The growing prevalence of fintech is most evident in the development of fintech hubs in major cities.
Fintech hubs are different financial centers around the world where startups, talent and funding congregate. As more and more of these hubs pop up, each are trying to establish themselves as an established fintech center.
The U.S. and the UK are the primary produces of fintech hubs but other major countries such as, Australia, Switzerland and China are sprouting up fintech hubs in their respective major cities. These cities include Sydney, Zurich and Shanghai.
Other countries have nascent fintech hubs that are developing at fast rates. These countries include Brazil, Israel and Canada. This marks rapid growth given than 10 years, fintech was primarily being developed in the U.S. and the UK.
Today, 33% of digitally active consumers globally use fintech. China is the country with the highest proportion of fintech users. 69% of China’s digitally active consumers use fintech. More and more players are entering fintech development and demonstrating that not only will it remain prevalent, but traditional major players in finance may have to make room for new countries.