwide, every
using only data accumulated on the Fin- location’s final score uses the same
We’re interested dexable map, by our technology partner algorithm. No customisations, no sec-
in measuring what StartupBlink or assessed by our ecosys- ond opinions. And absolutely no subjec-
exists now. No tem partners and other trusted external tive criteria for a favoured location.
customisations, no sources.
As uncomfortable as the results WHOSE DATA IS IT?
second opinions. might be in this, our first, edition – it Much of the data used to generate the
And absolutely no ensures the Index presents an unfil- fintech rankings was either accumu-
subjective criteria tered, unmoderated picture of the world lated by Findexable, and our sister
for a favoured of fintech as it stands today. company MagnaCarta, over the last
five years or sent to us by our ecosys-
location. WHAT’S BEING MEASURED HERE? tem partners around the world.
Analytics and scoring are not an art With the launch of the Index’s fintech
form. But they’re not a perfect science map, we’re in a unique position to test
either. In building the Index, we’ve tried and optimise the algorithm across very
to make as few assumptions as possi- large sets of data. Providing a platform
ble. What that means is that the insights for reporting and insights that we intend
the index generates are a valuable to improve continuously.
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HOW TO HANDLE THOSE have risen to prominence in countries different to

Those pesky questions
their founders’ nationalities. Sadly, in this case the
THORNY ISSUES? head wins over the heart – it’s our belief that in a
WHAT IS FINTECH? global economy the ecosystem that enables you to
For the purpose of the Global Fintech Index algo- succeed at scale is what defines you. And while size
rithm fintech is any business that applies a techno- isn’t always everything, fintech lives, or dies, by the
logically enabled innovation specifically geared for scale of the business it’s able to build.
the provision or distribution of financial services.
Given that, over time, fintech companies are as likely START-UP NATION V FINTECH HUB
to become large standalone businesses, as they are We weren’t sure when we started out but as the
to be bought by existing market players, we’re less rankings show ‘fintech’ does not equal ‘start-up’.
concerned by the individual size of the company. To find a way to score fintech ecosystems meant
We know it’s subjective (like we said, analytics going back to the drawing board. After all both the
is an imperfect science) but we think some fluid- industry and the Index are new. So, to provide an
ity in the distinction between new entrant fintech accurate score – our algorithm looks at the fintech
and incumbent institutions is helpful. For a more ecosystem in the round.
detailed explanation of our definition of fintech see B y incorporating a mix of softer, ecosystem-con-
section, ‘Another Index? Really?’, below. vening indicators such as key industry events, and
fintech incubator and accelerator programmes,
HEART OR HEAD-QUARTERS? alongside harder metrics like access to online
An altogether trickier question. Some of fintech’s payment services or the number of local fintech
biggest global successes have started in one place unicorns, we hope you’ll agree the launch Index is
and scaled in another. TransferWise’s founders are based on a robust definition of what currently con-
Estonian, Tradeshift’s are Danish. Both companies stitutes a fintech hub.
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THREE-LEGGED RACE
Our country and city rankings are calculated from a total score across three ‘units’ of metrics. We’ve bracketed the scores into
‘units’ with relative weights to assess the quantity and quality of companies in an ecosystem, and the business environment of
the location. The composition of the three units is explained below.
Quantity Quality Environment

Q: How many fintechs & eco- Q: Quantity is important, but Q: How easy, how big?
system developers are there? how successful are they?
Activity Once we’ve agreed what counts Activity The Index assesses and esti- Activity The third unit looks at business
as a relevant fintech company we look mates the impact of individual compa- environment. Using global measures like
at the number of companies in a loca- nies in a location relative to one another. World Bank’s Doing Business Report
tion. And ‘cluster’ those locations that are Carried out across nearly 7,000 fintechs, helps us to gauge the ease, and attracti-
made up of a local ecosystem of several and combined with analytics from SEM- veness, of a specific location – based on
smaller cities or towns – such as San rush and Crunchbase to assess the levels of local ‘red tape’ and technology
Francisco’s Bay area, Boston and Tel Aviv. quality of companies in each ecosystem infrastructure.
Attributes If you can’t see a country or based on quantifiable factors such as Attributes To make sure the ranking
city in the index, it might be because there web presence, monthly visits, customer doesn’t tip too heavily in favour of the
aren’t enough companies on the map to base, and valuation. usual suspects we only applied the ease
provide an accurate measurement. Attributes Fintech unicorns have the of doing business metrics at the coun-
Assessment Because start-up and biggest impact here. Aside from creat- try level. Leaving the cities to be judged
entrepreneurial ecosystems thrive on ing a ‘bump’ in the quality score they on the merits of their ecosystems as it
‘network effects’ we also include specific impact the development and success of stands today.
fintech co-working spaces, accelerators the wider ecosystem by inspiring other Assessment A location’s ‘critical mass’,
and fintech industry events and meetups fintech innovators and encouraging i.e. the difference in score between cities
in the count. A robust fintech ecosystem more venture capital to flow. in the same country, with a discount for
is not just about innovating businesses. Assessment We also look at the pres- countries with high levels of internet cen-
It also needs supporting organisations ence of major industry gatherings and sorship. Justified or not, internet censors-
providing facilities to help the flow of ‘gateway’ fintech events and the popu- hip and banning of key websites or acti-
connections and capital across the mar- lation of the country to assess the scale vities adds an extra obstacle on the road
ketplace. of the ecosystem. to building successful, fintech businesses.
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Defining fintech
WHY A GLOBAL FINTECH INDEX? industry at the beginning of 2019.
You can’t search for anything these days There are good reasons. By 2022,
without being assaulted by a barrage of 60% of global GDP will be digitised, with
lists. Some with questionable motives to growth in every industry driven by dig-
get you to click through to them. itally enhanced offerings, operations
That’s just part of the reason we felt it The 2020 Global and relationships1. Progressive, digi-
was time to provide a meaningful score Fintech Index in tal-first financial services are the key to
of how fintech markets and companies numbers power the global economy’s transition
65
around the world compare. Here, for to the Fourth Industrial Revolution and,
the first time we reveal the world’s first as we enter a new decade, offer the best
index of countries and cities based on Countries chance to drive global trade, improve
230+
the scale of their fintech activity and access to financial services, and open
the development of their local fintech opportunities – for marginalised citizens,
ecosystem. It’s the first step to what we Cities poorer communities and small business
7,000
believe is sorely lacking – a fully work- and entrepreneurs alike.
ing, living record of fintech. From its foundations in medieval Italy
Fintech companies financial services has relied on asym-
WHO CARES? metries – of information, of access, and
It might sound a ridiculous question location. If in doubt, ask a poor tribes-
given the scale of the work required to woman in sub-Saharan Africa. She’d
build a global benchmark. But why an struggle to get a bank account even
objective Global Fintech Index is needed if she could make it the hundreds of
– and who it matters to – has been at kilometres to get to her nearest bank
the heart of our thinking since we set out branch. A global benchmark is the best
on our mission to map the global fintech way to track how that’s changing.
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And it is changing. Financial services is sive, more global. Easier to access. To

digitising at an incredible rate. Installed use a word often viewed controversially
data bandwidth (a tech industry bench- -‘fairer’.
mark) estimates data connection But despite the lofty potential, asym-
growth for banking and insurance com- metries remain. The ultimate potential 2020 and beyond ... a
panies upwards of 66% a year to 20222. of fintech might be total globalisation globalising decade
and ‘full access’ but it’s still very diffi- By 2022
‘HAVE-NOTS’ JOIN THE HAVE YACHTS?
60%
cult to understand how the different
In itself, financial technology is not new regions of the world – both emerg-
- ATMs, electronic payments, even early ing and advanced – compare, when it of global GDP will be digitised,
forms of AI have been around for dec- comes to the development of their fin- with growth in every
ades. tech ecosystems. To see how innova- industry driven by digitally
As an ‘industry’ and a concept fin- tions developed in one country can be enhanced offerings
tech is different. For the very example successfully transplanted to another. Or
outlined above. For the first time since where opportunities to improve distri- In the decade to 2030
86%
the dawn of banking, financial services bution of, or access to financial services
is going through a revolution – putting are bigger.
financial services within the reach of of worldwide GDP growth will be
even the poorest woman, in the remot- STARTING WITH A SINGLE STEP generated from large cities4
est community, so she can sell her pro- If necessity is the mother of invention,
duce and feed her family. reality is its grandma. And as we build To 2022
66%
If 20th century finance conjured out and add more companies, function-
images of (male), suited powerbrokers, ality and metrics to the Index during
21st century fintech offers a picture of 2020, we’re under no illusion of the scale annual growth of financial
something altogether different. Progres- of the challenge ahead. services data connections3
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DEFINE ‘FINTECH’
1
Colliding views of defini- 1. Where are the world’s best
tions (even spelling) of the places to start or build a Definitions of fintech vary
word ‘fintech’, not to mention fintech company? Where are the widely. Depending on which
ambiguity between category 2. Where are the emerging world’s best side of the industry you
definitions – what separates regions that fintech entre- places to start come from – a new entrant
a platform, from a market- preneurs, investors and or build a fintech ‘attacker’ fintech, the mar-
place; or a challenger bank institutions need to be company? keting team at an old-school
2
from a digital spin-off of an aware of? solution provider or payment
incumbent? – are just the platform, or a digital offshoot
beginning of a global initia- Allied to this, and based on Where are the of an established bank – fin-
tive, built with partners, and the insights generated by our emerging regions tech means quite different
curated by the team at Fin- launch rankings and compar- that fintech things to different people.
dexable to get consensus ison with the Global Start-up entrepreneurs, And there’s the problem.
on how to categorise, define Ecosystem Report, are some investors and So, for the purposes of
and evaluate fintech activity. important signposts to a institutions need launching the world’s first
At the same time, the Index third question, which we think to be aware of? Global Fintech Index we’ve
3
will assess the benefits of its will be helpful for innovation based the index on the defi-
impact and opportunities for authorities, fintech advocacy nition used by the Financial
improvement, innovation or groups and city or regional What does it Stability Board which removes
re-invention. governments looking to seize take to build some of the marketing win-
In true Confucian style, for the potential that thriving fin- a successful dow-dressing and puts the
the launch of the 2020 Global tech ecosystems create: fintech hub? focus on the impact of the
Fintech Index City Rankings innovation over the under-
we concentrated on two criti- 3. What does it take to build lying technology provider –
cal questions: a successful fintech hub? and combined with our own
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express clarification that the innovation

must have a component with the spe- 1 THINKING INSIDE THE BOX
cific aim of changing the way financial What fintech is. And is not.
services are developed, distributed or
accessed (see Flag 1).
It’s a fine line. But to create a truly
A technologically global benchmark – some fluidity in
enabled innovation distinction between new entrant fintech
and incumbent bank or insurer is nec-
in financial services
Incumbent New entrants,
ﬁnancial
essary. attackers and
that could result in After all, while the large majority of
institutions
startups
new business models, the companies we’ve analysed to form

applications, processes the basis for our launch ranking of fin-
or products with a
tech hubs are standalone providers, FINTECH
start-ups or attackers, the nature of
material effect on investment in fintech means that over
financial institutions time these companies will become part
Infrastructure
and provision of of the mainstream financial services Platforms and
technology
providers
landscape. At the same time as incum-
financial services bent banks and insurers innovate in a
ecosystems
Financial Stability Board way that will drive them to look more like
their fintech peers.
Jump to Contents page
2
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Fintech
Nations
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Fintech rising? 2 OUT WITH THE OLD

Top 20 global financial centres
The dawn of
v global fintech hubs
Global Financial Global
non-traditional
Centers Index Fintech Change
2019 Index 2020
New York 1 3 ▼ -2
financial centres London

Hong Kong
2
3
2
11
±0
▼ -8
Singapore 4 4 ±0
Shanghai 5 31 ▼ -26
Tokyo 6 17 ▼ -11
The launch of the 2020 decade later there is still lit-
Beijing 7 23 ▼ -16
Global Fintech Index pro- tle evidence of fintech’s abil-
vides proof of the growing ity to scale the dizzy heights Dubai 8 58 ▼ -50
importance of non-tradi- of global finance. There are Shenzhen 9 80 ▼ -71
tional finance and financial for example no fintech com- Sydney 10 13 ▼ -3
centres. panies on the Fortune 5003, Toronto 11 12 ▼ -1
More than a decade on or among the 35 banks and San Francisco 12 1 ▲ +11
from the financial crash that insurance companies in the
Los Angeles 13 6 ▲ +7
fuelled the fintech revolution, S&P 5004.
‘O! no not that story again’ is Using the definition of a Zurich 14 38 ▼ -24
a common refrain in banking fintech company as a new Frankfurt 15 39 ▼ -24
circles in London and New entrant ‘attacker’ (see section Chicago 16 14 ▲ +2
York when it comes to being above, Defining fintech) of Paris 17 15 ▲ +2
told that the next internet established financial services Boston 18 8 ▲ +10
start-up or mobile app could providers, the largest of them
Melbourne 19 32 ▼ -13
eat their lunch. all – PayPal with a market cap
They might have a point. A of around $100billion - is the Montreal 20 48 ▼ -28
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3 FINTECH’S BRAVE NEW WORLD

Top 20 Global Fintech Hubs
only firm that comes close drop out of the top 10. If FINTECH
to the kind of valuation you nothing is happening, it’s not City Total Score
RANK
might expect from a global happening at a global level.
multinational company. 1 San Francisco Bay 80.136
But as the launch of the WHY DOES THIS MATTER? 2 London 54.888
Global Fintech Index City So what is happening? For 3 New York 36.889
Rankings show something is one thing – the rankings are 4 Singapore City 23.621
clearly happening. Plotting evidence of a worldwide 5 Sao Paulo 18.805
the 20-leading global fintech de-coupling between the
6 Los Angeles 17.867
hubs in the Index against the financial strength and the
world’s 20 largest financial commercial domination of 7 Bangalore 16.093
centres reveals something traditional financial centres. 8 Boston 15.795
quite unexpected. Nearly half Financial wealth is no guar- 9 Berlin 15.616
the world’s key financial cen- antee of a city’s status as a 10 Mumbai 15.063
tres drop out of the list of top fintech hub. You might call 11 Hong Kong 14.778
20 fintech hubs (Flag 2: Out this the rise of non-traditional
12 Toronto 14.616
with the old, below). finance.
13 Sydney 14.470
Replacing some of the At the start of a new dec-
old guard (Frankfurt, Shang- ade, the immediate impli- 14 Chicago 14.419
hai, Zurich) at the top of the cations of this will matter 15 Paris 14.293
Fintech City Rankings are to some cities and regions 16 New Delhi 13.958
Sao Paulo (5) Bangalore (7), more than others. And, as we 17 Tokyo 13.783
Mumbai (10) and New Delhi build a new standard to help
18 Tel Aviv 13.628
(16). At the same time, other define, refine and assess the
19 Atlanta 13.150
key Asian financial hubs like impact of fintech activity
Hong Kong and Tokyo both and evaluate the cities that 20 Miami 13.097
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do it best, we don’t pretend that this KEEP YOUR OPINIONS TO YOURSELF

launch ranking will make Zurich, Frank- If it sounds like we’re ardent fintech
furt, Hong Kong, or Tokyo, any less advocates that’s because we are. The
attractive as a financial centre – or less potential for next generation finance to
important. You might have picked increase trade, encourage responsible
Quite the opposite. By building a your neo-bank based globalisation and improve access and
global index we’ll be able to track the opportunity for the world’s poor (at the
performance of leading, and emerging,
on the experience and same time as re-configuring the finan-
fintech hubs to provide a useful bench- the reputation it’s built cial services industry to look much more
mark by which to gauge success – both - but do you know who like the real world) is beyond question.
to explain the differences between old provides the technology Assessing it’s progress towards those
school and next generation finance, and noble goals however is impossible with-
to help define the components that are
behind the trading out the tools to track and measure
essential to building a thriving fintech account their platform what’s happening.
hub. offers? Or who handles Using the Global Fintech Index’s pro-
After all, cities matter. Between now the payments you make prietary algorithm, we’re setting out to
and 2030, 86% of worldwide GDP growth solve that problem. For the first time
will be generated from large cities .
through it? scoring cities and countries without
Fintech is at the heart of enabling the Global Fintech Index 2020 moderation and with no manual inter-
transactions, and the value flows that vention. Just data.
will generate that growth. And as the There are bigger issues at stake as
rankings show, it’s not quite as simple well. If financial strength and centres of
as opening the doors to start-up entre- technological domination are de-cou-
preneurs in general. The ecosystem also pling, the current regulatory fashion
matters (see Mast 1 below: Fintech ≠ in advanced markets in Europe and
Start-up). the US toward open banking threat-
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ens to de-couple customers from the something goes wrong – and unwinding
end provider of a financial service. Re- the problem starts to take away from
configuring financial services industry the ‘friction-free’ experience you signed
value-chains (and the buyer, or cus- up for.
tomer, journey) in the process. The Global Fintech Index
WHERE’S THE VALUE? is building a global
KNOW YOUR COMPANY And from the point of view of the inves-
benchmark – to track the
Nothing new here perhaps. After all, tors or buyers of innovative financial
brokerage is nearly as old as banking services businesses, if your bank is only impact of the unintended
itself. But as fintech continues through the provider of the platform, not the orig- consequences of financial
its expansionary growth phase – with inator of the product, which company services atomisation. To
many fintech ‘attackers’ fuelled to scale should be the beneficiary of the value
improve understanding
at speed by venture capital – their use created by its use?
of outsourced ‘API factories’ instead of There are no easy answers to these of where the risks of next
developing their own proprietary tech- questions. And it’s our view that the tools generation finance lie.
nology is becoming more common. to measure them don’t yet exist. At least And ensure that fintech’s
Maybe you picked your neo-bank not at the scale now needed to provide
potential to integrate
based on the ease of use of its digital a meaningful indicator.
interface, its colourful, alternative-look- Now is the time to build a new global communities and improve
ing payment card or the reputation it’s benchmark. To track the implications of access are achieved.
built so far - but do you know who pro- these new unintended consequences. Global Fintech Index 2020
vides the technology behind the trading To improve our understanding of where
account their platform offers? Or who the risks of next generation finance may
handles the payments you make through lie. And to ensure that fintech’s ends are
it? It’s KYC. Just not as the banks, know it. justified by its means. Welcome to the
So what you might say. Indeed. Until Global Fintech Index.
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4
FINTECH ≠ START-UP MOVERS, NOT SHAKERS
Fintech hub v start-up city rankings
DOES FINTECH HUB EQUAL START-UP CITY? GLOBAL CHANGE

