Assignment - The Old and The New in Fintech

[PaulS96]

• Make a screening of existing fintechs in your region using google and map out which kind of banks they are focusing on.
  Austria:
  I found a list of several FinTech companies in my region. I will mention one example per sector.

Accounting: CorpLife
Crypto: BitPanda
Funding: Rendity
Insurance: durchblicker.at
Investing: Novofina
Payments: Ixolit
Consulting: Value3 Advisory
Platform: Infina

• Estimate the areas that are currently underserved in your region (in other words, where the opportunities are)
  The areas mentioned in the first point have some sort of competition. Other areas may present opportunities for more development.

[Shanghaistu]

This graphic helps to show the landscape of fintech in China somewhat :

Still a lot for me to learn about this overall space, I personally feel that the payment and financing aspects (and big data and surveillance potential) are very well developed, but individual financial empowerment and alternative investment options versus the legacy banking system are lagging up to now, possibly due to heavier capital and exchange rate controls versus other markets

[jak]

Seems as though there’s plenty of B2B fintech companies in Australia.
The picture below is a map of some of them - although I think they’ve missed many of the B2C players - or perhaps it’s an old image.

There’s many payment services in Australia - it seems as though that wouldn’t even be worthwhile going into. Much is the same with investing and cross-border payments.

However, on the borrowing and lending side across the spectrum of customer size, there’s definitely opportunity.

[RBIG]

I found a 2019 Canadian Fintech Market Map
There are many more Fintech’s in Canada since this was created but it also surprised me how many sectors were being covered.

[mchiando]

According to the website fintechmap.ch in Switzerland there are:

• 137 Investment Management Fintechs
• 63 Payment Fintechs
• 44 Deposit & Lending Fintechs
• 119 Banking Infrastructure Fintechs
  Another intersting data point is that 121 of the above already use Distributed Ledger Technology

According to my research it seems that currently there is no offering on the insurance side, which also confirm the research done for the previous assignment. Something to consider is that insurances are very used and very strong in Switzerland already, but it could also be an opportunity if offering a fintech solution that disrupt somehow the market.

[marsrvr]

Again I’ve searched through the FinTech companies in my area on Google Earth. I find a lack of FinTech companies servicing the savings pillar. I think that’s not an accident. We understand the Fed here. But that is an opportunity for a crypto startup…

[Iman_Imano]

Most of the exisiting fintechs in the region are offering services in collaboration with existing banks and in some cases as extensions of them. As far as areas which are being underserved, realtime digital services involving money managements in one place, lending, remittances have a potential. These services in some ways are available through online connection with bank, however, people still find using brick and mortar site services faster.

[moragarcia75]

Doing a search for fintech companies in Puerto Rico did not produce any information. Therefore, I performed a search for a previous homework and this is what I found for fintech companies in Puerto Rico.

[PabloAAAJ]

Looking at the Fintech Map in Argentina, I can see an opportunity on a high inflation country (around 50% annually) where saving in our currency is not possible. In addition to that, government doesn’t allow citizens to buy foreign currencies with far less inflation than our ARS (RIP ). Current government allowed cap is 200USD monthly.

[rhysjharry]

Moola - lending
Sharesies - share trading/investing
NZFintech = term deposits 5-14% interest

Most Retail Banks have streamlined mortgage operations with fintech but not gone all in with total overhaul from what I can see.
Adding fintech gradually to the traditional operations improves operations marginally but startups are killing it operationally and with the returns they can offer but it is still in the adoption stage for the smaller operator with quite a few competitors.

The opportunities lie with ‘start from scratch’ projects but the challenge is exposure and marketing is also start from scratch. Like you’ve got the fastest horse but you’ve got to start a lap behind.
So its catch up for the next year or so, and there’s a lot of new horses.
Hmmmm an interesting race but seems some of the new horses will win, if I was a betting man.

[Crypto_PONY]

1. Here are some Fintechs and their corresponding focus in Nigeria;

• Flutterwave - Payments
• Insurpass - Insurance
• Fairmoney - Lending
• Evolve Credit - Lending
• Lidya - Credit Scoring
• PiggyVest - Savings
• Chipper Cash - Cross-boarder payments.

2. Areas currently underserved include Insurance, Remittance, Investment and also Savings, with particular focus on crypto, although crypto operations are currently prohibited in Nigeria.

