The 2019 Fintech100 Rankings Released
On November 18, the renowned KPMG unveiled its eagerly awaited 2019 Fintech100 list, showcasing the crème de la crème of fintech companies worldwide. Despite the enduring buzz around cryptocurrency and blockchain, the ranking revealed a noticeable dip in Bitcoin-related firms, while simultaneously highlighting a surge in payment innovation.
Leading the Charge: AntFinancial Reigns Supreme
Once again, AntFinancial, the brainchild of Alibaba’s Jack Ma, secured the top spot. This titan controls Alipay, one of China’s foremost payment platforms, boasting an impressive valuation of $83 billion. Talk about making your wallet lighter without you even noticing!
The New Contenders in Payments
Grabbing the second position was Grab, the app that revolutionizes ridesharing while doubling as a payment powerhorse in Singapore. Hot on their heels was JD Finance, showcasing that the battle for dominance is not limited to cryptocurrencies, but extends to innovative payment solutions as well.
Fallen Stars: Robinhood’s Rocky Road
It wasn’t all smooth sailing for everyone, as Robinhood slipped from 8th to 14th place. This could serve as a cautionary tale that even darling startups aren’t immune to the ups and downs of the fintech world. But don’t count them out yet; crypto innovation still shines through, with blockchain enthusiasts like OneConnect (18th) and Coinbase (34th) making the cut.
The Surge of Chinese Fintech
Chinese firms dominate the landscape. Chris Wang, KPMG’s partner and head of fintech in China, commented on this trend, noting, “As fintech development continues to go strong in China, we are witnessing significant shifts in our fintech environment. The list indicates an influx of wealth, insurance, and multi-sector companies, showcasing the extensive reach of technological innovations into various financial services sectors.” This transformation is not just about numbers; it’s about reshaping how consumers interact with financial products.
Fintech’s Economic Impact
The report also divulged that the companies within Fintech100 raked in an astounding $18 billion in the past year, amassing over $70 billion throughout their lifetimes. They have successfully transformed the landscape of global finance, catering to more than 2.5 billion customers. These numbers don’t just tell a story; they herald a fintech revolution that’s only just beginning.
The Future is Open Banking
While fintech firms are presenting themselves as formidable players in the financial services realm, KPMG pointed out their strategic use of open banking. This approach helps them tap into consumer banking data to craft personalized services. The early innovators, who once focused solely on niche products, are now diversifying their offerings, often through new banking licenses, driven by supportive regulatory dynamics.
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