One of the most interesting outcomes from the launch FINTECH V GLOBAL CITY, COUNTRY
INDEX START-UP RANK
of the Global Fintech City Rankings is the breaking of
an assumed link between a city’s status as a start-up 3 -1 New York, United States
city and its position as a fintech hub. As the rank- 6 -2 Los Angeles, United States
ings show, a city’s start-up status is only a reflection 8 -3 Boston, United States
(sometimes a quite dim one) of the strength of its fin-
9 -2 Berlin, Germany
tech community. The terms fintech and start-up are
14 -6 Chicago, United States
not interchangeable.
Established global start-up centres like London, New 15 -3 Paris, France
York and San Francisco – retain or improve their posi- 17 -3 Tokyo, Japan
tions at the top of the rankings – but others do less 18 -12 Tel Aviv, Israel
well. Among the top 40 fintech hubs tracked by the
22 -13 Seattle, United States
index, nearly half are in a lower position as a fintech
hub compared to their ranking in global start-up indi- 23 -6 Beijing, China
ces. (See Flag 4, Movers, not shakers). 24 -8 Amsterdam, The Netherlands
A fintech company might well be a start-up. And 25 -12 Austin, United States
plenty of start-up fintechs have gone on to become
27 -5 Dallas-Fort Worth, United States
global successes. But much like the process of build-
ing an innovative financial service itself, building a 30 -20 Moscow, Russia
thriving fintech hub takes, patience, persistence. And 34 -7 Barcelona, Spain
a lot of focus. 35 -11 Stockholm, Sweden
36 -11 Vancouver, Canada
Sources: Global Fintech Index 2020, Findexable; Startup Ecosystem Report 2019,StartupBlink
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Fintech Country Rankings

Global Fintech Change from Global Fintech Change from
Country Total Score Country Total Score
Rank Startup Rank Rank Startup Rank
1 ±0 United States 31.789 34 ▲ +6 United Arab Emirates 9.928
2 ±0 United Kingdom 23.262 35 ▼ -5 Chile 9.746
3 ▲ +18 Singapore 19.176 36 ▲ +11 Malaysia 9.692
4 ▲ +14 Lithuania 17.343 37 ▲ +14 South Africa 9.614
5 ▲ +3 Switzerland 16.018 38 ▲ +6 Argentina 9.425
6 ±0 The Netherlands 14.464 39 ▼ -6 Thailand 9.415
7 ±0 Sweden 14.272 40 ▼ -6 Colombia 9.289
8 ▼ -3 Australia 13.555 41 ▲ +1 Greece 9.210
9 ▼ -6 Canada 13.322 42 ▲ +10 Kenya 9.039
10 ▲ +3 Estonia 13.303 43 ▼ -12 Ukraine 8.969
11 ▼ -2 Germany 12.787 44 ▼ -1 Turkey 8.937
12 ▼ -8 Israel 12.771 45 ▼ -19 New Zealand 8.893
13 ▼ -3 Spain 12.372 46 ▲ +8 Philippines 8.831
14 ▼ -2 Finland 12.110 47 ▼ -6 Indonesia 8.658
15 ▲ +2 India 12.024 48 ▲ +20 Cyprus 8.380
16 ▼ -5 France 11.803 49 ▼ -4 Latvia 8.329
17 ▼ -3 Ireland 11.754 50 new Taiwan 8.321
18 ▲ +1 South Korea 11.543 51 ▲ +21 Vietnam 8.118
19 ▲ +18 Brazil 11.456 52 ▲ +4 Nigeria 7.918
20 ▼ -4 Denmark 11.368 53 ▼ -14 Hungary 7.742
21 ▲ +6 China 11.143 54 ▼ -6 Slovenia 7.607
22 ▲ +1 Japan 11.114 55 ▲ +2 Peru 7.575
23 ▲ +30 Luxembourg 11.088 56 ▼ -21 Bulgaria 7.542
24 ▲ +1 Italy 10.772 57 ▼ -19 Romania 7.447
25 ▲ +3 Austria 10.660 58 ▲ +17 Ghana 6.632
26 ▼ -2 Belgium 10.586 59 ▼ -4 Belarus 5.986
27 ▲ +19 Norway 10.497 60 ±0 Egypt 5.676
28 ▲ +1 Portugal 10.394 61 ▲ +26 Bangladesh 5.073
29 ▼ -9 Poland 10.364 62 ▼ -1 Pakistan 4.675
30 ▲ +2 Mexico 10.294 63 ▲ +8 Uruguay 4.562
31 ▼ -9 Czechia 10.188 64 ▲ +17 Uganda 4.037
32 ▼ -17 Russia 10.052 65 ▲ +17 Lebanon 3.941
33 ▲ +56 Malta 9.983 Source: ???
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Diversity partners
Diversity in finance
A financial services sector half, or more, of all financial
5
that looks like the world we services staff in eight coun- FINDING A BALANCE
live in? Now wouldn’t that tries6 (see Flag 6: Finding a Women’s share of employment
be something. The global balance). in financial services
city rankings provide new But there’s still a long
evidence that the world is way to go. Among the top
changing. But there’s work 20 global financial ser- COUNTRY YEAR % EMPLOYED
to be done. Building a Global vices firms in 2018, women
Finland 2018 60%
Fintech Index will make a dif- accounted for only 18%
ference. of executive committees. France 2018 58%
The appearance of a That’s an improvement on United States 2018 55%
growing number of emerg- the 13% they represented in
ing markets in the top of 20147 but still means that for Japan 2017 53%
the rankings of global fin- every 5 male banking lead- Australia 2016 53%
tech hubs is a positive sign ers there’s only 1 woman at
Spain 2018 52%
that financial services is the top.
finally beginning to shake And if things are chang- Germany 2018 51%
off its image as the domain ing most women, and their Norway 2018 50%
of wealthy, white, Western peers from different ethnic-
men. ities or sexual orientations Italy 2018 44%
By numbers alone, across aren’t feeling the benefits. A Sweden 2018 44%
many advanced markets survey by one of our part-
women are now better rep- ners found that 59% felt the
United Kingdom 2018 43%
resented in financial services industry doesn‘t’ do enough Netherlands 2018 39%
firms than ever. Making up to tackle gender inequality
Source: Catalyst 2019
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in pay and opportunities. Women because it’s the right thing to do. (Long) Way to go!
were also twice as likely as men Poor women in remote regions,
to have had direct experience of especially in emerging markets,
some form of discrimination. are often the ‘last mile’ of global
Fintech firms might sound pro- financial services. Hard to reach,
gressive in principle, in practice and even harder economically to Banking leaders:
most of them look like they’re at justify serving, they’re still being Men 82%, Women 18%
risk of repeating the mistakes of left out of one of humanity’s great-
their predecessors. Less than a est drivers of growth, productivity
third of fintech staff, and just 12% and opportunity. The digital econ-
of fintech founders, are women9. omy. Fintech founders:
Fintech offers a viable way to Men 88%, Women 12%
A CHANGE HAS GOTTA COME tackle the problem. But only if
59%
The Global Fintech Index wants its benefits are evenly applied.
to reset the balance. With two of Our recent report for Mastercard
our founding partners – African showed that a focus on providing Financial services doesn’t pay enough
Women in Payments and the Euro- low-cost, mobile-first financial ser- attention to gender diversity”8
pean Women in Payments Network vices to poor customers in just 15
43%
– and, we hope, with many part- countries could reduce financial
ners yet to join us, we’re building exclusion among the world’s poor-
a global coalition to report on and est citizens by over a third10. Diversity dividends - chance of above-
assess progress in creating a more average profits
diverse financial services market- SHOOTING FOR THE STARS
place. So far so good. But those targets
It’s a noble goal. But it’s not just can only be met if you can reliably
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track take-up on a regional

and global level, while meas-
uring the products that are
being created to help close
the gap. Companies in the top 25% for
There are big potential ethnic diversity are a third more
gains for firms in advanced
likely to be more profitable
markets too. Companies in
the top 25% for ethnic diver- than industry peers. Among
sity are a third more likely companies with more ethnically
to be more profitable than diverse boards the likelihood of
industry peers. Among com-
increased profits is 43%
panies with more ethnically
diverse boards the likelihood McKinsey & Company, 2018
of increased profits is 43%11.
Diversity and financial
inclusion go hand-in-hand
with better business. The very
definition of a virtuous cir-
cle. A target we should all be
shooting for.
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Fintech’s Top 10
FINTECH FINTECH
WIFI
RANK STRENGTH POPULATION CITIES IN LOCAL FINTECH LEADERS INVEST-
SPEED
TOP 100 MENTS
Stripe (val: $22.5bn)
Payments, B2B fintech, $9.4bn
USA 1 329 million 22 Coinbase ($8bn) #20
Security (H1 2019)
Robinhood ($5.6bn)
Challenger banks, TransferWise (val: $3.5bn)
UK 2 personal finance & wealth, 67.5 million 3 Greensill ($3.5bn) $2.29bn #6
lending, blockchain BGL Group ($3bn)
TenX (val: US$159.1m)

Wealth management,
Singapore 3 5.8 million 1 Quoine ($123m) $735M #12
digital banking, SME
KyberNetwork ($105m)
Stockinvest us
Payments, lending,
Lithuania 4 2.8 million 1 Coingate #1
banking
NEO Finance
Cryptocurrency & blockchain, Avaloq Group

Switzerland 5 wealth management, 8.6 million 4 Ethereum #14
crowdfunding Numbrsa
Digital payments, alternative not in

Netherlands 6 17.1 million 2 Adyen, Ohpen, BUX
lending, investment top 20
Digital payments, SME,

Sweden 7 10 million 1 Klarna, iZettle, Anyfin $736.7 m #17
neobanks
Digital payments,
Judo Capital, not in
Australia 8 personal finance, 25.3 million 2
Airwallex, MoneyMe top 20
alternative lending
Crypto and blockchain,

Canada 9 37.5 million 5 Carta, Borrowell, Wave #19
lending, insurance
Digital payments,
Estonia 10 personal finance, 1.3 million 1 Fortumo, Veriff #3
alternative lending
Sources: Global Fintech Index 2020, CBInsights, Holland Fintech, London & Partners, Medici, Ooma, Pitchbook, Statista, Tracxn, Go Vilnius
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A regional race to the top

China might be the big story. promoting the development
But the USA and the Ameri- of progressive financial ser- 6 THE AMERICAS’ CUP
cas still top the country and vices we hope the index can Fintech hubs by region
region rankings. inspire and support fintech
In spite of the attention clusters everywhere.
focused on China‘s rapidly
evolving fintech landscape, COULD DO BETTER. 101
as the Index reveals, that‘s The benefits of fintech go
only part of a more complex beyond the delivery of better
global picture. banking services. An industry 78
By country and region, the that relies on innovation and
USA and the rest of the Amer- identifying solutions to real-
icas form the biggest single world problems needs access
area by their number of fin- to as broad a range of talent
tech hubs. At the same time as possible.
38
Europe‘s diversity of centres Creating a fintech ecosys-
(both old and new), it‘s com- tem can open the door to new
mitment to progressive reg- job opportunities at the same
ulation, and to ensuring that time as it helps cut the num- 12 9
rules are applied evenly, con- bers of unbanked customers.
tribute to its position as the For Africa and the Middle
as pe
iﬁ
c
ric
a A
region with the second high- East the potential is enor- ic ro c EN
er Eu Pa Af M
est number of hubs globally. mous. The regions with the Am ia
This is about more than greatest need to improve As
regional window-dressing. By access to financial services Source: Global Fintech Index 2020
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globally – more than half of their com- EUROPE still trails the rest of the world – with the
bined populations are unbanked citizens12 Outlier, not down: Europe‘s diversity smallest number of hubs in total, and
– and among the highest rates of youth (and its commitment to regulatory coor- only 6 in the top 100 globally. But with
unemployment (one in three young peo- dination) continues to be a key strength. Africa the home of mobile payments,
ple in the Middle East and North Africa The region is second only to the Amer- the lack of banking legacy makes Africa
don’t have jobs) are still trailing in fourth icas by number of hubs with 78 clusters and the Middle East the regions where
and fifth place in the index. in total. Regional fintech also receives an the fintech’s future is likely to arrive fast-
Although emerging hubs across a outsize proportion of venture capital rel- est.
diverse range of cities, including Bah- ative to other sectors (at 20% of all VC
rain, Dubai, Kigali and Nairobi, show investment). A higher proportion than
things are changing, there’s still much Asia and the USA13.
work to be done to improve the pros-
pects for the regions’ talented youth, ASIA PACIFIC
and their citizens’ access to the digital Despite the size and success of China’s
economy. digital ecosystem platforms, it’s India
that currently holds Asia‘s fintech hub
THE AMERICAS crown. The Index tracks 11 Indian cities
The global champion – the USA – contin- compared with 6 in China.
ues to be the biggest single country for
fintech activity. As a region the Americas AFRICA & MENA
also includes some of the world‘s most Fintech the gamechanger. The region
dynamic emerging hubs (including 21 with the greatest need (fewer than half
Latin American cities). of all citizens there have a bank account) Jump to Contents page
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Regional Ranking Tables

