Where Will the Next FinTech Hub Be?

 

The world is ever changing and the business world is no exception. With a great interest in the FinTech field, I am fascinated by the question of who will win the title of the next FinTech hub.

Previous holders of the crown have been San Francisco, New York and London. But with the changing market and a growing interest in the FinTech field, more and more places are campaigning to take the title. Let’s look at some of the front runners.

Paris, the city of lights, has been doing major work to become the city of FinTech. It has the bonus of being the city that London entrepreneurs are moving to post-Brexit, which gives it a solid base of companies on which to build its empire. On January 25-26, 2017, Paris hosted the first Paris Fintech Forum, bringing together thousands of FinTech startup owners and entrepreneurs to discuss the business of FinTech. By working up this strong base, Paris has a real chance to take over the FinTech market.

Then there is China, a powerhouse country that is aiming to take the FinTech world by storm. A recent report by DBS and EY ranked China at the top of the list of FinTech hubs and their investment in FinTech has doubled since 2010. In fact, the country has launched a $1.5 billion investment fund designed to help cultivate FinTech companies. With such a strong backing, the FinTech companies coming out of China will easily help push China as the ideal hub.

The underdog is likely the city of Visakhapatnam. That being said, the recent demonetization of Indian currency has increased the interest of FinTech in the country and the Indian government is seeking to cultivate this interest by organizing roadshows and creating needed partnerships. As FinTech will bring banking to a large number of Indian citizens who were previously unbankable, Visakhapatnam has the compelling backstory to possibly overtake the competing cities.

Of course, country pride means I have to put my money on Toronto. Already a major player in the financial industry and home to many FinTech startups making fantastic strides in the international market, Toronto is very attractive to foreign investors and foreign talent. With the right push, the city could easily become the next FinTech hub and take banking to the next level.

Who will be next to take the FinTech crown? We have to wait and see.