An Independent report published by Ernst & Young today ranked Britain as the first among FinTech cities of the world. Britain is first among seven leading FinTech hubs from Silicon Valley to Hong Kong.
- Major FinTech cities: Australia, California, Newyork, Hong Kong, Germany and Singapore
- Key factors: Talent, Capital, Policy and demand
- Britain was ranked top after detail analysis and opinions from 65 FinTech experts
- It supports over 61000 jobs
- Generated £6.6billion revenue in 2015
Analysis based on Key factors
- Talent: The UK currently has a very good pool of talent but California leads for the depth of talent overall.
- Capital: The availability of capital in the UK is good for early-stage investment and California is dominant in FinTech investment overall.
- Policy: The UK has the strongest FinTech policy environment, with the most supportive regulatory regime whereas policy initiatives in Singapore and Australia are increasingly progressive.
- Demand: FinTech Demand is robust in the UK with London being the financial capital supporting it
Points to note
- California though is ahead of UK in other 3 factors occupies 2nd place owing to the regulatory policies
- The major strength of UK is its policy which is Transparent, simple and Industrial led approach