Africa
Region Fintech Total
City Country
Rank Rank Score
1 62 9.097 Johannesburg South Africa
2 63 9.066 Nairobi Kenya
3 71 8.831 Lagos Nigeria
4 87 8.358 Cape Town South Africa
5 123 6.482 Accra Ghana
6 132 6.273 Kigali Rwanda
7 168 4.416 Kampala Uganda
8 177 4.112 Lekki Nigeria
9 209 3.578 Dakar Senegal
10 211 3.428 Pretoria South Africa
11 215 3.286 Gauteng South Africa
12 231 2.856 Stellenbosch South Africa
MENA
Region Fintech Total
Quantity City Country
Rank Rank Score
1 18 13.628 3.94 Tel Aviv Israel
2 58 9.240 2.20 Dubai UAE
3 106 7.602 1.08 Cairo Egypt
4 153 4.870 0.47 Manama Bahrain
5 175 4.160 0.26 Beirut Lebanon
6 196 3.668 0.47 Tunis Tunisia
7 232 2.769 0.37 Riyadh Saudi Arabia
8 234 2.590 0.29 Tehran Iran
9 236 2.395 0.09 Kuwait City Kuwait
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Americas (Top 50)
Region Fintech Total Region Fintech Total
Quantity City Country Quantity City Country
Rank Rank Score Rank Rank Score
1 1 80.136 28.99 San Francisco Bay United States 26 65 8.978 0.66 Raleigh Durham United States
2 3 36.889 22.98 New York United States 27 67 8.948 0.76 Phoenix United States
3 5 18.805 4.66 Sao Paulo Brazil 28 69 8.898 0.70 Belo Horizonte Brazil
4 6 17.867 7.05 Los Angeles United States 29 70 8.848 0.54 Minneapolis United States
5 8 15.795 4.66 Boston United States 30 83 8.608 0.50 Nashville United States
6 12 14.616 4.76 Toronto Canada 31 84 8.517 0.76 Calgary Canada
7 14 14.419 3.78 Chicago United States 32 85 8.452 0.54 Tampa Bay United States
8 19 13.150 3.05 Atlanta United States 33 90 8.291 0.58 Ottawa Canada
9 20 13.097 3.24 Miami Area United States 34 91 8.252 0.54 Porto Alegre Brazil
10 21 12.860 2.41 Mexico City Mexico 35 92 8.242 0.53 Cincinnati United States
11 22 12.821 2.70 Seattle United States 36 97 8.122 0.41 Curitiba Brazil
12 25 12.408 2.95 Austin United States 37 105 7.668 0.66 Lima Peru
13 27 11.984 2.28 Dallas-Fort Worth United States 38 107 7.429 0.62 Houston United States
14 36 11.289 2.45 Vancouver Canada 39 108 7.357 0.75 Las Vegas United States
15 37 10.916 1.37 Denver United States 40 109 7.080 0.37 Columbus United States
16 40 10.606 1.62 Bogota Colombia 41 110 7.076 0.87 St. Louis United States
17 41 10.463 1.50 Charlotte United States 42 112 6.866 0.66 Boulder United States
18 42 10.261 1.45 Buenos Aires Argentina 43 116 6.621 0.41 Cleveland United States
19 44 10.231 1.82 San Diego United States 44 117 6.616 0.41 Victoria Canada
20 48 9.842 1.49 Montreal Canada 45 119 6.557 0.35 Florianopolis Brazil
21 51 9.593 1.55 Washington DC United States 46 121 6.527 0.32 Charleston United States
22 52 9.565 0.83 Philadelphia United States 47 122 6.503 0.30 Stamford United States
23 54 9.418 1.10 Santiago Chile 48 129 6.397 0.19 Wilmington United States
24 57 9.291 0.66 Rio de Janeiro Brazil 49 130 6.276 0.37 Montevideo Uruguay
25 61 9.193 0.87 Portland United States 50 135 6.070 0.17 Mendoza Argentina
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Asia Pacific
Region Fintech Total National Region Fintech Total National
City Country City Country
Rank Rank Score Rank Rank Rank Score Rank
1 4 23.621 Singapore City Singapore 1 20 86 8.378 Hangzhou China 5

2 7 16.093 Bangalore India 1 21 94 8.183 Auckland New Zealand 1
3 10 15.063 Mumbai India 2 22 103 7.984 Ahmedabad India 7
4 11 14.778 Hong Kong China 1 23 104 7.787 Taipei City Taiwan 1
5 13 14.470 Sydney Australia 1 24 125 6.475 Kochi India 8
6 16 13.958 New Delhi India 3 25 133 6.272 Madurai India 9
7 17 13.783 Tokyo Japan 1 26 141 5.619 Dhaka Bangladesh 1
8 23 12.762 Beijing China 2 27 142 5.593 Ho Chi Minh City Vietnam 1
9 28 11.914 Seoul South Korea 1 28 146 5.325 Brisbane Australia 3
10 31 11.855 Shanghai China 3 29 148 5.261 Karachi Pakistan 1
11 32 11.730 Melbourne Australia 2 30 149 5.216 Hanoi Vietnam 2
12 59 9.234 Jakarta Indonesia 1 31 164 4.460 Gold Coast Australia 4
13 64 9.046 Pune India 4 32 176 4.141 Kolkata India 10
14 66 8.951 Manila Area Philippines 1 33 181 3.789 Perth Australia 5
15 68 8.940 Hyderabad India 5 34 182 3.779 Indore India 11
16 72 8.811 Bangkok Thailand 1 35 198 3.649 Jaipur India 12
17 74 8.772 Chennai India 6 36 229 2.887 Seongnam-si South Korea 2
18 78 8.711 Kuala Lumpur Malaysia 1 37 235 2.465 Sandakan Malaysia 2
19 80 8.685 Shenzhen China 4 38 237 1.966 Chaoyang China 6
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Europe (Top 50)
Region Fintech Total National Region Fintech Total National
City Country City Country
Rank Rank Score Rank Rank Rank Score Rank
1 2 54.888 London United Kingdom 1 26 77 8.725 Kiev Ukraine 1

2 9 15.616 Berlin Germany 1 27 79 8.688 Luxembourg City Luxembourg 1
3 15 14.293 Paris France 1 28 81 8.662 Vienna Austria 1
4 24 12.527 Amsterdam The Netherlands 1 29 82 8.655 Oslo Norway 1
5 26 12.245 Dublin Ireland 1 30 88 8.357 Budapest Hungary 1
6 29 11.892 Vilnius Lithuania 1 31 89 8.308 Geneva Switzerland 3
7 30 11.879 Moscow Russia 1 32 93 8.194 Cambridge United Kingdom 3
8 33 11.617 Madrid Spain 1 33 95 8.172 Porto Portugal 2
9 34 11.367 Barcelona Spain 2 34 96 8.165 Riga Latvia 1
10 35 11.332 Stockholm Sweden 1 35 98 8.085 Lausanne Switzerland 4
11 38 10.853 Zurich Switzerland 1 36 99 8.084 Athens Greece 1
12 39 10.666 Frankfurt Germany 2 37 100 8.062 Rotterdam The Netherlands 2
13 43 10.251 Hamburg Germany 3 38 101 8.059 Sofia Bulgaria 1
14 45 10.102 Tallinn Estonia 1 39 102 8.057 Leeds United Kingdom 4
15 46 10.100 Warsaw Poland 1 40 111 7.064 Valletta Malta 1
16 47 10.049 Milan Italy 1 41 113 6.775 Edinburgh United Kingdom 5
17 49 9.814 Munich Germany 4 42 114 6.653 Utrecht The Netherlands 3
18 50 9.788 Brussels Belgium 1 43 115 6.632 Rome Italy 2
19 53 9.525 Manchester United Kingdom 2 44 118 6.576 Valencia Spain 3
20 55 9.359 Copenhagen Denmark 1 45 120 6.533 Krakow Poland 2
21 56 9.303 Istanbul Turkey 1 46 124 6.476 Ljubljana Slovenia 1
22 60 9.210 Helsinki Finland 1 47 126 6.460 Gothenburg Sweden 2
23 73 8.802 Zug Switzerland 2 48 127 6.460 Bucharest Romania 1
24 75 8.769 Prague Czechia 1 49 128 6.431 Bristol United Kingdom 6
25 76 8.758 Lisbon Portugal 1 50 131 6.275 Cluj-Napoca Romania 2
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Fintech Nation: Big ain’t better

It’s an old cliché but A fintech hub is ing that with the advan-
7
when it comes to fin- increasingly defined tages of harmonised SMALL IS BEAUTIFUL
tech small is beautiful. rules that let firms based Small cities in top 100
by the number of
Smaller countries – and there trade across the
cities - in the Index’s connections you European Union.
city rankings are doing enable not the size of Success takes focus
RANK CITY COUNTRY REGION
very well at making your banks’ accounts. though. Many of the
themselves bases for a smaller places that Middle
18 Tel Aviv Israel
new breed of financial services. have scored highly have managed to East
One of the most interesting out- identify a magic formula combining 29 Vilnius Lithuania Europe
comes of the first global fintech national initiatives to promote the city
city rankings is the scale of suc- or country with adjustments to local 45 Tallinn Estonia Europe
cess achieved by smaller countries, rules to make it easier for companies to 73 Zug Switzerland Europe
regions and cities – particularly in form and for entrepreneurs from out-
76 Lisbon Portugal Europe
Europe. Becoming an important fin- side to set up shop. Especially valuable
tech hub is increasingly defined by if homegrown talent is in short supply. 79 Luxembourg Luxembourg Europe
the number of connections you ena- The scale of what can be achieved 95 Porto Portugal Europe
ble – both physical and digital – not is best shown by Lithuania, coming in
the size of your banks’ accounts. at fourth place globally and the high- 96 Riga Latvia Europe
Especially in Europe, countries like est-placed small country in the rank- 98 Lausanne Switzerland Europe
Lithuania, Luxembourg or Malta – are ings. With a population about a third
showing the world that small places the size of London, it’s now second
can make a big difference. By seizing only to the UK by number of fintechs
on opportunities to make it easier for with EU e-money licenses14. Big suc- Cities with populations of 1 million
fintech companies to form, and pair- cess indeed for a small nation. or less in top 100 fintech hubs
FINDE
The Wagers
They might not be at the top of the tables.
Yet. But this group of countries are giving the
old-guard of financial centres a very good run
for their money - by showing what it takes to
wage a fintech battle. And how to focus reg-
ulatory, innovation and ecosystem efforts to
best effect to build fintech success at scale.
THESE ARE THE WAGERS

1. India
2. Brazil
3. Luxembourg
4. Norway
5. Mexico
6. Malta
7. UAE
8. Malaysia
9. South Africa
10. Argentina
Sources
Global Fintech Index 2020, Abu Dhabi Global Market, Business Tech,
CB Insights, Chambers, EY, Fintech Futures, Gulf Business, HexGN,
Malta Financial Services Authority, Mexicanist, Milken Institute,
Radar Fintech Lab,Standard & Poor’s, Statista, Thomson Reuters,
Tracxn
FINDE
New Delhi
The Wagers FINTECH ECOSYSTEM
India Industry events
Fintech India Expo
India FinTech Forum, India Fintech Day
Accelerators & incubators
Fincubation, Mumbai & Kolkata
Mastercard Labs, Pune
Mumbai Fintech Hub
Rise Mumbai, Barclays
RANK 15 (▲ +2)
SBI Fintech Innovation Incubation Programme,
Yes Fintech, Yes Bank, Mumbai
Fintech Deals 2019 Associations
Value: US$350m (H1 2019) Nasscom
Fintech strengths The Fintech Meetup
Payments and remittances, Personal finance & Fintech friendly rules?
Lending Equity funding Change to payment regulations, like the United
Unicorns Payments Interface launched in 2018 has done
more to inspire an electronic payments boom
than anywhere else in the world.
One’s to watch
Local fintechs making the headlines in 2019
FINDE
Brasilia
Brazil Industry events
Unconference Brazil
Finnovating
Founder Institute – Brazil 2020
Blockchain and AI Accelerator: Entropia,
Associations
ABFinTechs Brazil
RANK 19 (▲ +18)
Associação Brasileira de Startups
Fintech Committee
Fintech strengths
Fintech friendly rules?
Payment services & Lending, Financial management
CVM Instruction regarding crowdfunding
services, Investments & Insurance, Cryptocurrency
CMN Resolution 4,656 which regulates two
Unicorns
kinds of financial institutions specialised in
granting loans through electronic platforms
One’s to watch
FINDE

Luxembourg Luxembourg
Industry events
Luxembourg FinTech Conference
Founder Institute – Luxembourg 2020
LePlateau LUX, Societe Generale
Associations
Luxembourg House of Financial Technology -
The LhoFT
RANK 23 ( ▲ +30)
Association of the Luxembourg Fund Industry
Fintech-friendly rules?
Fintech strengths
Home to Europe’s first regulator to take a
Payments
stance on the regulation of virtual currencies.
Fundtech and Investments
Crypto and Blockchain Wide range of funding for different stages
Regtech of fintech and tech company development,
including the Luxembourg Future Fund, the
One’s to watch
Digital Tech Fund and the Luxembourg Business
Angels network
Global payments and e-commerce companies have
chosen Luxembourg as their European hub including
Alipay, PayPal, Amazon and Rakuten
FINDE

Norway Oslo Industry events
Financial Inclusion Summit, Oslo
Oslo Innovation Week
DNB NXT, Oslo
DN Fintech, Oslo and Trondheim
Startup Extreme, Voss
Founder Institute – Norway 2020
RANK 27 ( ▲ +19)
Innovation Norway
The Factory
Fintech strengths Fintech Mundi
A virtually cashless economy makes Norway a NTNU Accelerator F3
thriving payments hub Startup Norway
One’s to watch Antler
Local fintechs making the headlines in 2019 Associations
NCE Finance Innovation
Oslo Fintech Hub
Regulatory sandbox launched by Ministry of
Finance to support the growth of fintechs and
boost of fintech services.
FINDE

Mexico Industry events
FINNOSUMMIT Mexico
Mexico City FinTech Unconference Mexico
Startupbootcamp FinTech Mexico City 2020
Citi Innovation Labs, Mexico City
BBVA Open Space, Mexico City
Associations
RANK 30 ( ▲ +2)
Fintech Mexico
Fintech strengths
Home of the region’s first “fintech act” passed
Payments and remittances
in March 2018 by the Mexican Congress. The
Lending
Financial Institutions Act (Ley para Regular las
Personal financial management
Instituciones de Tecnología Financiera) to regu-
Crowdfunding
late fintech firms
One’s to watch
The regulation comes into full effect in 2020
with a framework for key fintech sectors.
FINDE

Malta Industry events
DELTA Summit for blockchain and
cryptocurrency technology
Valetta Accelerators & incubators
Chain Accelerator Malta
MITA Innovation Hub, Malta Information
Technology Agency
Cloudways Startup Program
RANK 33 ( ▲ +56) Associations
Malta Chamber
Fintech strengths
Silicon Valletta
Payments
Cryptocurrency Fintech-friendly rules?
The ‘Blockchain Island’ Malta Financial Services Authority (MFSA)
approved 3 separate laws in July 2018 aimed
One’s to watch
at regulating blockchain and cryptocurrency
solutions
As part of its 2021 vision, MFSA included a
Fintech strategy rolled out in 2019
FINDE

UAE Industry events
FinTech Abu Dhabi
Abu Dhabi
Fintech Surge
Hub71
Plug and Play ADGM Fintech
Visa Dubai Innovation Center
Associations
RANK 34 ( ▲ +6)
MENA Fintech Association
Fintech strengths The UAE Central Bank is considering opening a new
Payments and remittances fintech office as “an enabler and facilitator of fintech
The UAE accounted for 47% of all fintech deals in 2019 activities” Abu Dhabi-based initiatives cover ADGM’s
with nearly half the region’s fintechs based there. RegLab (sandbox), the Ghadan Ventures Fund the
One’s to watch ADGM digital sandbox and its ‘Fintech 50’ initiative.
Local fintechs making the headlines in 2019 Dubai Government regulations and initiatives
include the Fintech Hive and a AED 2 billion
Mohammed Bin Rashid Innovation Fund.
FINDE

Malaysia Kuala Lumpur
Industry events
Malaysia Tech Week, Knowledge Group
Startup Accelerator Program Malaysia, NEXEA
Associations
FinTech Association of Malaysia
RANK 36 ( ▲ +11)
Financial Technology Enabler Group
established by Bank Negara Malaysia in 2016
Fintech strengths to support innovations to improve the efficiency
Digital payments and accessibility of financial services
One’s to watch Regulatory sandbox established 2017
FINDE

South Africa Industry events
Seamless Africa
Finnovation South Africa
Fintech Open Innovation Cluster, Cape
Innovation and Technology Initiative
Cape Town
AlphaCode, Rand Merchant Investment
Holdings
RANK 37 ( ▲ +14)
Associations
Africa Fintech Network
Fintech strengths Africa Women in Fintech & Payment
Digital Banks, Cryptocurrency
Insurtech, SME financing
South Africa Reserve Bank established the
Unicorns Financial Technology Programme to assess
the emergence of FinTech and consider its
regulatory implications.
One’s to watch Inter-Governmental FinTech working group
Local fintechs making the headlines in 2019 establihed established between various
regulatory organisations including the Financial
Intelligence Centre, Financial Sector Conduct
Authority
FINDE

Argentina Buenos Aires
Industry events
Argentina Fintech Forum
FinTech hub Red Link, Innsomnia
NXTP Labs
Associations
Argentina Fintech Chamber
RANK 38 ( ▲ +6) In 2018, Argentina approved regulations
regarding crowdfunding companies through
Fintech strengths
the creation of the Collective Funding Platform,
linked to a company previously authorized and
Lending
registered in the Securities Commission.
One’s to watch
Argentina Fintech Chamber is working with the
Central Bank on payment infrastructure, alter-
native savings channels, and blockchain.
FINDE
The Watchers
Spanning Africa, Asia and the Middle East our list of
countries to watch crosses the globe and shows how
fast fintech is advancing in even the remotest regions.
The countries here are all fast-growing fintech des-
tinations with much higher Fintech Index rankings than
their Global Startup scores – and picked for their com-
bination of local entrepreneurial success, regulatory
foresight and the early signs of a growing local fintech
ecosystem. Watch out for them in 2020 and beyond.
THE WATCHERS
1. Kenya
2. Philippines
3. Cyprus
4. Vietnam
5. Nigeria
6. Peru
7. Ghana
8. Bangladesh
9. Uganda
10. Lebanon
Sources
Global Fintech Index 2020, Cambridge Centre for Alternative
Finance, Finnovating for Africa 2019
Medici, Milken Institute
FINDE
The Watchers FINTECH ECOSYSTEM