[lauforeman]

Hello everyone!

1. There are more than +200 fintech companies here in Colombia:

   

2. Based on my analysis, there are a lot of opportunities in the savings pillar of finance since here we only have 3 neo banks: Nequi, Nubank and Irisbank (which is not very popular).

[Cromaz]

GERMANY

2021 Report:

• The FinTech Ecosystem Germany consists of 639 active FinTech companies
• The single service provider are currently the largest group, accounting for 230 companies and corresponds to 36% of FinTechs
• The largest segment is made up of personal financial management. This segment accounts for 20% of all FinTechs

[cotts31]

[M_Alex]

Romania’s Fintech Map is available here: https://www.smartfintech.eu/post/romania-s-fintech-map

Underserved Areas -> Opportunities:

• Insurance
• Lending and Crowdfunding
• Investments and Wealth Management

[aldrin]

they call atlanta. the fintech capital of the world… not sure why?

i would say ; it’s overloaded with fintechs and startups:

• 7 of the 9 largest U.S. card acquirers are based in Georgia.iii
• 6 of the 10 largest U.S. payment processing firms are headquartered in the state.i
• The top 20 Georgia-based FinTech companies generate annual revenue of more than $72 billion.iii
• More than 38,000 professionals in Georgia iii (and over 130,000 globally)i are employed by Georgia-based FinTech firms.
• These companies process over 128 billion transactions (over $5 trillion) per year.iii
• There are over 20 blockchain companies based in Georgia and at least 10 of Georgia’s large corporations, such as Coca-Cola, UPS and Cox Enterprises are experimenting with blockchain.iv

[i] Georgia Department of Economic Development, Georgia has emerged as a world leader in FinTech due to the presence of an unprecedented number of financial technology industry leaders .

[ii] P20, Transaction Alley: The Name Atlanta Earned After 100+ Years of Payments and Financial Technology advancements, May 2018.

[iii] TAG FinTech and the Financial Services Innovation Lab at the Scheller College of Business at Georgia Tech, 2018 State of Georgia’s FinTech Ecosystem, May 2018 .

[iv] TAG and the Scheller College of Business at Georgia Tech, 2019 Blockchain Ecosystem Flash Report, State of blockchain ecosystem in Georgia, 2019.

[v] American Transaction Processors Coalition , Map of Georgia’s Transaction Alley

[vi] Forbes, Atlanta Boldly Claims Global FinTech Lead Status, Dec 2016.

view of fintech companies per sector:

[Joeyj007]

It seems that this space has grown significantly within the space of 5 years, in particular, the payments and lending area.

[Brendan_Valentine]

Most of the Fintech in Canada is focused on retail banking and small enterprise. They are also regionally concentrated in certain jurisdictions (Toronto, Vancouver, Montreal).

The opportunity is in disrupting the hegemony large Canadian banks have on everything in the country. However there is lots of government friction to overcome. I think that the pathway forward is to build a solid fintech industry for smaller customers that provide undeniably better services. That will build a solid platform to introduce services to larger institutional clients (e.g., Coinsquare Wealth).

[hmpbkj]

• Dwolla is a fintech that offers a platform for businesses to securely and efficiently send and receive payments.

• SoFi is a fintech that offers personal loans, mortgage refinancing, and student loan refinancing.

• Wealthfront is a fintech that offers a robo-advisory platform for investing and wealth management.

• Lemonade is a fintech that offers insurance products using a chatbot and mobile app platform.

• TradeStation is a fintech that offers a platform for online trading and investment in stocks, options, and futures.

• Jumio is a fintech that offers identity verification services using facial recognition and document verification technology.

There are many other fintechs operating in the state with a range of different offerings.

However, some potential opportunities for fintechs in Florida could include serving underserved or underbanked populations, addressing specific pain points or inefficiencies in traditional financial services, and leveraging emerging technologies such as artificial intelligence and blockchain to create innovative financial products and services.

[Bsse]

Fintech companies in the country that I’m residing:

Retrieved from: Finnovating

Mexico, being a country under development, has a lot of competitiveness against fintechs around the world.

The opportunity I see, is regarding to the union of all this areas of Finance within an unique and adaptable Application. At the end, everything comes down to the UX (User experiences) and a easy to use UI (User interphase).