Opportunities in Fintech Today

Today, the Fintech industry has a world of technical entrepreneurs breaking into banking. Currently, fintech businesses have a market cap of $140 billion. The rising market cap reflects driven, talented youth that are moving to the industry. In China, young graduates turn to fintech for specialization.  Hong Kong, the fintech hub of Asia, launched a Fintech Career Accelerator Scheme which offers internships to undergraduates and graduates, which more than 10 banks support.

Further Fintech News from Asia

The Singapore Fintech Festival, being held from 12 to 16 November 2018 will be a platform for Fintech developments and budding opportunities in ASEAN (Association of South East Asian Nations). The festival will see fintech stakeholders and investors from the world over participate. Topics like blockchain and distributed ledger technology, cyber security, capital markets, infrastructure financing, etc are up for discussion. The event will be a platform for connectivity, innovation and investment.

15 June 2018 is the final date of submission for fintech solutions in the Festival exhibition. Based on business potential, innovation and execution, 20 finalists will pitch their idea to corporate clients. Well equipped finalists will be able to develop prototypes with industries, not to mention receive mentoring and a stipend of 20,000 Singapore Dollars.  The exhibition will serve as a platform for next generation start-ups in ASEAN to connect with potential investors.

Fintech opportunities have a bright future.

Where does the UK stand on Fintech?

Increasing uncertainties around Brexit can cost the fintech industry a whopping £361 million in the future. Around 86% of industries plan to relocate outside of the UK to attract young talent from around the world. The Fintech focus is rapidly shifting towards Asia. By 2030, more than 30,000 new jobs may arise in the sector and a lack of talent could be catastrophic.

On a more positive note, Wales invested over $115 million dollars in fintech start-ups in the last decade. The UK government published a strategy to support the Fintech sector in 2018.  Working closely with Fintech firms, they will continue to attract international talent for the sector. They will also manage local skills in the UK and harness them for fintech.

Problems around regulation

Regulations surrounding fintech are still unclear. This can curb innovation; regulations should never dictate the progress of technological advances. Instead, industries should focus on consumer requirements and overseas trading.  

Other Fintech supporters

The Institute of Blockchain Innovation formed by some US and Canadian companies invite people to be involved in blockchain development. The application of Blockchain technology in the Fintech industry will facilitate smooth transactional procedures. The technology will also have major implications in seamless banking networks.