Kenya Nairobi
Industry events
Future of Payments, Banking and Fintech
East Africa Fintech Summit 2020
Africa eXellerator Lab, SC Ventures
Catalyst Fund
Mastercard Financial Inclusion Lab
Associations & regulators
42 (
Kenya’s Capital Markets Authority
RANK ▲ +10) Digital Lenders Association of Kenya
Number of cities in top 100: 1 Fintech-friendly rules?
Fintech strengths CMA Sandbox (in planning)
Payments
Enabling processes & technology
Banking & lending
One’s to watch
FINDE
The Watchers Manila

FINTECH ECOSYSTEM
Philippines Industry events
Seamless Phillippines
Crypto Expo Asia
IDC CIO Summit
FinTech Philippines Association
ASEAN FinTech Council
Phillippines SEC
RANK 46 ( ▲ +8)
CEZA
Number of cities in top 100: 1 Phillippine Central Bank regulatory sandbox
Fintech strengths
Payments,
Enabling processes & technology,
Banking & lending
Fintech Deal Value (2018) $96.6m
One’s to watch
FINDE

Cyprus Nicosia Industry events
Bank of Cyprus Fintech Hackathon
International Funds Summit
Cyprus Fintech Expo 3.0
Associations
CySEC
Invest Cyprus
Cyprus Blockchain Technologies
RANK 48 ( ▲ +20)
School of fintech?
Online blockchain course, University of Nicosia
Fintech strengths Masters in Digital Currencies, University of
Online and forex trading Nicosia
Blockchain and Cryptocurrencies
One’s to watch
FINDE
Hanoi
Vietnam Industry events
Vietnam Fintech Festival
Self-service Banking Asia
VIO - Vietnam Fintech Conference & Exhibition
Expara Vietnam Accelerator
Innovatube
Vietnam Innovative Start-up Accelerator
RANK 51 (▲ +21)
Vietnam Silicon Valley
Associations
Fintech strengths National Agency for Technology
Payments Entrepreneurship and Commercialisation
Banking & lending Development
Fintech Deal Value (2018) $96.6m HATCH!
One’s to watch Vietnam Fintech Forum
FINDE

Nigeria
Abuja
Industry events
Nigeria Fintech Week
The Fintech & Blockchain Summit
Finnovex West Africa
440.ng
Co-creation Hub
Leadpath Nigeria
RANK 52 ( ▲ +4)
Startpreneurs
Associations
Number of cities in top 100: 1 Africa Fintech Network
Fintech strengths Fintech Association of Nigeria
Payments Nigeria Economic Summit Group
Enabling processes & technology
Banking & lending
Fintech Deal Value (2018) $94.9 m
One’s to watch
FINDE
Lima
Peru Industry events
Lima Fintech Forum - Universidad del Pacífico
FinTech Conference LatAm
Finnovating Unconference Event
Biz Latin Hub
Inca Ventures
LIQUID Venture Studio
RANK 55 ( ▲ +2)
Associations
Asociación de Bancos del Perú (Asbanc)
Fintech strengths Asociación FinTech Perú
Alternative financing
Crowdfunding Bill (draft legislation)
Forex and factoring operations
One’s to watch
FINDE

Ghana Accra
Industry events
The Future of Payments, Fintechs & Ecommerce
Digital Banking Summit
Ghana Technology and Business Hubs Network
Impact Hub Accra
Seedstars Ghana
MEST
RANK 58 ( ▲ +17)
Associations
Fintech and Payment Association
Fintech strengths Information Technology Association of Ghana
Personal finance & Lending
Equity funding
One’s to watch
FINDE

Bangladesh
Dhaka
Industry events
Bangladesh FinTech Summit
Seedstars Dhaka
Associations
Grameen Bank
BRAC
ASA
RANK 61 (▲ +26)
BURO Bangladesh
SAJIDA Foundation
Fintech strengths
Agent banking
Mobile financial services
Micro finance
One’s to watch
FINDE

Uganda Kampala Industry events
Africa Fintech Festival – Africa Fintech Network
Afrilab
Hive Colab
Innovation Village
NFT Mawazo
Venture Labs East Africa
RANK 64 ( ▲ +10)
Associations
Fintech Association of Uganda
Fintech strengths Financial Sector Deepening Uganda
Payments
Banking infrastructure
Investment and savings
One’s to watch
FINDE

Lebanon Beirut
Industry events
Retail Banking Summit, EFMA
Berytech
Flat6Labs Beirut
Smart-ESA
Speed Lebanon
Startecheus FinHub
RANK 65 ( ▲ +17)
Associations & regulators
Investment Development Authority of Lebanon
Fintech strengths
Core banking
Bank of Lebanon’s Circular 331 guarantees that
Digital banking
75% of banks’ investments in the knowledge
Trading
economy are through direct start-up equity
One’s to watch investment or indirect start-up support entities.
3
FINDE
Fintech
Cities
FINDE
Global Fintech Change from Total National

City Country
Rank Startup Rank Score Rank
1 ±0 80.136 San Francisco Bay United States 1

2 ▲ +1 54.888 London United Kingdom 1
3 ▼ -1 36.889 New York United States 2
4 ▲ +28 23.621 Singapore Singapore 1
5 ▲ +18 18.805 Sao Paulo Brazil 1
City rankings 1-25
6 ▼ -2 17.867 Los Angeles United States 3

7 ▲ +4 16.093 Bangalore India 1
8 ▼ -3 15.795 Boston United States 4
9 ▼ -2 15.616 Berlin Germany 1
10 ▲ +19 15.063 Mumbai India 2
11 ▲ +17 14.778 Hong Kong China 1
12 ▲ +3 14.616 Toronto Canada 1
13 ▲ +6 14.470 Sydney Australia 1
14 ▼ -6 14.419 Chicago United States 5
15 ▼ -3 14.293 Paris France 1
16 ▲ +2 13.958 New Delhi India 3
17 ▼ -3 13.783 Tokyo Japan 1
18 ▼ -12 13.628 Tel Aviv Israel 1
19 ▲ +1 13.150 Atlanta United States 6
20 ▲ +1 13.097 Miami United States 7
21 ▲ +26 12.860 Mexico City Mexico 1
22 ▼ -13 12.821 Seattle United States 8
23 ▼ -6 12.762 Beijing China 2
24 ▼ -8 12.527 Amsterdam The Netherlands 1
25 ▼ -12 12.408 Austin United States 9
FINDE
Global Fintech Change from Total National

City Country
Rank Startup Rank Score Rank
26 ▲ +18 12.245 Dublin Ireland 1

27 ▼ -5 11.984 Dallas-Fort Worth United States 10
28 +2 11.914 Seoul South Korea 1
City rankings 26-50
▲
29 ▲ +56 11.892 Vilnius Lithuania 1
30 ▼ -20 11.879 Moscow Russia 1
31 ±0 11.855 Shanghai China 3
32 ▲ +3 11.730 Melbourne Australia 2
33 ±0 11.617 Madrid Spain 1
34 ▼ -7 11.367 Barcelona Spain 2
35 ▼ -11 11.332 Stockholm Sweden 1
36 ▼ -11 11.289 Vancouver Canada 2
37 ±0 10.916 Denver United States 11
38 ▲ +15 10.853 Zurich Switzerland 1
39 ▲ +55 10.666 Frankfurt Germany 2
40 ▲ +12 10.606 Bogota Colombia 1
41 ▲ +9 10.463 Charlotte United States 12
42 ▲ +6 10.261 Buenos Aires Argentina 1
43 ▲ +18 10.251 Hamburg Germany 3
44 ▼ -18 10.231 San Diego United States 13
45 ▲ +38 10.102 Tallinn Estonia 1
46 ▲ +8 10.100 Warsaw Poland 1
47 ▲ +10 10.049 Milan Italy 1
48 ▲ +1 9.842 Montreal Canada 3
49 ▼ -8 9.814 Munich Germany 4
50 ▲ +12 9.788 Brussels Belgium 1
FINDE
Gateways
Small change? The cities at the the combination of competitive
very top of the Index while not landscape, enabling regulations,
surprising – with the possible talent and financial strength
exception of Sao Paulo which make them hard to beat.
makes it to fifth place – are the That’s not a bad thing. These
shiniest examples of what it takes gateway hubs help the countries
to build, and maintain a thriving and regions they anchor – spawn-
fintech ecosystem. With scores ing new, often market-shaping
to match. San Francisco’s fintech innovations, and inspiring the for-
score is eight times the size of the mation of other clusters in adja-
city ranked in 40th place, Bogota. cent towns and cities.
That doesn’t necessarily mean In this section we look at the cit-
these towns are untouchable. But ies that make the top 5 in 2020 and
take a look at some of the more
GATEWAYS surprising cities in this year’s top
1. San Francisco Bay Area 40 list of global hubs to see what’s
2. London happening and how these, often
3. New York newer centres are displacing the
4. Singapore old-guard.
5. Sao Paulo
Sources
6. Mumbai
The Global Fintech Index, CB Insights, Chambers,
7. Mexico City Crunchbase, Department for International Trade
8. Dublin UK, Founder Institute, Finnovista, ICLG, Innovate
Finance UK, Invest in Ireland, Invyo, KPMG,
9. Vilnius LAVCA, Livemint, London & Partners, Maharashtra
10. Bogota Government, Medici, Netguru, Pitchbook, PwC,
Traxcn, Venture Intelligence
FINDE
Gateways
San Francisco
Bay, USA
Unicorns
RANK 1 ( Vs Global Startup Rank: 1)

Fintech Deals 2019
Number: 80
Value: US$3 bn
Fintech strengths
Insurance
Lending
Payments
B2B fintech
Regtech
Wealth management One’s to watch
FINDE
Gateways
San Francisco Bay, USA

FINTECH ECOSYSTEM
Industry events Associations
Blockchain Expo North America City Innovate
FiNext Global Chamber San Francisco
Finovate Spring Conference Renaissance Entrepreneurship Center
Future of Fintech, CB Insights San Francisco Chamber of Commerce
Lendit Fintech USA San Francisco Department of Technology
Accelerators & incubators San Francisco Women’s Entrepreneurship Fund
Deutsche Bank Innovation Labs Fintech-friendly rules?
Hitachi Financial Innovation Laboratory California is debating amendments to the Con-
San Francisco Innovation Centre, Visa sumer Privacy Act (2019) to include greater focus
Mastercard Labs on ‘data brokers’
Refinitiv Innovation Lab School of fintech?
SC Studios Opportunities and challenges of financial services,
Wells Fargo Digital Labs Fintech University
Wells Fargo Startup Accelerator
Range of fintech courses at The Fintech School
FINDE
Gateways
London,
UK
RANK 2 (▲ +1)
Fintech Deals 2019 Unicorns
Number: 114
Value: $2.1bn
Fintech strengths
Alternative lending and finance
Blockchain and digital currencies
Digital banking
Insurtech
One’s to watch
Payments
Personal finance and wealth management
FINDE
Gateways
London, UK
FINTECH ECOSYSTEM
Blockchain Expo Global Fintech Alliance
Blockchain for Business Summit Innovate Finance
Fintech World Forum Innovate, Financial Conduct Authority
Innovate Finance Global Summit Innovate Finance
Lendit Fintech Europe Cryptoassets Taskforce
London Blockchain Week Global Financial Innovation Network
London Fintech Week Alternative Investment Management Association
FinTech Connect Fintech-friendly rules?
Financial Conduct Authority’s sandbox has become a
blueprint for fostering innovation around the world..
Too many to mention - the global home of
finance is now a global hub for fintech counting Open Banking rules announced in 2018 by the
more than 20 fintech accelerators. Competition and Markets Authority (CMA) refers to a set
of technologies allowing customers to give permission to
Anthemis Venture Studio, Anthemis & BBVA companies other than their banks and building societies
Bank of England Accelerator secure access to account data.
Barclays Accelerator
School of fintech?
Citi Innovation Labs The Fintech Foundation Course, Centre for Finance,
FinTech Innovation Lab London Technology and Entrepreneurship
Innovation Hub MSc Financial Technology, Imperial College Business School
Level 39, Canary Wharf Group MSc Computational Finance, King’s College London
Santander Innoventures
FINDE
Gateways
New York,
USA
RANK 3 (▼ -1)
Fintech Deals 2019 Unicorns
Number: 101
Value: $1.9bn
Fintech strengths
B2B fintech
Cryptocurrencies
Lending One’s to watch
Wealth management
Insurance
FINDE
Gateways
New York, USA

FINTECH ECOSYSTEM
Consensus Fintech Professionals Associationd
Finovate Fall Fintech-friendly rules?
Future of Fintech BitLicense adopted in 2015 by New York Depart-
Lendit Fintech USA ment of Financial Services
New York Fintech Week
At the US federal level, the Consumer Financial
Accelerators & incubators Protection Bureau (CFPB) has jurisdiction over
Similar to London, the city’s range of fintech accel- providers of financial services to consumers and
erators spans all fintech disciplines. Some of the has issued a proposal for creating a new regula-
more prominent ones: tory sandbox.
Citi Innovation Labs School of fintech?
Capital One Labs Fintech Online Certificate, NYU Stern
500 Startups Entrepreneurship and Innovation in Financial Ser-
JP Morgan Chase Financial Solutions Lab vices, Columbia Business School
Mastercard Labs Computer Science New York City
Techstars
YCombinator
FINDE
Gateways
Singapore
RANK 4 (▲ +28)
Fintech Deals 2019 One’s to watch
Number: 94
Value: US$735m
Fintech strengths
Insurtech
Lending
Payments
FINDE
Gateways
Singapore
FINTECH ECOSYSTEM
EmTech Asia The Association of Banks in Singapore
Finnovate Asia Enterprise Singapore
Money2020 Asia Singapore Fintech Association
Seamless Asia Fintech-friendly rules?
Singapore Fintech Festival MAS Fintech Regulatory Sandbox
Singapore Week of Innovation Sandbox Express
Accelerators & incubators School of fintech?
Asia’s home to fintech counts well over 20 fintech Certificate in Fintech and Innovation, Singapore
accelerators. Some examples below: Management University
ANZ Blue Space Leveraging fintech for business, National
Bank of China Innovation Lab Singapore University of Singapore
DBS Asia X Graduate Certificate in Financial Technology,
HSBC Singapore Innovation Lab Singapore University of Social Sciences
ING Labs Certificate in Blockchain Technology, Institute of
Singapore Fintech Bay Blockchain
Startupbootcamp Fintech Singapore Diploma in Business and Financial Technology,
Start Path Global, Mastercard Nanyang Polytechnic
MSc in Financial Technology (Fintech), Nanyang
Technological University
FINDE
Gateways FINTECH ECOSYSTEM

São Paulo, Industry events
Brazil
FinTech Conference,
International Congress & Exhibition of IT for
Financial Institutions
Village Capital and Partners
Cubo, Itaú Unibanco and Redpoint eVentures
Wayra, Telefonica
RANK 5 (▲ +18)
Startup Farm
Associations
Fintech strengths AB Fintech
Lending
School of fintech?
SME finance
University of Campinas and University of São
Equity crowdfunding
Paulo
Mobile banking and payment
Bbitcoin and blockchain technology Fintech-friendly rules?
Banco do Brasil, the Central Bank has agreed
Unicorns
new rules for online lenders

(val: $4 bn)
One’s to watch
FINDE

Mumbai, Industry events
India
India Fintech Day
India Fintech Forum
Paisabazaar Fintegrate Zone
SBI Fintech Innovation Incubation Programme
Mumbai FinTech-Hub
YES FINTECH
Rise Mumbai
RANK 10 ( ▲ +19)
Fincubation
Associations
Fintech strengths The Indian Institute of Technology Bombay
Alternative lending Fintech Convergence Council
B2B fintech Digital Lenders Association
Digital payments NPCI
Insurance School of fintech?
Wealth management Fintech Prodegree, Imarticus Learning
Unicorns Decoding Fintech, S.P. Jain School of Management
Masters degree in Financial Technology, BSE
Institute
(val: $1.5 bn) Fintech-friendly rules?
One’s to watch Reserve Bank of India launched a regulatory
sandbox for Fintech start-ups in 2019
FINDE

Mexico City, Industry events
Mexico
Finnosummit Mexico
Fintech and Blockchain Summit
The Open Banking Summit
LATAM Open Banking and Fintech Partnerships
Citi Innovation Labs
Startupbootcamp FinTech Mexico
RANK 21 ( ▲ +26)
BBVA Open Space
Fiinlab
Fintech strengths Associations
Lending Finnovista
Payments & remittances National Financial Inclusion Strategy
Enterprise financial management Fintech Mexico
Personal financial management Fintech-friendly rules?
Core banking and enterprise technology Mexico’s Fintech Law (2018) is considered to
Crowdfunding be the first of its kind in its comprehensive
Insurance regulation of digital financial products,
One’s to watch including cryptocurrencies, crowdsourcing, and
digital payments.
FINDE

