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Top 10 countries leading in fintech

Let’s consider the top 10 countries which develop the fintech industry

Top 10 countries leading in fintech

Top 10 countries leading in fintech. Source: shutterstock.com

It’s been a decade since fintech began serving as a middleman between people and financial services. Fintech is good in many ways, but one of the main reasons for its popularity is the transparency it can offer. Fintech firms also guarantee rapid solutions and are able to adjust these solutions/products to their customers’ needs.

Let’s consider the top 10 countries which develop the fintech industry and are role models for other fintech-friendly states.

10 fintech centers worldwide

According to the Global Fintech Index City Rankings 2020, the top 10 fintech countries are:

  1. The USA
  2. The UK
  3. Singapore
  4. Lithuania
  5. Switzerland
  6. The Netherlands
  7. Sweden
  8. Australia
  9. Canada
  10. Estonia

1. The USA

Top 10 countries leading in fintech

The USA. Source: shutterstock.com

In 2020, the situation with fintech leaders has drastically changed compared to 2018 and 2019. The UK has always been considered to be the fintech leader. But today, the US has overplayed the United Kingdom. Mostly, it has happened due to the number of fintech-related deals and the number of investments (about $16,3B investments and more than 1000 deals/contracts in 2019). Such leaders of the industry as Stripe, Coinbase, and Robinhood make this country a real leader of the market, if we are talking about financial technologies. Moreover, according to the same abovementioned report (the Global Fintech Index City Rankings 2020), San Francisco heads the list of the top fintech centers in 2020 (followed by London, New York, and Singapore).

2. The UK

The United Kingdom. Source: unsplash.com

Traditionally, the United Kingdom is an indisputable leader when it comes to fintech. However, this time, the country is ranked #2. Anyway, it doesn’t put this country away from the list of fintech leaders since the second place is still a very good result. What we know for sure, is that the UK first comes to mind when people familiar with the industry hear the word “fintech”. What’s more, Great Britain is also #2 in the list of the fintech deals/investments in 2019 (about $4,9B investments and 359 deals/contracts). And it’s one more thing we know for sure, you will not be surprised to find that London is the #2 city in the Global Fintech Index 2020 list (which is the list of top fintech centers), which we mentioned in the point about the USA. And still, many people consider London to be Europe’s fintech capital due to such companies as TransferWise, Greensill, BGL Group, and others.

3. Singapore

Singapore. Source: shutterstock.com

Singapore shows good results, and it can be a good example when it comes to stability. The country is normally included in the top 3 according to different lists of fintech leaders during 2018-2020. Today, Singapore is a large fintech hub, and the government usually allocates a lot of funds in this industry (particularly in the realizations of fintech projects). Given the fact that China (as well as most Asian countries) has reduced the investments of fintech startups, Singapore can be rightfully called “Asia’s fintech hub”. Such firms as TenX, Quoine, and Kyber Network continue to grow, and help to develop the industry in the country. The country’s GDP per capita is about $55,000 – $57,000, while the government encourages fintech startups with low fees on business activity and new projects launching. Furthermore, Singapore was ranked the #4 fintech center worldwide in the Global Fintech Index 2020 list. In 2019, the country received around $490M of investments.

4. Lithuania

The Bank of Lithuania

Lithuania. Source: unsplash.com

This country is a relatively new player in terms of being included in the top 10 fintech leaders lists. Nevertheless, Lithuania has shown rather good results in the industry, and such startups as Stockinvest, Coingate, and NEO Finance have considerably helped Lithuania to implement fintech-related plans. It is also worth mentioning that Lithuania allegedly has the highest WiFi speed in Europe (and, according to some sources, in the whole world). Payments, lending, and banking are the strongest points of the country’s fintech sector.

5. Switzerland

e-commerce in Switzerland

Switzerland. Source: unsplash.com

This country is a frequent flyer around “top N” fintech leaders lists. It is also considered to be the richest country in the world (alongside Norway), and it is also the most expensive country worldwide (ironically, Switzerland normally competes with Norway at this point). Switzerland started developing this sector roughly four years ago, and nowadays, it is performing more and more successfully. Avaloq Group and Ethereum are undeniable leaders of the industry in the country. The strong sides of the fintech performance of the country are cryptocurrency & blockchain, wealth management, and crowdfunding.

6. The Netherlands

The Netherlands. Source: unsplash.com

It is no surprise to see The Netherlands in the top 10 fintech leaders list again. What do we know about the country (except legal drugs, prostitution, tulips, and a big number of bike riders)? First of all, the country has an advanced economy and low unemployment rate, while the adoption of the new technology rate is quite high. What condition can be better, if we are talking about launching a new fintech startup? Adyen, Ohpen, and BUX are flagship companies that are widely used and know far beyond the Netherlands. The country is a good player in the fields of digital payments, alternative lending, and investments. Today, more than 15,000 experts are engaged in Amsterdam’s fintech sector.

7. Sweden

Sweden. Source: unsplash.com

Sweden is also one of those countries that used to be included in numerous “top fintech countries” lists. For years, Stockholm was being called the second-largest European fintech hub (today it’s rather a moot point, but Stockholm is surely one of the most developed cities in terms of financial technology). Tons of customers worldwide are familiar with such Swedish startups as Klarna, while iZettle and Anyfin are keeping up the pace. Sweden is also one of the world’s leaders in terms of digital payments and SME. Swedish residents are indisputably looking at fintech startups as the major alternative to conventional banks.

8. Australia

Australia. Source: unsplash.com

Australia is a surprise #8 in the list of the most fintech-successful countries. Sydney is ranked #13 in the list of the top fintech centers in 2020. Such fintechs as Judo Bank, MoneyMe, Airwallex, and Afterpay have helped the country to enter this list. Even though the country still has a lot of things to improve, (i.e. ecosystem, disconnect between top local hubs Sydney/Melbourne and the top two worldwide hubs New York and London, etc), most fintech experts believe it is really a decent result. Today, Australia is an expert in digital payments, personal finance, and alternative lending.

9. Canada

Canada. Source: unsplash.com

Canada is famous for its progressive banking system, leading research centers, and low business fees, which is a good launching pad for new businesses and startups. As of 2019, there were no less than 4,500 active fintech startups in Canada. Moreover, Toronto is ranked #12 in the list of the top fintech centers in 2020. In 2019, more than $670M was invested in Canada in terms of the fintech industry, while the number of fintech deals/contracts was 81. Carta, Borrowell, and Wave are the leading Canadian fintech firms, while the country is known for such areas as crypto & blockchain, lending, and insurance.

10. Estonia

Estonian e-commerce

Estonia. Source: unsplash.com

We’ve mentioned Lithuania above and have said that it is a surprise to see this country in the top 10 list. The same applies to Estonia. Lately, this country has shown good results in fintech and different innovations, but most experts didn’t expect to find Estonia in “the top 10 most successful fintech countries” list. We also have articles about Estonia’s success in this field, so you can read them if you want to know more about the latest news about fintech in this country. The strongest points of the country’s fintech sector are digital payments, personal finance, and alternative lending, while the leading fintech firms are Fortumo and Veriff.

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