Organised by MAS in partnership with The Association of Banks in Singapore and in collaboration with SingEx Holdings, the Singapore FinTech Festival (SFF) is the world’s largest FinTech festival and global platform for the FinTech community to connect, collaborate, and co-create with one another.
Participants comprised key executives and decision makers from global financial institutions and corporates, innovators and technologists from FinTech start-ups to unicorns, investors, and academia.
According to research from professional services firm Accenture, FinTech investments in Singapore for the 9 months ended September 30th jumped 69% to US$735 million from US$435 million in the same period last year.
Last year, the week-long event brought together a staggering 45,000 participants from 130 countries. This year, SFF got even bigger as it merged with the Singapore Week of Innovation and TeCHnology (SWITCH) to introduce the inaugural SFF x SWITCH.
Featuring more than 400 speakers, over 900 exhibitors, 41 international pavilions, and about 60,000 participants from 130 countries, SFF x SWITCH 2019offered the unique opportunity for companies, public agencies and regulators to announce their latest fintech initiatives.
This year, six companies from Spain participated in the SFF: BBVA, Electronic Identification, Gradiant, Leanxcale, Newralers and Realsec. And eight morein the SWITCH: Airning, Global Channel Network, Cebiotex, Oylo, Dynamo video, Landbot, Socourt and Build 38.
FinTech in Spain
Spain currently has one of the largest fintech ecosystems in the world, at least in terms of the number of start-ups per capita, ahead of countries such as France or Germany.
To this day, Spain has 330 fintech companiesto which more than 200 insurtech companies are added. In this scenario, the big problem and at the same time the most ambitious challenge for the sector in Spain in the coming years is the size, which greatly depends on investment since the majority of startups in our country are still very small.
In this environment, another challenge is to generate more investment vehicles since only half of the companies have managed to complete to date an investment round. But there is still a long way to go. In fact, there are foreign funds that are already seeking an opportunity to invest in our country.
In any case, the Spanish fintech ecosystem has grown tremendously in just three years, when there were barely more than fifty companies. Today, the sector generates 5,000 direct jobs, which is expected to double in 2020. Meanwhile, insurtech has already surpassed 3,000 direct jobs, to which in just a year more than 1,500 will be added.
One of the improvementsexperienced in recent years has been the relationshipbetween the fintech universe and its entities. In fact, until recently, they were seen as a competitor and therefore, as a threat. Now, the scenario has changed. This is because companies now have a much more collaborative vision where they want to work together and are willing to invest. In the case of collaborations between start-ups, this is a much more common practice. More than 70% already do so, but it can be seen that companies are considering mergers in order to increase volume and expand to other countries and markets such as Latin America, since until recently, the expansion was limited only to a few countries in Europe.
For more information, please visit: www.asociacionfintech.es
Source: The Paypers, www.fintechfestival.sg, www.mas.gov.sg