Dublin, Industry events
Ireland
Blockchain for Finance
Fintech State of the (Global) Nation
Regtech 2019
Centre for Innovation and Analytics, Aon
Citi Innovation Lab
Dogpatch Labs, Ulster Bank
Startlab, Bank of Ireland
RANK 26 ( ▲ +18)
The Innovation Hub, Central Bank of Ireland
Associations
Fintech strengths Fintech Ireland
Payments Fintech & Payments Association of Ireland
Regtech CeADAR, Ireland’s centre for applied AI
Lending GR3C, the Governance Risk and Compliance
Funds and trading Competence Centre
Financial management School of fintech?
One’s to watch Higher Diploma in Science in Fintech, Dublin
Business School
MSc Fintech, Dublin Business School
FINDE

Vilnius, Industry events
Lithuania
Fintech Inn
Startup Fair
70 ventures
Katalysta ventures
Business Hive Vilnius
Associations
RANK 29( ▲ +56)
Blockchain Vilnius Centre
Fintech Hub LT
Fintech strengths FINTECH Lithuania
Lending Agency for Science, Innovation and Technology
Payments FinTech LT project
Banking
School of fintech?
One’s to watch Financial Technology study programme,
Vilnius University
Finance and banking (MA) study programme,
Vilnius University Financial Engineering (BA
and MA) study programme, Vilnius Gediminas
Technical University
FINDE

Bogota, Industry events
Colombia
Finnosummit
Bogota Fintech City
Latam Fintech Market
Finnovista
Socialatom Ventures
Wayra Colombia
NXTP Labs, Scotiabank
RANK 40 ( ▲ +12)
BBVA Open Space
BanColombia and Plug and Play
Fintech strengths Associations
Financial Management Bogota Chamber of Commerce
Insurance Colombia Fintech
Lending School of fintech?
Payments and Remittances Fintech Course Financial Superintendence of
One’s to watch Colombia
Government is passing a new ICT law to mod-
ernise the information technology sector across
Colombia and improve internet access and
drive the digital economy.
FINDE
Global Change Global Change

Total National Total National
Fintech from Startup City Country Fintech from Startup City Country
Score Rank Score Rank
Rank Rank Rank Rank
51 ▼ -6 9.593 Washington DC United States 14 76 ▼ -9 8.758 Lisbon Portugal 1
52 ▼ -14 9.565 Philadelphia United States 15 77 ▼ -43 8.725 Kiev Ukraine 1
City rankings 51-100
53 ▼ -2 9.525 Manchester UK 2 78 ▲ +14 8.711 Kuala Lumpur Malaysia 1

54 ▲ +5 9.418 Santiago Chile 1 79 ▲ +124 8.688 Luxembourg City Luxembourg 1
55 ▲ +18 9.359 Copenhagen Denmark 1 80 ▼ -40 8.685 Shenzhen China 4
56 ▲ +22 9.303 Istanbul Turkey 1 81 ▲ +10 8.662 Vienna Austria 1
57 ▲ +7 9.291 Rio de Janeiro Brazil 2 82 ▲ +37 8.655 Oslo Norway 1
58 ▲ +81 9.240 Dubai UAE 1 83 ▼ -12 8.608 Nashville United States 20
59 ▼ -20 9.234 Jakarta Indonesia 1 84 ▲ +27 8.517 Calgary Canada 4
60 ▼ -24 9.210 Helsinki Finland 1 85 ▼ -9 8.452 Tampa Bay United States 21
61 ▼ -18 9.193 Portland United States 16 86 ▲ +155 8.378 Hangzhou China 5
62 ▲ +186 9.097 Johannesburg South Africa 1 87 ▲ +70 8.358 Cape Town South Africa 2
63 ▲ +42 9.066 Nairobi Kenya 1 88 ▲ +1 8.357 Budapest Hungary 1
64 ▲ +18 9.046 Pune India 4 89 ▲ +62 8.308 Geneva Switzerland 3
65 ▼ -19 8.978 Raleigh Durham United States 17 90 ▼ -27 8.291 Ottawa Canada 5
66 ▲ +18 8.951 Manila Area Philippines 1 91 ▲ +81 8.252 Porto Alegre Brazil 4
67 ▼ -25 8.948 Phoenix United States 18 92 ▲ +25 8.242 Cincinnati United States 22
68 ▲ +7 8.940 Hyderabad India 5 93 ▲ +40 8.194 Cambridge UK 3
69 ▲ +1 8.898 Belo Horizonte Brazil 3 94 ▲ +47 8.183 Auckland New Zealand 1
70 ▼ -1 8.848 Minneapolis United States 19 95 ▲ +35 8.172 Porto Portugal 2
71 ▲ +28 8.831 Lagos Nigeria 1 96 ▲ +4 8.165 Riga Latvia 1
72 ±0 8.811 Bangkok Thailand 1 97 ▲ +63 8.122 Curitiba Brazil 5
73 ▲ +321 8.802 Zug Switzerland 2 98 ▼ -21 8.085 Lausanne Switzerland 4
74 ±0 8.772 Chennai India 6 99 ▲ +2 8.084 Athens Greece 1
75 ▼ -10 8.769 Prague Czechia 1 100 ▲ +20 8.062 Rotterdam The Netherlands 2
FINDE
Growth Hubs
Growth Hubs are cities that have climbed the
start-up ecosystem rankings and are rapidly
emerging as alternative fintech destinations. Span-
ning every continent they’re possibly the truest
reflection of the impact of a globalising digital
economy – matching talent and innovation flair
with a business environment that’s often supported
by fintech-friendly rules and a vibrant start-up
scene.
A selection of this year’s emerging Growth Hubs
is included here. Can you spot the differences?
GROWTH HUBS
1. Hamburg
2. Tallinn
3. Copenhagen
4. Istanbul
5. Dubai
6. Johannesburg
7. Nairobi
8. Lagos
9. Zug
Sources
The Global Fintech Index, EY, Fintech Futures, Finextra, Fintech Istanbul,
Global Innovation Index, Global Unicorn Club, Hamburg Fintech, Invest in
Estonia, Medium.com, Milken Institute, Mondaq, Research Gate, Tracxn
FINDE
Growth Hubs FINTECH ECOSYSTEM

Hamburg, Industry events
Germany
Fintech Week Hamburg
Next Commerce Accelerator
Comdirect Start-up Garage
Associations
FinTech Hamburg
Fintech Ladies
RANK 43 ( ▲ +18)
Hanseatic Blockchain Institute
One’s to watch
Fintech strengths
An established start-up hub, Hamburg is beginning
to pull its weight in fintech. As of August 2019, 60
Fintech companies were registered in Hamburg
ranging from data and analytics to personal
finance, payments and marketplaces.
Unicorns
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Tallinn, Accelerators & incubators
Estonia
Lighthouse Development Program, Mastercard
and NFT Ventures
Buildit Accelerator
Elevators Startups
Technopol Start-up Incubator
Wise Guys Fintech accelerator
Associations
RANK 45 ( ▲ +38)
FinanceEstonia
Fintech strengths Estonia announced regulatory sandbox in
A strong ecosystem fully supported by Estonia’s February 2019
government that has inspired global successes like
Home to the world’s first ‘e-Residency’
Skype and TransferWise.
programme, an official digital identity that lets
Fintech activity clustered around: digital entrepreneurs set up in Estonia and run
Blockchain and Distributed Ledger Technology their business from anywhere.
Deposits and lending
One’s to watch
Banking infrastructure
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Copenhagen, Industry events
Denmark
Copenhagen Fintech Week 2020
Accelerace Acceleration Program
Copenhagen FinTech Accelerator
Associations
Copenhagen Fintech
Digital Hub Denmark
RANK 55 ( ▲ +18) Fintech-friendly rules?
Fintech strengths Digital Growth Strategy aimed at enhancing

A thriving Nordic hub leading the way to a cashless Denmark’s position as a digital hub
society with strong ecosystem support from local banks. Fintech sandbox, Fintech Lab, set up by
Digital and mobile payment Financial Services Authority
Wealth management One’s to watch
Insurtech, Security & compliance
Unicorns
(supply chain, based in San Francisco,

born in Denmark)
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Istanbul, Industry events
Turkey
Istanbul Fintech Week
World Business Angels Investment Forum
Startupbootcamp Istanbul
KWORKS FINTECH
Associations
FinTech Istanbul
Fintech strengths Announced Istanbul Financial Centre Initiative

A large domestic market with a strong middle class in 2009 with the objective of making Istanbul
a young, diverse talent pool and an advanced a global financial centre by 2023 including
payments ecosystem. Fintech activity centred on: creating a fully cashless society.
Payments One’s to watch

Retail and mobile banking
Mobile technology and information systems solutions
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Dubai, Key events in location
UAE
3rd Fintech Dubai-Conference & Exhibition 2020
Enterprise Fintech Summit
Fintech Surge
Startupbootcamp Fintech Dubai
Visa Dubai Innovation Center
DIFC Fintech Hive
RANK 58 ( ▲ +22)
Associations
MENA Fintech Association
Fintech strengths
A global financial centre, Dubai Government efforts
to turn the city state into a destination for fintech Dubai International Financial Centre created
include an initiative to make Dubai the blockchain venture fund to finance fintech startups.
capital of the world Dubai-led government regulations and initiatives
One’s to watch include the Fintech Hive, the DFSA’s regulatory
sandbox, the Innovation Testing Licence, the Dubai
Technology Entrepreneur Center (Dtec) accelerator
introduced by Dubai Silicon Oasis Authority, as
well as the DIFC Fintech Fund and the AED 2 billion
Mohammed Bin Rashid Innovation Fund
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Johannesburg, Industry events
South Africa
Finnovation South Africa
AlphaCode, Rand Merchant Investment Holdings
Blockstarters
Associations
Africa Fintech Network (AFN)
Africa Women in Fintech & Payment (AWFP)
Fintech strengths South Africa Reserve Bank has overseen several

Johannesburg is home to some of Africa’s initiatives including ProjectKhoka and the Inter-
leading banks and financial institutions making Governmental FinTech working group.
it a potential fintech magnet for Africa: One’s to watch
Banking for low income customers
Financial inclusion fintech
Insurance
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Nairobi, Key industry events
Kenya
Seamless East Africa 2020
Afro-Asia Fintech Festival
Nairobi Innovation Week
Pangea Accelerator
TUMI Startup Accelerator
Associations
RANK 63 ( ▲ +42)
Digital Lenders Association of Kenya
Blockchain Association of Kenya
Fintech strengths
Nairobi is Africa’s second largest fintech hub, with an
estimated 20% of African fintechs and an emerging The Central Bank of Kenya regulates the financial
ecosystem of local investors and VCs complemented sector as a whole
by a steady rise of international investors and National Payment System Act
growing interest from global technology firms: National Payment System Regulations 2014
Payments & remittances Regulatory Sandbox Police Guidance Note
Banking technology One’s to watch
Lending
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Lagos, Industry events
Nigeria
Lagos Fintech Week
Nigeria Fintech Week
Co-creation Hub
Founder Institute – Lagos 2020
Spark
Ventures Platform
RANK 71 (▲ +28)
Wennovation Hub
Associations
Fintech strengths FinTech Association of Nigeria
Africa’s most-populous nation presents one of the
region’s biggest opportunities for fintech – nearly
40% of the population are unbanked and close to In March 2018, Central Bank of Nigeria and
two thirds are under 25. Nigeria Interbank Settlement System introduced a
regulatory sandbox.
Digital payments
Central Bank is developing a set of regulations for
Mobile lending
fintechs with the
Personal finance
One’s to watch
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Zug, Industry events
Switzerland
Swiss Fintech Awards 2020
Crypto Valley Venture Capital
Blockchain Valley Ventures
Spectral Capital
Associations
Crypto Valley, Zug
Fintech strengths World’s most innovative country

Home of the self-styled ‘crypto-valley’, Zug is fast Legal framework for blockchain announced
emerging as a global hub for currency and digital December 2018
money innovation One’s to watch
Regional unicorns
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How do you build a fintech hub?

Among the many (welcome) surprises there’s good reason.
from the launch of the Global Fintech Both countries have spent consider-
Index City Rankings is the appearance able effort and investment upgrading
of a number of unexpected cities at the local regulations and creating an envi-
very top of the list, displacing some of ronment to support the growth of fin-
the more traditional, mainly Western, tech companies and to attract invest-
financial centres (see page 21, Fintech ment into local firms. 3 cities in India,
Rising, above). 3 Latin American
HOW DO YOU CLIMB THE RANKS?
A GLOBALISING FORCE All the world’s a stage so while there
cities (and Vilnius)
Three Indian cities, three cities in Latin might not be a ‘secret sauce’ that will join the ranks of
American (and Vilnius) join the ranks of build the next fintech hub overnight, the top 40 fintech
the top 40 fintech hubs globally. Of the the success of some cities over others hubs globally
top 100 hubs worldwide, over a quar- in the Index provides a useful indicator
ter are in emerging countries. A sign of of what success looks like. And what it
the ongoing global shift of technology, takes if you’re serious about attracting
talent and innovation, and a useful indi- fintech entrepreneurs.
cator of the world’s emerging centres For the first time, below are some of
when it comes to understanding where the shared attributes of some of the win-
to focus innovation or venture invest- ners and fastest risers in the Index’s first
ments. global fintech city rankings.
Putting Mexico City (population: 21
million, nearly eight times the size of
Lithuania) in the same list as Vilnius
might seems a strange comparison. But
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8
HOW TO BE A HUB?
Top 5 features of winning fintech
hubs around the world
TREND INSIGHT WHERE?
Regulations rule… Bogota (40)

1. Regulation Fintech-friendly regulations incentivise entrepreneurship & encourage Mexico City (21)
investment Vilnius (29)
Dublin (26)
Size doesn’t matter. Really. Luxembourg (79)
2. Small cities Smaller cities tracked by the index do really well. Proof of the Tallinn (45)
value of an ecosystem where people can connect easily. Vilnius (29)
Zug (73)
London (2)
…But people do!
Berlin (9)
3. The ecosystem A strong talent pool is key to fintech success but so is a fun
New York (3)
location with a global vibe.
Tel Aviv (18)
India the outlier
Bangalore (7)
6 Indian cities make the top 100 fintech hubs worldwide.
4. India Mumbai (10)
Regulations to promote the switch to electronic payments and
New Delhi (16)
an export-focused IT sector are having an impact.
Bogota (40)
Something’s happening down South
Rio de Janeiro (57)
5. South America Friendly regulation, a growing middle class and high numbers
Santiago (54)
of unbanked citizens is inspiring a fintech boom.
Sao Paulo (5)
The Global Fintech Index 2020
FINDE

