Many mistakenly believe that when it comes to various
technologies, Western countries are pioneers and they dominate among others.
However, this is far from the case, especially in the field of development and
implementation of financial technologies, where many countries are actively
involved in this. Since the range of technologies in finance is huge, each
country chooses its path and bets on technologies that are more suitable for
their countries. Already now we see how large players appear on the market,
which operate in different continents. In this article, we will talk about
which countries are open to innovation in this field of activity and which
technologies are already being actively developed and implemented.
Eastern countries
The United Arab Emirates, with its dominant metropolises of
Dubai and Abu Dhabi, has long begun to stand out on the world stage. In
addition to the fact that Dubai creates excellent conditions for residents and
for tourists, where everyone can easily use fast car rental and feel like the
owner of the most powerful iron horses in the world. Moreover, car rentals here
offer reasonable price and a large number of first-class services including
hiting a car with a sober driver provided by rental companies. The state also
creates excellent conditions for business development and motivates the
development of technologies in various ways.
The development of neobanks is no exception. Today, there
are a huge number of fintech companies in the country that are actively
developing electronic identification and confirmation of the identity of
customers by financial institutions, as well as certification of documents in
an online format.
Turkey does not yet have any stand-out companies in this
field that could be called the main leaders, but there has been an increase in
the emergence of neobanks that develop innovative solutions and begin to fight
with the already existing traditional banks.
South and Latin America
Many countries here take a cue from European countries and
begin to develop an open banking system, protection of confidential data, as
well as the development of digital payments. In some of these countries,
organizations have even received permission to share data collected about
customers, but only among themselves.
In Mexico, one can already observe the emergence of
documents, as well as sets of rules that should control the activities of
fintech companies. This means that the ground is being created in the country
so that such organizations can legally compete with conventional financial
organizations.
Asia and India
In many Asian countries, not only certain trends in the
development and application of financial technologies have already developed,
but such organizations are even beginning to dictate their new rules for other
countries of the world. If you analyze well, it is thanks to such countries
that the whole world began to use the QR code recognition system, the largest
applications began to appear in which you can engage in financial transactions,
and also systems for assessing the creditworthiness of a person based on
statistical methods began to develop here for the first time. Moreover, great
efforts are now underway to completely abandon printed paper documents.
Australia and Oceania
Due to the proximity to the Asian region, the emergence of
technologies that are typical for Asia is noticeable in the countries. In the
area of paperless documentation, there is a particular demand for the use of
electronic signatures. In the same way, countries are taking leaps and bounds
towards the introduction of open banking, which creates fertile ground for the
development of fintech startups.
Conclusion
It cannot be said that all countries of the world have the
same approach to the development of fintech startups, as well as the use of
technology. Each country outlines its path, the most convenient and profitable
for it, and effectively begin to move in the chosen area. In some countries,
big players are already visible in the market, which are leading around the
world, while in others such companies are only gaining momentum.
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