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Finance

Can Europe really become a fintech capital?

Technological advancements are revolutionizing financial services right around the globe, and as a result, the term “fintech” has been coined. It predominantly refers to rise of digital banking, investing and cryptocurrency platforms. Systems are also being used to automate insurance, risk management and trading.

According to research from VBProfiles, there are more than 1,000 high-growth fintech companies across the globe. Over the past few years, they’ve raised over $105 billion in funding and are worth $870 billion combined. The same report names the UK, New York and France as the biggest fintech hubs.

There’s certainly a lot of potential here, and global governments clearly understand that. The European Commission, for example, recently confirmed that it is drafting new measures to capitalize on this rapidly-expanding sector. It wants to convince fintech companies and research projects to set up shop in Europe by providing new investment opportunities and best practices.

Mexico joins countries like Germany in its new move to regulate fintech. Check out: Fintech regulation could drive competitive growth in Mexico

European officials want to “enable innovative business models to scale up, support the uptake of new technologies, increase cyber security and the integrity of the financial system”. They’re preparing to launch a dedicated fintech lab to boost innovation in the area as well. These are, of course, ambitions aims. So the question is, can Europe really become the world’s fintech capital?

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Nicholas Fearn

Nicholas is a technology journalist from the Welsh valleys. He's written for a plethora of respected media sources, including The Next Web, Techradar, Gizmodo, Lifehacker, TrustedReviews, Alphr, TechWeekEurope and Mail Online, and edits Wales's leading tech publication. When he's not geeking out over Game of Thrones, he's investigating ways tech can change our lives in many different ways.

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