Rank Rank Rank Rank
101 ▼ -13 8.059 Sofia Bulgaria 1 136 ▲ +40 5.791 Dusseldorf Germany 5
102 ▲ +99 8.057 Leeds UK 4 137 ▲ +74 5.746 Reston United States 32
103 ▲ +43 7.984 Ahmedabad India 7 138 new 5.656 Mainz Germany 6
104 ▲ +146 7.787 Taipei City Taiwan 1 139 new 5.630 Castellon de la Plana Spain 4
105 ▼ -37 7.668 Lima Peru 1 140 ▼ -2 5.629 Poznan Poland 3
106 ▲ +71 7.602 Cairo Egypt 1 141 ▲ +159 5.619 Dhaka Bangladesh 1
107 ▼ -51 7.429 Houston United States 23 142 new 5.593 Ho Chi Minh City Vietnam 1
108 ▼ -53 7.357 Las Vegas United States 24 143 ▲ +96 5.509 Nicosia Cyprus 2
109 ±0 7.080 Columbus United States 25 144 new 5.507 Vaduz Liechtenstein 1
110 ▲ +45 7.076 St. Louis United States 26 145 ▼ -52 5.407 Pittsburgh United States 33
111 ▲ +644 7.064 Valletta Malta 1 146 ▼ -59 5.325 Brisbane Australia 3
112 ▼ -32 6.866 Boulder United States 27 147 ▲ +34 5.312 Minsk Belarus 1
113 ▲ +13 6.775 Edinburgh UK 5 148 ▲ +38 5.261 Karachi Pakistan 1
114 ▲ +34 6.653 Utrecht The Netherlands 3 149 ▲ +80 5.216 Hanoi Vietnam 2
115 ▼ -11 6.632 Rome Italy 2 150 ▼ -84 5.216 Salt Lake City United States 34
116 ▼ -6 6.621 Cleveland United States 28 151 ▼ -70 5.102 Monterrey Mexico 2
117 ▲ +23 6.616 Victoria Canada 6 152 ▼ -62 4.974 Guadalajara Mexico 3
118 ▲ +167 6.576 Valencia Spain 3 153 ▲ +353 4.870 Manama Bahrain 1
119 ▲ +136 6.557 Florianopolis Brazil 6 154 ▼ -25 4.836 San Antonio United States 35
120 ▲ +34 6.533 Krakow Poland 2 155 ▼ -49 4.827 Kansas City United States 36
121 ▲ +52 6.527 Charleston United States 29 156 ▼ -70 4.791 Orlando United States 37
122 ▲ +137 6.503 Stamford United States 30 157 ▲ +9 4.732 Glasgow UK 7
123 ▲ +121 6.482 Accra Ghana 1 158 ▼ -55 4.615 Baltimore United States 38
124 ▲ 4 6.476 Ljubljana Slovenia 1 159 ▼ -25 4.590 Ann Arbor United States 39
125 ▲ +201 6.475 Kochi India 8 160 ▼ -28 4.583 Brighton UK 8
126 ▲ +223 6.460 Gothenburg Sweden 2 161 ▼ -63 4.570 Cologne Germany 7
127 ▼ -30 6.460 Bucharest Romania 1 162 ▲ +28 4.514 Malmö Sweden 3
128 ▼ -3 6.431 Bristol UK 6 163 ▲ +1 4.512 Oxford UK 9
129 ▲ +107 6.397 Wilmington United States 31 164 ▲ +130 4.460 Gold Coast Australia 4
130 ▲ +15 6.276 Montevideo Uruguay 1 165 ▼ -4 4.459 Richmond United States 40
131 ▲ +114 6.275 Cluj-Napoca Romania 2 166 ▼ -70 4.453 Indianapolis United States 41
132 ▲ +100 6.273 Kigali Rwanda 1 167 ▼ -4 4.430 Milwaukee United States 42
133 ▲ +290 6.272 Madurai India 9 168 ▲ +111 4.416 Kampala Uganda 1
134 ▲ +477 6.189 Limassol Cyprus 1 169 ▼ -67 4.415 Santa Barbara United States 43
135 ▲ +292 6.070 Mendoza Argentina 2 170 ▲ +32 4.411 Reno United States 44
FINDE
The Next 20 9 THE NEXT 20

The hubs to watch in 2020
GLOBAL Change
National
Our list of Next 20 fintech hubs are FINTECH from City Country Region
RANK startup rank Rank
a diverse bunch. These 20 hubs are
in the top 120 fintech cities world- 111 ▲ +644 Valletta Malta 1 Europe
wide and are the fastest climbers 118 ▲ +167 Valencia Spain 3 Europe
up the global start-up ecosystem 86 ▲ +155 Hangzhou China 5 Asia Pacific
ranking table. They present a global 104 ▲ +146 Taipei City Taiwan 1 Asia Pacific
mix of cities with a good or improv- 119 ▲ +136 Florianopolis Brazil 6 Americas
ing quality of life, deep talent pools
102 ▲ +99 Leeds United Kingdom 4 Europe
or proximity to a thriving start-up
91 ▲ +81 Porto Alegre Brazil 4 Americas
scene inspiring local innovation.
106 ▲ +71 Cairo Egypt 1 Africa
A selection of them and some of 87 ▲ +70 Cape Town South Africa 2 Africa
their highlights are shown here. 97 ▲ +63 Curitiba Brazil 5 Americas
89 ▲ +62 Geneva Switzerland 3 Europe
94 ▲ +47 Auckland New Zealand 1 Asia Pacific
110 ▲ +45 St. Louis United States 26 Americas
103 ▲ +43 Ahmedabad India 7 Asia Pacific
93 ▲ +40 Cambridge United Kingdom 3 Europe
82 ▲ +37 Oslo Norway 1 Europe
95 ▲ +35 Porto Portugal 2 Europe
Sources
114 ▲ +34 Utrecht The Netherlands 3 Europe
Global Fintech Index, Calgary Economic
Development, Company websites, Fintech Futures , 120 ▲ +34 Krakow Poland 2 Europe
Fintech News, Menabytes, ThomsonReuters Tracxn,
Xinhua
84 ▲ +27 Calgary Canada 4 Americas
FINDE
The Next 20
Fintech’s emerging hubs in 2020
Leeds, UK Utrecht, The Netherlands

102 (+99) 114 (+34)
Ecosystem
MSc FinTech,
Leeds University
Valetta, Malta
111 (+644) Hangzhou, China
Ahmedabad,
The blockchain island 86 (+155)
India
Calgary, Canada 103 (+43)
84 (+27)
(val: $100bn)
St Louis, USA
110 (+45) Valencia, Spain
Ecosystem 118 (+167)
Cairo, Egypt
106 (+71)
Taipei, Taiwan
104 (+146)
Blockchain & payments
Auckland, New Zealand

94 (+47)
Ecosystem
FINDE
Ch-India: The story of the digital decade?

Asia’s rise to power is shift- in the first global rankings
ing the world’s centre of of fintech ecosystems. The 10 TALE OF THE CENTURY
gravity. Could fintech play a index records 11 fintech hubs China and India fintech hubs
deciding role on which model in India (including 6 in the top in top 100 cities
of development – China’s or 100 worldwide) compared to
India’s – wins out? 6 across the whole of the Mid-
REGION GLOBAL
China’s success at simul- dle Kingdom. CITY COUNTRY TOTAL SCORE
RANK RANK
taneously driving financial
and digital inclusion across FREEDOM TO FINTECH 2 7 Bangalore India 16.093
its population is not in ques- The reasons behind this are 3 10 Mumbai India 15.063
tion. Already home to 4 of more than a statistical over-
4 11 Hong Kong China 14.778
the world’s 20 largest inter- sight. The Global Fintech
net companies15, the country Index looks at ecosystem 6 16 New Delhi India 13.958
has also created a set of new development across a range 8 23 Beijing China 12.762
financial services companies of metrics. While the relative
with transaction volumes that size, and success of local 10 31 Shanghai China 11.855
make fintech and bank peers fintech unicorns is impor- 13 64 Pune India 9.046
in the west blush. The value of tant, and weighted propor-
15 68 Hyderabad India 8.940
mobile payments in China in tionately, so is the degree of
2017 topped $13 trillion, com- variety of fintech companies 17 75 Chennai India 8.772
pared to a fraction of that in (by discipline and number),
19 80 Shenzhen China 8.685
the USA ($49.3 billion)16 . as well as the relative free-
But when it comes to the dom to do business over the 20 86 Hangzhou China 8.378
diversity of fintech hubs, it’s internet. 22 103 Ahmedabad India 7.984
India, not China, that wins Against those metrics,
FINDE
India outranks China. And quite signifi- mates that 85% of China’s internet users
cantly by some measures. Despite a rel- population did so in 2017 19.
ative decline in internet freedom in 2018, But with India’s own strong track
India’s internet freedom score is still record in reducing the number of
around half that of China’s17, and India is unbanked citizens (the number of adults
China now second only to China globally in the with bank accounts more than doubled
80%
number of internet users. between 2011 and 201720), and a technol-
India is also catching up with China ogy sector with a global reputation for
Banked population when it comes to fintech investment export success, India’s more open, glob-
<20%
– seeing 23 venture investments into ally integrated model of internet entre-
Indian fintech firms in the second quar- preneurship (80% of technology indus-
21
export revenues of biggest ter of 2019, compared to 15 in China18. try revenues in India come from exports,
firms compared to under 20% for China’s big-
EXIT THE DRAGON gest firms21) could be the one to beat in
India If fintech is about rapidly increasing the decade ahead.
80%
transactions – both digital and financial
– between individuals, financial services,
Banked population and businesses at home, there’s little
79%
question that China remains the market
leader. China’s homegrown ‘super-app’
exports as % of IT revenues phenomenon has played a leading role
in reducing financial exclusion over the
last decade, helping to draw in new cus-
tomers that actively use the internet to
make purchases. The World Bank esti-
FINDE
Rank Rank Rank Rank
171 ▼ -64 4.373 Medellin Colombia 2 The
206 ▼ -15 3.588 Eindhoven 4
172 ▲ +204 4.370 Antwerp Belgium 2 Netherlands
173 ▼ -24 4.369 Grand Rapids United States 45 207 ▲ +312 3.587 Lehi United States 62
174 ▼ -114 4.189 Detroit United States 46 208 new 3.587 Delaware United States 63
175 ▲ +30 4.160 Beirut Lebanon 1 209 new 3.578 Dakar Senegal 1
176 ▲ +30 4.141 Kolkata India 10 210 ▼ -95 3.449 Belgrade Serbia 1
177 new 4.112 Lekki Nigeria 2
211 new 3.428 Pretoria South Africa 3

178 ▼ -26 3.827 Princeton United States 47 212 ▲ +99 3.418 Tbilisi Georgia 1
179 ▼ -84 3.790 Edmonton Canada 7 213 new 3.329 Panama City Panama 1
180 ▼ -6 3.790 Bellevue United States 48 214 ▲ +2 3.329 Chisinau Moldova 1
181 ▼ -45 3.789 Perth Australia 5 215 new 3.286 Gauteng South Africa 4
182 new 3.779 Indore India 11 216 ▲ +183 3.285 Lugano Switzerland 6
183 ▲ +26 3.749 Bordeaux France 2 217 ▲ +123 3.228 San Juan Puerto Rico 1
184 ▼ -5 3.748 Bern Switzerland 5 218 new 3.186 Antioquia Colombia 3
185 ▲ +72 3.748 Belfast UK 10 219 ▲ +115 3.125 Edison United States 64
186 ▼ -64 3.748 Sacramento United States 49 220 ▲ +101 3.066 Gainesville United States 65
187 ▼ -63 3.719 Madison United States 50 221 ▲ +736 3.066 Shelton United States 66
188 ▼ -20 3.718 Provo United States 51 222 ▲ +240 3.066 Annapolis United States 67
189 ▼ -76 3.718 Columbia United States 52 223 ▲ +211 3.066 Dover United States 68
190 ▼ -74 3.691 Zagreb Croatia 1 224 new 3.065 Conshohocken United States 69
191 ▲ +69 3.689 Hartford United States 53 225 ▲ +57 3.065 San Ramon United States 70
192 ▲ +20 3.688 Buffalo United States 54 226 ▲ +717 3.065 Wayne United States 71
193 ±0 3.688 Colorado Springs United States 55 227 ▼ -90 3.065 Jacksonville United States 72
194 ▲ +102 3.684 Boise United States 56 228 new 2.967 Harju Estonia 2
195 ▲ +66 3.675 Tucson United States 57 229 new 2.887 Seongnam-si South Korea 2
196 ▲ +27 3.668 Tunis Tunisia 1 230 new 2.866 San Ġiljan Malta 2
197 ▲ +325 3.655 Westlake Village United States 58 231 new 2.856 Stellenbosch South Africa 5
198 ▼ -4 3.649 Jaipur India 12 232 ▲ +262 2.769 Riyadh Saudi Arabia 1
199 ▲ +158 3.644 Henderson United States 59 233 new 2.766 Belize City Belize 1
200 ▲ +162 3.637 Kirkland United States 60 234 ▲ +6 2.590 Tehran Iran 1
201 ▼ -66 3.628 Birmingham United States 61 235 ▲ +777 2.465 Sandakan Malaysia 2
202 ▲ +35 3.628 Oulu Finland 2 236 new 2.395 Kuwait City Kuwait 1
203 ▲ +24 3.628 Galway Ireland 2 237 new 1.966 Chaoyang China 6
204 ▲ +314 3.624 Uberlandia Brazil 7 Kitchener
238 ▼ -126 1.266 Canada 8
205 ▲ +665 3.608 Piedmont Italy 3 Waterloo
4
FINDE
Partners
FINDE
Africa Fintech Network
Africa Fintech Network (AFN) is a plat- of IMF, the African Development Bank, African fintech hubs and National Fin-
form that unites Africa fintech leaders, as well as representatives of UK-DFID, tech Associations.
organizations and stakeholders through UNECA, Ecobank Group, Government of We currently have 29 member countries
their country associations to exchange Ghana and other local and global cor- and signing on more.
information and ideas, promote and porations. There was an overwhelming Visit: www.africafintechnetwork.com
support creation of innovative tech- interest, support and endorsement for
nologies and deployment across and the African Fintech Network initiative by OUR GOAL
beyond Africa. The network also serves these leaders and institutions. Connect Africa and the global commu-
as a platform for advocacy and coordi- The formal launch of the network nity for open dialogue, to build syner-
nated regulatory interactions. took place in Marrakesh, Morocco on gies and creation of various opportuni-
24th March 2019 at one of the events of ties in fintech.
INAUGURATION AND FORMAL LAUNCH the 2019 UNECA Conference of Ministers
The idea to create the African Fintech of Finance & Management. The launch OUR MISSION
Network came up on 24th January 2018 was coordinated by the Executive Sec- To promote innovative technologies and
in Lagos, Nigeria during the African Fin- retary of UNECA in the presence of support deployment across and beyond
tech enablers’ roundtable, attended by representatives of various regional and Africa. In addition, to be the leading
Fintech leaders from 7 African countries global institutions. voice for financial technology (fintech)
& partners from other countries on the and related technologies in and for
eve of the National Fintech Conference. MEMBERSHIP Africa.
The network was formally inaugu- Africa Fintech Network is made up of
rated in Lagos, Nigeria on Tuesday 4th self-regulating National Fintech Asso- OUR VISION
December 2018 during the first Africa ciations in each African country. It is To catalyse the development of Africa’s
Fintech Festival by the Vice President of designed to coordinate fintech activi- Digital Economy and inclusive socio-eco-
the Federal Republic of Nigeria with the ties through multispectral collaboration, nomic growth throughout Africa.
active participation of Country Heads engagements and partnerships among
FINDE
OBJECTIVES collaboration with the rest

1. Unify and channel Africa of the world. MEMBER COUNTRIES 23. South Africa
fintech initiatives toward 6. Support the achievements 1. Burkina Faso 24. Sudan
producing solutions to of the African Continental 2. Burundi 25. Tanzania
drive indigenous creativity Free Trade initiative and 3. Cameroon 26. Togo
and innovation aimed at Agenda 2063 of the AU. 4. Congo 27. Tunisia
proffering timely, tested, 5. Cote d’Ivoire 28. Uganda
affordable and indigenous IMPACT 6. DR Congo 29. Zimbabwe
solutions to Africa’s pecu- The Network will contribute 7. Egypt
liar real-world challenges. to making Africa a leading 8. Eswatini STRATEGIC PARTNERS
2. Provide wider market global Innovation Hub. It will 9. Ethiopia 1. Ecobank Group
access across Africa in a promote Africa as a pre- 10. Gabon 2. UNECA
seamless manner for fin- ferred investment destination 11. Gambia 3. BrandComms UK
techs and tech-enabled thereby creating employ- 12. Ghana 4. Fintech Circle UK
innovative products. ment opportunities, contrib- 13. Kenya 5. Africa Development Bank
3. Explore innovative tech- ute to fast-tracking access 14. Mauritania 6. ASEAN Fintech Network
nology transfer and to basic financial services for 15. Mauritius 7. MENA Fintech Association
export beyond Africa to all, and generating wealth. 16. Morocco 8. FSD Africa
the developed world and 17. Niger 9. African Union
The opinions and data expressed here are
other emerging markets. those of Africa Fintech Network, the provider 18. Nigeria 10. Afrilabs
4. Foster advocacy multi-na- of the content for this page. 19. Rep of Benin 11. Africa Board Fellowship
tional/cross-border fin- 20. Rwanda 12. Africa Finance Corporation
tech policy and regulatory 21. Senegal 13. BFA Global
frameworks. 22. Sierra Leone 14. CENFRI
5. Engender a coordinated
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Bahrain: Home to MENA’s

