The competition to be the top global fintech hub is heating up.
- The UK is one of the leading global fintech hubs thanks to availability of tech talent, capital investment, and its supportive regulatory policy.
- However other countries, including the U.S. and China, compete closely for this coveted top spot.
- For the UK, a booming fintech industry is desirable for two reasons:
- It helps the national economy – the UK fintech industry generated £20 billion ($28 billion) in revenue in 2014, and
- It promotes competition and growth in the financial services industry.
Source: Business Insider