London keeps hold of global fintech lead - but these are the global cities hot on its heels

 
Lynsey Barber
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London and Singapore are the best fintech cities in the world (Source: Getty)

London has held on to its top spot as the fintech capital of the world, alongside Singapore, but new centres of expertise have emerged which could give the UK capital a run for its money.

Chicago was the highest new entry in the ranking, which has been refreshed after six months to include an additional 20 countries from around the world.

The US city entered in fifth place ahead of Hong Kong, just behind financial and technology powerhouses New York and Silicon Valley, which placed third and fourth respectively.

Read more: Swedish minister visits London to lure fintech firms and banks to Stockholm

Stockholm and Tokyo entered the ranking in joint eleventh place, with Copenhagen, Edinburgh and Oslo also entering in the top 20.

“The UK has long been a leader when it comes to fintech and so it’s great to see our position is unchanged. It does, however, highlight the prominence of other cities vying for a slice of the pie," warned City of London policy chairman Mark Boleat.

"With competition rising, it’s important for the UK to continue championing innovation whilst maintaining the right degree of regulation to see our fintechs thrive. We are committed to strengthening fintech in the UK and are hopeful we can continue to lead in this sector.”

The list takes into account areas such as innovation, business and regulatory friendliness in a report by Deloitte for industry bodies Innovate Finance and Swift Innotribe, which recently formed the Global Fintech Hubs Federation (GFHF) to represent the industry globally.

The fresh figures come ahead of the Innovate Finance Global Summit (IFGS) and the government's first international fintech conference this week, which are expected to attract thousands of experts from around the world.

Speakers at the three days of events are set to include the inventor of the world wide web Sir Tim Berners Lee, Bank of England governor Mark Carney, the City Watchdog's Christopher Woolard along with top executives from finance and technology.

Read more: Why a red tape bonfire won’t help fintech

Efforts to boost the UK's world-leading fintech sector have seen fresh collaborations between the Financial Conduct Authority and several cities around the world since the EU referendum. And the sector was handed high-level backing from the government in the Autumn Statement with the chancellor promising a "fintech census", results of which are due to be revealed this week. It's expected to provide the truest picture yet of the data driving the industry for investors and policymakers and its contribution to the UK economy.

"The next few days offer an unprecedented opportunity for ambitious UK firms to come together with investors, regulators, legal experts and government advisers to talk about the best way for them to scale up and flourish," said economic secretary to the treasury Simon Kirby.

“We are already the best in the world at fintech and we are determined to keep it that way. Fintech week 2017 is a crucial part of our plan to forge a truly global Britain that remains a great place to do business.”

Top global fintech hubs

Rank Location Score
1 London 11
1 Singapore 11
3 New York 14
4 Silicon Valley 18
5 Chicago* 20
6 Hong Kong 22
7 Zurich 41
8 Sydney 45
9 Frankfurt 46
10 Toronto 50
11 Stockholm* 55
11 Tokyo* 55
13 Dublin 56
14 Taipei* 57
15 Amsterdam 70
16 Copenhagen* 71
17 Paris 76
17 Edinburgh* 76
19 Oslo* 77
20 Luxembourg 83
21 Abu Dhabi* 99
22 Kuala Lumpur* 101
23 Warsaw* 108
24 Tel Aviv 111
25 Shanghai 119
26 Lisbon* 124
27 Shenzhen* 125
28 Prague* 126
29 Brussels 127
30 Milan* 128
31 Madrid* 132
32 Bangkok* 137
33 Budapest* 151
34 Moscow* 167
35 Istanbul* 168
36 Manama* 178
37 Mexico 181
38 Johannesburg 187
39 Sao Paulo* 243
40 Jakarta* 255
41 Bangalore n/a
42 Nairobi n/a
43 Lagos* n/a
44 Auckland* n/a

*New entries

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