largest fintech hub
Home to almost 400 financial institu- of the CBB’s regulatory sandbox, there open banking, and insurance aggrega-
tions, the country’s established financial has been a 35% growth in the number tion. The introduction of a regulatory
services industry as well as support- of FinTech companies between 2018 and sandbox highlights Bahrain’s continuous
ive regulatory regime has resulted in a 2019. Presently, more than 90 FinTech support for testing and applying innova-
thriving FinTech ecosystem that can pro- companies are active in Bahrain within tive FinTech solutions to the local mar-
vide crucial learnings and an ideal case various verticals. ket, whilst maintaining global best prac-
study for other emerging hubs. tices, and business protection is at the
KEY DRIVERS forefront of the regulators agenda as it
LANDSCAPE OVERVIEW is reflected in changes made to bank-
Over the past three years, Bahrain’s The following are key drivers that fuel ruptcy laws, as well as the introduction
FinTech ecosystem has seen a growing the success of Bahrain’s existing FinTech of data protection laws.
number of regional and international ecosystem:
FinTechs entering the market. The local CHAMPIONING INNOVATION
FinTech ecosystem is currently domi- ENABLING ENVIRONMENT The ecosystem has highlighted an active
nated by key verticals including pay- A strong, stable, and enabling regula- approach toward championing inno-
ments, blockchain, and crypto-assets. tory framework has proven to be one of vation including the establishment of
However, with the emergence of spec- the main drivers of developing Bahrain’s innovation and FinTech departments, as
ified drivers including regulations and FinTech ecosystem. The Central Bank of well as internal sandbox environments
increased market awareness, alterna- Bahrain (CBB), and its dedicated FinTech within financial institutions. During 2018,
tive verticals are anticipated to gain & Innovation Unit, has been supportive the launch of BFB also highlighted a
traction in the ecosystem including open in creating a conducive FinTech envi- national drive towards creating a hub to
banking platforms and InsurTech. Since ronment with the introduction of regu- fuel innovation in the country bringing
the inception of Bahrain FinTech Bay lations to enable emerging technologies together ecosystem players in a central-
(BFB) in February 2018 and the launch such as crypto-assets, robo-advisory, ized platform.
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FUNDING GROWTH port an increasingly innovation-driven pany’s official graduation from the CBB
Bahrain’s Labor Fund (Tamkeen) offers economy. Bahrain offers a variety of regulatory sandbox.
unique support to SMEs in subsidization, professional qualifications and educa-
which in addition with Bahrain Develop- tional programs focusing on FinTech and MENA’S FIRST PEER-TO-PEER LENDING
ment Bank’s $100m fund of funds, have emerging technologies to adapt to evolv- PLATFORM
lowered barriers to market entry and ing market demands including globally Officially launched in Dubai in 2014,
facilitated access to funding to support recognized education providers such as BeeHive is the first regulated peer-
growth and innovation. The funding sup- Georgetown McDonough School of Busi- to-peer (P2P) lending platform in the
port in Bahrain will not only support exist- ness, BetaBlocks, and UC Berkeley. MENA region. BeeHive’s platform is
ing FinTechs to expand their operations targeted towards businesses seeking
on a regional and international scale, but
SUCCESS STORIES funds to grow. The platform is an inno-
also attract scale ups that are looking at vative service that eliminates the cost
strategically expanding to Bahrain. FIRST REGULATED CRYPTO-ASSET of complexity of traditional finance and
PLATFORM IN MENA provides a more efficient, streamlined
DEVELOPING LOCAL TALENT Rain, a crypto-asset platform, began its funding process. During 2019, BeeHive
To support the growth of the FinTech journey as the CBB’s first crypto-asset expanded their operations in Bahrain,
industry and wider economic diversi- regulatory sandbox applicant to test becoming the first P2P lending plat-
fication efforts in Bahrain, the market their solution as well as successfully form in Bahrain.
requires a continuous supply of qualified graduate. In July 2019, Rain Financial
talent equipped with relevant skill sets. was the first regulated crypto-asset BAHRAIN’S FIRST PISP PROVIDER
This pipeline of talent should be com- platform in Bahrain in the Middle East Almoayed Technologies, a pioneering
prised of graduates and a reskilled work- and North Africa (MENA) region. The digital infrastructure provider in Bahrain,
force that can fuel startups and financial team has expanded and the FinTech has is the first company to graduate from
institutions as well as generally sup- gained momentum following the com- the Central Bank of Bahrain’s regulatory
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sandbox, and its subsidiary, Tarabut and regional FinTech ecosystem. In its of the FinTech Consortium Institute.
Gateway, is Bahrain’s only licenced open first year of operations, BFB was recog- The FinTech Consortium Institute was
banking payment initiation and account nized as one of the two most advanced established with the aim of developing
information service provider. FinTech ecosystems in the MENA region the existing and incoming workforce to
by S&P. The model of BFB is a successful accommodate emerging technological
FIRST LIVE CRYPTO ATM IN BAHRAIN case study due to three primary factors: trends and market demands through key
BFB hosts the only live crypto ATM in the collaboration, education, and innova- initiatives including the National FinTech
region, developed by Basket SPC. This tion. Talent Program. Additionally, BFB’s exist-
is currently the only live cryptocurrency BFB plays a vital role in the ecosys- ing series of publications produce much
ATM in the region allowing people to buy tem as a hub connecting stakeholders needed data and awareness and posi-
and sell cryptocurrencies using cash. that contribute to the growth of FinTech tion Bahrain as a thought leadership hub
both locally and regionally. Presently, that attracts readers from 70+ countries.
BUILT FOR THE REGION BFB’s network brings together over a Finally, BFB continues to be an advo-
100 public agencies, financial and pro- cate for innovation by empowering
BFB was launched during February 2018 fessional institutions, private businesses, emerging startups and promising entre-
as a public-private partnership between technology companies, international preneurs that play a vital role in the
the Economic Development Board in associations, and FinTechs on one neu- ecosystem. BFB is presently home to 50
Bahrain and FinTech Consortium, with tral platform. Through its regional and companies that embody various ver-
the intention to create a centralized hub global network, BFB ensures that col- ticals including payments, blockchain,
that was focused on fostering a thriv- laboration efforts are international and crowdfunding, and WealthTech from
ing FinTech ecosystem that could drive therefore cross border. all over the world, including the GCC,
innovation and future-proof the coun- A focus on education is crucial, and Europe, Asia, North America, and Africa.
try’s financial services industry. BFB BFB’s approach towards talent devel- The opinions and data expressed here are those of Bahrain
aims to be the catalyst to drive the local opment was through the establishment Fintech Bay, the provider of the content for this page.
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Bogota: International
financial centre and
Colombia’s economic driver
Bogotá is Colombia’s main financial are located in Bogotá, this city is today
centre and one of the most important in the third largest Fintech Hub in Latin
Latin America. 57% of the country’s finan- America, after Mexico with 334, and Brazil
cial transactions take place in Bogotá, with 377. In terms of Fintech business seg-
and the city’s Financial Services Cluster is ments, one third belong to the Payments Bogotá‘s Financial Services
represented by 4,623 businesses (75% of and Remittances segment, and one out Cluster initiative, led by the
these being micro and small companies), of five belongs to the Personal and Busi- Chamber of Commerce of
which contribute 11% of the city’s GDP and ness Loans segment.
Bogotá, along with over 170
provide over 91,000 jobs in the city. The fintech ecosystem in Bogotá is
Over 85% of the national financial sec- based on consolidation; nearly 45% of public and private players
tor’s companies are located in Bogotá. the companies have been operating of the city‘s financial
26 banks with a nationwide presence for over 3 years, where one out of four ecosystem, intends to
operate in Bogotá, including major fintech companies is in the process of position the city as the
players like Citibank, Scotiabank, BBVA, maturing, and 46% are ready to scale
Santander, Itaú, BNP Paribas, among their operations. Proof of the entrepre-
main international financial
other world-class banks that compete in neurship and business development centre in the Andean,
the local market, as well as the Colom- potential of the city and its contribution Central American and
bian Stock Exchange and Colombia Mer- to generating jobs. Today, 84% of com- Caribbean regions
cantile Exchange, the main players of panies have under 25 employees, show-
Mónica de Greiff
the Colombian capital market. casing a diversity of profiles, skills and
Executive President
65% of fintech companies (over 180) competencies. Only 9% of fintech com-
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panies have over 50 employ- legal clearance given to financial

ees, still revealing a process of institutions in Colombia to invest MAKING BOGOTA LATIN AMERICA’S
growth and expansion of those in financial technology compa- INTERNATIONAL FINANCIAL CENTRE
fintech companies undergoing a nies. Within the framework of the Intelligent Spe-
consolidation process. The financial innovation eco- cialization Strategy implemented in Bogotá
The growth dynamics of fin- system in Bogotá is dynamic; and Cundinamarca, the Financial Services
tech companies with export traditional institutions, and espe- Cluster is being promoted since 2017, seek-
objectives is notable: to date, cially the country’s major busi- ing to place Bogotá as the main Initiative
30% of them are operating in ness groups, respond to techno- (IFC) in Latin America by 2026. This is one
countries other than Colom- logical trends. Players making of the most important cluster initiatives
bia, with major markets in Peru, outstanding progress include due to its cross-cutting effect to contribute
Ecuador, Costa Rica, Mexico and Grupo Bolivar’s Davivienda with to financial inclusion and access to financ-
Chile. Colombia’s export dynam- its “Domo i” innovation strat- ing options, mass distribution of electronic
ics with regards to this industry egy; Grupo Bancolombia, which means of payment, and in particular, to local
as regards this industry sur- strengthened its innovation economic development, business formaliza-
passes Brazil and Mexico, which strategy with the opening of its tion and poverty reduction.
are the leaders in the region. innovation and entrepreneur- The Cluster initiative, led by the Chamber,
Fintech investment is also ship center in Bogotá; and Grupo operates under a partnership comprised of
increasing, nearly 60% of fintech Aval’s digital strategy drive, which 170 public and private players of the city’s
companies have received ven- concentrated the digitalization of financial sector, who define and promote
ture funding, 17% of these have financial services at its 4 banks. projects and actions framed within the fol-
attracted investment of over lowing strategic pillars: policy development,
US$3 million. These figures are financial education and inclusion, human tal-
The opinions and data expressed here are those
expected to increase significantly of Bogota Chamber of Commerce, the provider of
ent, innovation and sector positioning.
in the near future because of the the content for this page.
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Creating the future of fintech
Colombia Fintech was born as an asso- ital and adoption for the development of empowering consumers through a safe,
ciation of Friends, as a trade initiative business in this country. transparent and easy experience.
that seeks above all, to improve the Today it has more than 120 member
operational conditions of a growing companies and affiliates, and the sup- COLOMBIAN FINTECH ECOSYSTEM
industry, establishing a permanent col- port of important entities of the finan- The Colombian ecosystem has long
laboration with regulatory authorities, cial sector and the national government. been one of the most important in Latin
defending the principles of free enter- In just one year it has established itself America as it has identified 180 startups.
prise, and especially, allow the techno- as the representative union of industry This growth reflects the frantic activity
logical innovation to improve the deliv- technology and financial innovation in across the sector, consolidating its posi-
ery of services our society needs. Colombia and one of the fintech com- tion as the third largest Fintech hub in
Among these is the work that has munities most active in Latin America. Latin America, behind Mexico and Brazil.
been advanced to improve the condi- Colombia Fintech has joined the Global Colombia’s fintech sector grew 60%
tions of the regulatory framework, man- Fintech Hubs Federation (GFHF), the net- between 2016 and 2017, approximately
agement of public policy, training and work of associations and organizations 20% faster than the regional average.
training in financial services technolo- in more than 20 countries that have the Here’s a look at what makes Colombia’s
gy-based, development of new tech- common goal of fostering innovation in fintech sector stand out.
nological tools to facilitate operations, global financial services. This illustrates 1. Support from the government: The
digitization countless procedures and the growing importance of Colombian Colombian government is support-
documents, the definition of innovative startups in the global fintech scene. ive of the transition to digital finance
methodologies and proposing innova- In this way, we want to be an innovative solutions and largely in charge of
tive new areas or supervisory powers union of financial products and services pushing the country toward cashless
that improve and stabilize our industry. reliable and inclusive, in collaboration transactions. As Andres Fontao noted,
We are an association born in Decem- with the government and the financial “Regulation is needed and generally
ber 2016, with the common aim of creat- sector to greater generate strengthen- accepted by all stakeholders in the
ing a dynamic ecosystem of talent, cap- ing and investment in the economy, and ecosystem. The challenge is making
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it startup-friendly so that the cost of

being regulated does not become too
onerous.”
2. Population: In Colombia, only 38%
of adults over the age of 15 have a
bank account, according to the World
Bank. There is a significant portion of
the population in Colombia that is not
part of the traditional banking system,
leaving a great deal of opportunity for
fintech startups. What sets Colombia’s
fintech sector apart from other fintech
hubs in Latin America is its focus not
only on developing solutions for con-
sumers who have been left out of the
financial system but also for small and
medium-sized enterprises (SMEs). 45% than one-third of these investments ket, (nearly half of all fintechs are less
of Colombian startups in the fintech went to startups. While investor activ- than 5 years old)” after market the chal-
sector are focusing on this segment. ity in Colombian startups is growing lenges (and opportunities) in the Colom-
3. Investor interest is growing: In 2017, overall, with Colombian startups are bian ecosystem are numerous, with the
the Latin American Venture Capital raising millions from both local and help of Colombia Fintech, we aim to
Association (LAVCA) revealed that foreign VCs, there are still plenty of strengthen this growing industry, pro-
Latin America’s financial technology opportunities to drive more invest- tecting the interests of all partners.
industry secured US$186 million in ments into Colombia’s fintech sector. The opinions and data expressed here are those of Fintech
venture capital investments, and more In conclusion, by having a young mar- Colombia, the provider of the content for this page.
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The Egyptian Fintech

Association
The Egyptian FinTech Asso- information and collabora- Vision

ciation (EFA) is a nonprofit tion by and between various To position Egypt as the
and nonpolitical organiza- stakeholders in the Egyptian FinTech innovation and
tion incorporated in Egypt financial technology ser- investment hub in the region
and a member of the Global vices industry and entrepre- and one of the leading
Fintech Hubs Federation. neurship ecosystem . FinTech hubs worldwide
We are a cross-industry It will nourish cross-indus-
initiative, intended to be a try innovation and collabo-
platform designed to facili- ration between banks, micro Mission
tate collaboration between finance institutions, telecom To foster an ecosystem that
all market participants and companies, technology supports all players to grow
stakeholders in the FinTech companies, insurance com- a thriving FinTech industry in
ecosystem. panies, VCs, universities, Egypt.
It will enable members to consulting firms, Law firms,
engage with multiple stake- R&D facilities and any key
holders to find solutions player that might surface in Contact
to issues facing the indus- the future. The association Email:
try. The Association aims will be constantly interact- ns@fintechegypt.org
at developing the finan- ing with the regulators such Web Address:
cial technology (“fintech”) as Central Bank of Egypt, www.fintechegypt.org
industry in Egypt and to be the Financial Regulatory
a forum for the exchange Authority and NTRA, in addi-
of ideas, dissemination of tion to interacting with the
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government at all levels OBJECTIVES

to develop the fintech eco-
system and position Egypt 1. Connect and NGO’s in policy making to support Fin-
as the fintech hub in the Connect all stakeholders in the Fintech tech innovation and provide feedback to
region! community locally, regionally and interna- the Fintech community on issues affecting
The association will be tionally to establish a bridge for the Egyp- Fintech and Related sectors. It will also rep-
constantly interacting with tian Fintech ecosystem and ensure that resent, align and support common interests
the regulators such as the support systems exist for a more collabo- by coordinating and catalyzing otherwise
Central Bank of Egypt, rative environment. individual actions so that the Association
the Financial Regulatory 2. Accelerate can fairly represent the FinTech community.
Authority and NTRA, in Develop a well-structured thought-led 4. Co-Create
addition to interacting with engagement channel to accelerate the To educate, inform and communicate by
the government at all lev- Fintech community in Egypt including developing a connected FinTech ecosys-
els to develop the Fintech research, technical, policy formulation tem, channeling effective and relevant
ecosystem and position of reviews; legal and regulatory information information among members and exter-
Egypt as the FinTech hub in and implementation support that affects nally.
the region! economic development, diversification and It will also foster innovation among Asso-
deployment of resources, which ultimately ciation members and the Egyptian FinTech
provides opportunities for the industry and ecosystem; accelerate development of Fin-
its members. Tech companies operating in or entering
3. Advocate into the Egyptian market, and their subse-
those of the Egyptian Fintech Association,
Engage with industry players including reg- quent integration and acceleration into the
the provider of the content for this page. ulators, legislature, Government agencies FinTech ecosystem.
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Viva Fintech!
Fintech in Latin America is Fintech Mexico, Uruguayan
growing at a rapid pace. In Fintech Chamber, Fintech Cen-
the last three years the eco- tral America & Caribbean and
system has grown exponen- Fintech Perú, the Iberoameri-
Latin America is tially not only in the number can Fintech Alliance was offi-
a greenfield site of new startups, but also in cially launched in Montevideo,
for fintech. The consolidation of companies Uruguay.
and investment from local Born with the goal of pro-
challenges of identity,
and foreign investors. moting the development
access to credit & The role of the Iberoamer- of the fintech sector in the
quality financial ican Fintech Alliance is to region, the IFA, groups 14 Fin-
services – as well enable connections between tech Chambers and repre-
as gender-based the financial ecosystem key sents more than 22 countries,
barriers to access players in the Iberoamerican a market of 650 million people. FINTECH COMPANIES
region and, with the partici- Fintech in Latin America has BY COUNTRY
in rural areas – and
pation and collaboration of grown exponentially. There Brazil 380
data protection can Inter-American Development were 703 fintech companies in Mexico 273
be overcome through Bank, foster financial inclusion 2017, by 2018 this had grown Colombia 148
technology. through financial technology to 1166 from 18 countries - a Argentina 116
Sebastian Olivera, in a region, where almost 50% 66% increase. Five countries Chile 84
FinTech IberoAmérica of adults remain underserved account for 86% of fintech Perú 57
or lack access to quality finan- activity in the region. Ecuador 34
cial services. Uruguay 28
Founded by the Spanish Venezuela 11
Fintech Association of Fintech those of FinTech IberoAmérica, the provider
& Insurtech, Colombia Fintech, of the content for this page.
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Nordics punching above

