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Internationalisation of the FinTech sector
The boom of the FinTech companies is transforming the traditional financial sector, and although the expansion of the sector was considered as an alternative to traditional banking channels, with the disruptive FinTech, collaborative FinTech increasingly develop services for traditional banking.
The birth of new technologies and the habits of the new generations closely linked to the extensive use of Smartphones are some of the factors that explain the rapid growth of the sector and its international vocation.
The Spanish Economic and Trade Offices in Berlin, Brussels, London, New York and Tel-Aviv, with a broad representation of entrepreneurs, accelerators and investors in the FinTech ecosystem in their respective countries, provide us with insight into the opportunities for Spanish FinTech .
What about Luxembourg?
Luxembourg concentrates a powerful financial industry. It is the first financial center of the Eurozone and the second largest domicile of mutual funds in the world, only surpassed by the United States.
The financial sector accounts for more than 25% of the country's GDP and employs about 45,000 workers. One third of the activity corresponds to ancillary services, which stands out positively against other large places like United Kingdom.
In the last decade, the country has become an attractive destination for large technology companies and e-commerce giants (Amazon, eBay, PayPal, Rakuten), and more and more start-ups and smaller technology companies are also attending to the Grand Duchy to develop its potential.
Currently the country hosts more than 150 FinTechs. The main areas of expertise are computer services for fund management, mobile payment platforms, e-money and information security.
Source : Aula Virtual - Speakers: Carlo Reding and Jésus Peña García.
At Grant Thornton Luxembourg, we have a dedicated team of experts specialised in the FinTech industry which could support the development of technology companies, e-commerce structures and start-ups in a fast-growing environment.