The relationship between finance and technology has a real future: this type of innovation is about to disrupt the way people manage their money. The change is technological, cultural and economical at the same time.
During these years, we are seeing the growth of the FinTech sector globally. But there are some differences because the scenario is different in the areas of the world.
At a global level, the FinTech Innovation Lab is a mentorship program who runs in New York, London and Hong Kong, aimed at sustaining early-stage companies in the FinTech area.
Middle East and North Africa are two interesting areas for the growth of the FinTech: in the MENA region, the population is about 250 millions of people, 60% of them is aged under 25; Internet users are more than 155 millions, smartphone users are more than 75 millions, and more than 68 millions of people will be online by 2019, with more than 220 millions smartphone subscriptions by 2020 (Source: Internet World Stats, Arab Net Top App Trends Report).
As we know, London is a global hub for the FinTech companies. So, which is the Brexit effect on the UK FinTech market? According to the Pitch Book for Innovate Finance, venture capital investments in UK FinTech showed a 33.7% downward in 2016: $783 million, in contrast to the $1.2 billion raised in 2015. In the world, venture capital investments for FinTech increased by 10.9 % to $17.4 billion in 2016, with 1,436 deals in total. China at $7.7 billion outpaced the US at $6.2 billion for the first time, with 3 “mega-rounds” each over $1 billion. Despite the apparent post-Brexit gloom surrounding the UK market, the United Kingdom retained its third place ranking, attracting the highest volume of deals outside the US at 173.
Euklid is a startup founded by three young Italians (Antonio Simeone, Francesco Di Leva, Mario Giancola) in Italy in 2015, and now relocated between London and New York. The purpose of Euklid is to create the bank of the future by using Artificial Intelligence and Blockchain technology, through a win-win game among Euklid and its customers.
In the field of the e-payments, Cashless Way is a global hub supporting the culture of the digital payments: it was born in 2013 in Italy (Rome) and it’s led by Geronimo Emili. Among the initiatives by Cashless Way, there is also #NoCashTrip Europe: a trip through Europe by using digital payments tools only; in 2017, the trip will start on June 27th from Italy.
These are the early days of a new era for the FinTech: the global scenario is challenging for those who have concrete ideas to innovate into this strategic sector. Money is part of everyone’s life, and the innovation about money management and investments is one of the broadest and most interesting areas for the next years.
