Companies in China and Asia generally provide the most technological innovation in the fintech sector. Payments and transaction companies lead the list, followed by businesses, insurance, and lending sectors.
The Born2Invest news application brings you the latest finance headlines and is one of the best financial and business news app. It provides its readers access to the latest news in global business, stock market, finance news, also trending topics like bitcoin, cryptocurrency, and fintech.
Leading fintech companies in Fintech 100 ranking 2019
The conclusion drawn by KPMG and H2 Ventures in the FinTech 100 ranking 2019 – the ranking of the hundred leading fintech companies is as follows: China’s Ant Financial, Singapore’s Grab, and China’s JD Digits took the first three positions. The first western company in the ranking is the American company Compass, which occupied the seventh position. The ranking is showing the fifty most important established and innovative fintech companies in the world.
The companies are being judged on their innovative capacity, their efforts to raise capital, their size and the scope of their activities. In total, seven companies in China and the Pacific occupied positions in the top 10. In addition to Compass, the American company Opendoor and the British company OakNorth were also included in the Fintech100 report.
Fintech companies offering new products and services in the field of payments and money transactions are dominating the Top 100 with 26% of the listings. In addition, companies that are offering new services in the areas of asset management (20%), insurance (17%) and lending (15%). Europe is represented in the KPMG ranking by 34 companies. Eleven companies from the United Kingdom made it in the Top100, five fintech companies from Germany, four from France and three companies from Spain. Dutch fintechs are not included in the list.
Investments in fintech
“Investments in fintech largely determine the growth of the financial sector worldwide,” said Nienke Wichers Hoeth, FinTech partner at KPMG. “The hundred companies together raised almost $22 billion (€20 billion this year). The leading fintech companies are particularly popular among investors. They are raising significantly more capital than other fintech startups. In 2019, they accounted for almost $110 million (€100 million,) considerably more than in 2018 and 2017. At that time, the leading companies raised $27 million (€25 million) and $11 million (€10 million) respectively.
Indian fintech companies are also on the rise
Although China is still holding a leading position, fintech in India is clearly on the rise, according to KPMG. “This is not surprising. The country has more than 580 million people who live in urban areas. Also, the country has 900 million mobile phone users. There are no more than 271 million bank accounts in India. That means that the country is ready to embrace fintech in a way we’ve never seen before. We see eight fintechs from India in the ranking, two of which are in the top 10, Paytm Communications and Ola.”
Open banking system
Open banking is one of the most important changes in financial services. “Open Banking is breaking away from the traditional way of banking and transforming the financial sector into a more open system. This will increase competition, give fintechs access to consumers’ payment data and enable them to offer new and tailor-made services”. Wichers Hoeth Fintech partner at KPMG said.
According to KPMG, open banking is a good example of a movement in which sectors are increasingly converging and companies in related sectors see opportunities to serve consumers better and faster. “By making optimal use of technology and data, new and improved products and services are created for customers. Traditional boundaries between sectors will become more blurred and foreign companies will increasingly enter the financial sector. There is a growing number of partnerships between these companies in line with the developments towards a platform economy.”
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in accountant, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
“People Mobil Herzogenrath” Was Created Through Crowdfunding
The application to “Aktion Mensch” was ultimately successful, which granted “People mobil Herzogenrath” €52,000, which could be used to order...
How the Fintech Sector in Mexico Developed
Mexico is experiencing substantial internal growth in its fintech sector, securing the position as the country with the second-highest number...
Why the Bank Liquidity Deficit Eases in Morocco
Last week's money market trends, as analyzed by BMCE Capital Global Research, revealed notable adjustments in both bank liquidity and...
Germany Plans to Legalize Home Cultivation and Possession of Cannabis as of April 1st, 2024
The legalization of cannabis is part of the government coalition agreement, made up of the three parties mentioned above. In...
Green Bonds and Energy Transition Create ESG Opportunities for Investors
ESG investing has experienced a recent slowdown in both market performance and assets under management. Notably, investments concentrated on pure...
Fintech2 weeks ago
Nium Seeks Regulation Under the Fintech Law in Mexico
Biotech7 days ago
European Patent Office Invalidates Moderna’s RNA Solution
Crowdfunding18 hours ago
“People Mobil Herzogenrath” Was Created Through Crowdfunding
Cannabis2 weeks ago
U.S. Giant Constellation Brands Scaling Back Cannabis Investments