their weight
The fintech landscape in the Nordic and Baltic All countries in the Nordic and Baltic regions
region continues to be one of the most success- feature highly as places that are easy to do busi-
ful at producing unicorns. One recent example is ness despite the overlapping demands of EU and
Klarna from Sweden that has become the most val- local legislation in place. Lithuania in particular is
uable fintech in Europe. Furthermore, the increased regarded as one of the most attractive fintech des-
investments and new initiatives made by gov- tinations in the EU thanks to its progressive regula-
ernments in the Nordic and Baltic region are set tion and focus on prioritizing progress and helping
to facilitate the continued success of the fintech fintech newcomers enter the market smoothly.
The Nordic region
region in the years to come. Lighthouse development program is thrilled to see
The region has all the building blocks in place the level of financial innovation coming from the Nor- punches above
to generate wealth and opportunities. Inherently dic and the Baltic region that is second to none and its weight. 16% of
open, transparent and internationally focused, the expect the Nordic and Baltic countries to continue to European fintech
landscape is one of ambitious fintechs, cautiously be one of the leading fintech hubs of the world.
scale-ups are
enthusiastic banks, innovative ideas, and global The Oslo Financial Inclusion Summit in March 2019
vision. Capital investors, smart regulators, special- showcased over 30 Nordic fintech companies pro- located in Sweden,
ist accelerators, and even an engaged customer viding concrete solutions to the financial lives of the Denmark, Norway,
base are all present. The most important ingredient 1.7 billion “unbanked” adults, and the 1 billion “seem- Finland and Iceland
of all – confidence – can be found in abundance. ingly banked” adults who have an account, but don’t
Susanne Hannestad
When it comes to scale-up businesses, the Nor- use them. The Nordic region’s success in humanitar-
dic region punches above its weight. 16% per cent ian efforts, building a cashless society, and global Fintech Mundi
of European fintech scale-ups are located in Swe- reputation for transparency, openness and design-
den, Denmark, Norway, Finland and Iceland. For led thinking, puts it in a strong position to help solve
comparison, 38% are in the UK, and 13% in Germany. one of society’s most intractable challenges.
Some of the fintech scale-ups are TransferWise from The opinions and data expressed here are those of Fintech Mundi, the provider
Estonia, Pleo from Denmark and Holvi from Finland. of the content for this page.
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Welcome to Fintech
Week Tel Aviv
Fintech Week Tel Aviv brings together produced some of the most successful
the leading players from a host of global fintech companies in the world; eToro,
fintech hotspots - from Europe to the OurCrowd, Personetics, Rapyd, Riskified,
Americas and Asia to the southern hem- Credorax, the list is endless...
isphere - to deliberate, network, share With a small domestic market, Israeli
ideas and look at ways to work together. entrepreneurs build their ideas with a
Over the last few years
Now a 4-day event, the 2020 conference global outlook. This is particularly perti- Fintech has established
will for the first time add a day of work- nent with collaboration and partnerships itself as one of the fastest-
shops. Fintech Week addresses the key a key tenet of fintech. Fintech Week has growing and most exciting
industry issues around innovation, fund- become an integral part of the Israeli
ing, regulation and growth in fintech, but fintech calendar enabling players and
industry sectors - just
also the trends and disruptions that will entities from across the world to access look at the amount of
dictate the future shape of the industry. to the Israeli ecosystem to engage, investment that has been
With a deeply rooted entrepreneur- share knowledge and explore ways of made in 2019 alone
ial culture, pool of talent and revered working together.
Jonny Paul,
start-up ecosystem, Israel is a recog- Fintech Week Tel Aviv will be back for
nised global leader of innovation and the 4th year, 9-12 February 2020, For Fintech Week Tel Aviv
disruption, second only to Silicon Valley. more information:
Israel has established itself as a leader www.fintechweektelaviv.com
in financial innovation, and at the fore-
front in areas such as cyber security,
big data analytics, AI and blockchain The opinions and data expressed here are those of Fintech
technology. Over the years, Israel has Week Tel Aviv, the provider of the content for this page.
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ISRAEL’S FINTECH ECOSYSTEM SPEAKS OUT

“There is so much happening in the Israeli market. The regulator estab-
lished a central repository for credit scoring, which has led to new inno-
vation such as checking your renters (WeCheck), then forced the major
banks to sell the credit cards companies they owned, which inspired con-
As our industry has grown
sumer to consumer offerings such as Bit, Pepper and PayBox with the
we have had some huge
strategy of becoming B2C offerings and competing with the same credit
cards the banks previously owned. successes to learn from
“Now the Bank of Israel is adopting open banking and following PSD2 has and also need to start
adopted leading EU standard of the Berlin Group. Israeli fintechs such as recognising some of the
Feezback, Finanda, Bizibox and others can provide better services that challenges we continue
are agnostic of your bank. to face around diversity
“At Finastra we’ve identified open banking as the biggest ‘next thing’ and and inclusion. This year’s
are investing in a platform that will connect fintechs and banks, help- conference is aimed at
ing banks expose state of the art APIs on their platform and seamlessly
addressing the themes
embrace innovation.
that will help the industry
“Fintech Week Tel Aviv brings it all together in a concentrated way, allow-
maintain this success
ing the fintech communities to come together to share ideas and knowl-
edge, and the challenges they face. We’re happy to learn and share our
expertise and experiences. We’ve played an active part at previous Fin-
tech Weeks and will be doing it again in 2020.”
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Europe’s beating digital heart
Finland’s technology revo- Finnish Fintech world-class platform for the knowledge, acceleration,
lution came from building in numbers digital economy. But whatever matchmaking, and train-
178+
railroads in the 1950s ena- the reason, the result is that ing services for the financial
bling movement of people Finland is a great environment industry and service Fintech’s
and things. The 90s trans- Fintech’s that are for developing financial tech- wishing to enter the Finnish
formed these railroads into currently active nology. The base level in tech by providing various landing
digital connectors when the is high, the innovation culture is services. We also function as
€1.1 billion+
amount of internet connec- great and digital is a standard. a connection to investors and
tions increased annually by Nevertheless, Financial worldwide hubs. As a digital
60-70%. Consistent develop- in yearly revenues Services are complex and so acceleration and transfor-
ment has ensured our place as regulated that newcomers mation agency, we have the
the most Digital Economy in need the right connections, building blocks to help com-
Europe with the best availabil- €400 million+ skills and knowledge to suc- panies succeed and the net-
ity in scientists and engineers. investments ceed. Helsinki Fintech Farm works to make you connected
Innovation culture is booming is on a mission to make thriv- where it matters.
but what is even more crucial Employs over ing easier. Together with our Contact us to learn more
6,700 people
is that Finns understand that commercial partners, fintech about Fintech in Finland and
all good innovations require a members, the public sector, the solutions we have to boost
solid foundation, good tech- including the Finnish Finan- innovation and co-creation.
nology and great teams. …countless opportunities cial Supervisory Authority and www.helsinkifintech.fi
Perhaps it’s our small pop- for growth Bank of Finland, and the Fin- or email: emmi-julia@hub13.fi
ulation that has forced us to tech Finland Association, we
co-create and standardize are building bridges between
in order to be efficient, which the different stakeholders. those of Helsinki Fintech Farm, the provider
in turn has helped us build a We provide innovation, of the content for this page.
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Supporting the growth of

an emerging ecosystem
The MENA Fintech Associa- rorist financing, payments
tion (MFTA) was established and cross border identity ver-
to focus on the elements that ification, Digital KYC, monitor-
make up a complete FinTech ing of digital currencies and
ecosystem in the region, and regional sandboxing.
what makes it conducive to MFTA leads the 22 country
growth. MFTA is a bridge fintech working group with the
Some of those elements between the regional central banks, by cre-
are an understanding of relating an independent country
evant laws and regulations
community, regulators and unified fintech operating
among FinTech players, a and policymakers framework. Apart from being
diverse talent pool and con- and brings all key one of only a few associations
nections with parties such stakeholders under with a broad working relation
as financial institutions, cen- with the central banks MFTA
tral banks, governments, law
one platform. also believes in on-the-ground
firms and educational bod- MFTA‘s members get engagement with the commu-
ies. MFTA brings together a accelerated access to nity with the latest being the
cogent ecosystem of 46 coun- the policymakers and launch of TOKEN NIGHT, in
try cross border alliances with collaboration with Abu Dhabi
regulatory engagement. It has
stakeholders which Global Market, which after its
taken concrete steps to create plays a pivotal role in a initial success is now taking off
an interoperable framework fintech success. for Geneva in Switzerland.
with focus on key verticals, Nameer Khan, MENA Fintech The opinions and data expressed here are
some of them being: issues those of the MENA Fintech Association, the
relating to AML, counterter- provider of the content for this page.
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Digitising the world’s 3rd

biggest economy
Japan is the world’s third-largest ing at registered SMEs or franchise
economy, after the United States stores (national chains are excluded CRYPTO-JAPAN
and China, with a GDP of $4.9 trillion. from the scheme). In addition to
Despite the country’s strong eco- providing relief for consumers, the Japan is taking a leading posi-
nomic position, Japan has struggled initiative, is intended to get the Jap- tion when it comes to regulation of
from stagnation for more than 20 anese hospitality industry ready for cryptocurrencies and cryptocur-
years. However, since 2013, the econ- the Olympics, when more than 40m rency exchanges, with laws that
omy has shown consistent recovery visitors are expected. came into effect in April 2017. By the
with growth of 2.2% between 2013 Under the banner “Global Finan- end of October 2019, there were 20
and 2016 and projected growth of cial City: Tokyo”, the Tokyo Metro- exchanges approved by the regulator,
around 1.6% to 2022. politan Government, in collabora- the Financial Services Agency, with
Among industrialized nations, only tion with the national government, more than 100 applications pending.
Germany has a higher utilization of the private sector, and others, is The groundwork has also been laid
cash for payments than Japan. The advancing initiatives to revitalize the for regulation on securities tokens,
Japanese government launched an financial sector in order to win back which is expected to become effec-
initiative to double cashless pay- Tokyo’s position as the top financial tive by April 2020. Securities tokens
ments to 40% by 2025. With the city in Asia. The initiatives are pri- will be classified as securities under
increase of the consumption tax from marily targeting asset management the existing Financial Instruments &
8% to 10% on October 1, 2019, several and FinTech companies to establish Exchange Law (FIEL), so that a secu-
discount schemes were implemented themselves in Tokyo. rities broker license, will be required
that subsidize the installation of for primary and secondary market
cashless payment terminals for mer- activity.
chants, and provide 2% or 5% of dis- The opinions and data expressed here are those of
counts for consumers when purchas- Tokyo Fintech, the provider of the content for this page.
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Market intelligence and

competitive research
with SEMrush
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over a billion calls to our API each year.
and the people behind them
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FINDE
Meet Team Findexable
Stanley Skoglund Simon Hardie Denise Gee Benita Morgan

Chairman CEO & Co-Founder Managing Director & Co-Founder Head of Global Partnerships
Kent Vorland Michelle Yeong Alessandra Zorzato

Chief Commercial Officer Chief Financial Officer Chief Marketing Officer
ENDNOTES
1 IDC FutureScape, Worldwide IT Industry 2019 Predictions, October 2018
2 Global Interconnection Index, Banking & Insurance bandwidth growth CAGR to 2022, Equinix 2019
3 Fortune 500 Companies,
https://fortune.com/fortune500/2019/search/?sector=Financials
4 List of S&P 500 Companies,
https://en.wikipedia.org/wiki/List_of_S%26P_500_companies
5 Parag Khanna, Ten Questions with Global Strategist Parag Khanna, Georgetown Magazine, July 2016
6 Quick Take: Women in Financial Services, Catalyst, May 2019
7 Global Gender Balance Scorecard, 20-First, April 2018
8 The End of the Tunnel, European Women in Payments Network, 2018
9 Ghela Bhoskovich, interviewed in NS Banking, March 2019,
https://www.nsbanking.com/analysis/women-fintech-financial-services/
10 Unravelling the Web of Inclusion, Mastercard, March 2018
11 Delivering Through Diversity, McKinsey & Company, 2018
12 Global Findex Database, World Bank, 2017
13 The State of European Fintech 2019, Dealroom and Finch Capital, October 2019
14 Exploring Lithuania’s Fintech Scene, NS Banking, June 2019
https://www.nsbanking.com/analysis/fintech-lithuania/
15 List of largest Internet companies, Wikipedia, October 2019
https://en.wikipedia.org/wiki/List_of_largest_Internet_companies
16 China pulls further ahead in mobile payments, South China Morning Post, February 2018
https://www.scmp.com/tech/apps-gaming/article/2134011/china-pulls-further-ahead-us-mobile-payments-record-us128-trillion
17 India and China Internet Freedom Score, Freedom House 2018,
https://freedomhouse.org/report/freedom-net/2018/india
18 Fintech Trends Q2 2019, CB Insights, August 2019
19 % of internet purchasers age 15+ that paid online for internet purchase, Global Findex, World Bank 2017
20 % of adults aged 15+ with a bank account, Global Findex, World Bank 2017
21 Information Technology in India, Wikipedia, October 2019 and China & The World, McKinsey & Company, June 2019
FINDE ABLE
findexable.com | Stop the search.
Copyright © 2019 Findexable Limited (www.findexable.com) & The Global Fintech Index. All Rights Reserved.
You agree not to reproduce nor distribute the report, either by email, website download, or any other electronic or physical
means without the written authorisation of Findexable or The Global Fintech Index. This material has been prepared for general
informational purposes only and is not intended to be relied upon as professional advice.

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FINDE ABLE

The Global Fintech

The 1st fully global fintech index covering

Our Global Partnership Network

The Fintech Cluster Tokyo FinTech

Introducing the World’s 1st Global

About Our Strategic Partners

Finder. Not founder.

Broken links, new value chains

marks the beginning of a new chapter, integrating economies along national

Among the insights included here, tion as a start-up nation. Fintech

There is a method to our madness. Really.

MAKING A RECIPE FOR SUCCESS guide as to what makes a hub success-

HOW TO HANDLE THOSE have risen to prominence in countries different to

Quantity Quality Environment

And it is changing. Financial services is sive, more global. Easier to access. To

express clarification that the innovation

new business models, the companies we’ve analysed to form

Jump to Contents page

Fintech rising? 2 OUT WITH THE OLD

Global Financial Global

financial centres London

3 FINTECH’S BRAVE NEW WORLD

do it best, we don’t pretend that this KEEP YOUR OPINIONS TO YOURSELF

DOES FINTECH HUB EQUAL START-UP CITY? GLOBAL CHANGE

Fintech Country Rankings

track take-up on a regional

TenX (val: US$159.1m)

Cryptocurrency & blockchain, Avaloq Group

Digital payments, alternative not in

Digital payments, SME,

Crypto and blockchain,

A regional race to the top

Regional Ranking Tables

Regional Ranking Tables

Regional Ranking Tables

1 4 23.621 Singapore City Singapore 1 20 86 8.378 Hangzhou China 5

Regional Ranking Tables

1 2 54.888 London United Kingdom 1 26 77 8.725 Kiev Ukraine 1

Fintech Nation: Big ain’t better

THESE ARE THE WAGERS

The Wagers FINTECH ECOSYSTEM

The Wagers FINTECH ECOSYSTEM

The Wagers FINTECH ECOSYSTEM

The Wagers FINTECH ECOSYSTEM

The Wagers FINTECH ECOSYSTEM

The Wagers FINTECH ECOSYSTEM

The Wagers FINTECH ECOSYSTEM

The Wagers FINTECH ECOSYSTEM

The Watchers FINTECH ECOSYSTEM

The Watchers Manila

The Watchers FINTECH ECOSYSTEM

The Watchers FINTECH ECOSYSTEM

The Watchers FINTECH ECOSYSTEM

The Watchers FINTECH ECOSYSTEM

The Watchers FINTECH ECOSYSTEM

The Watchers FINTECH ECOSYSTEM

Jump to Contents page