A Tale of 44 Cities

Connecting Global FinTech: Interim Hub Review 2017

“ We want to encourage global engagement, best practices, and knowledge sharing, as well as build bridges between all FinTech hubs for entrepreneurs and investors to connect.” Global FinTech Hubs Federation

A tale of 44 cities | Contents Contents Connecting the global – Copenhagen 34 – Bangalore 76 FinTech community 04 – Edinburgh 36 – Brussels 78 Readers’ note 06 – Istanbul 38 – Dublin 80 Methodology 07 – Jakarta 40 – Frankfurt 82 Reading guide 13 – Kuala Lumpur 42 – Hong Kong 84 Research findings 14 – Lagos 44 – Johannesburg 86 – Lisbon 46 – London 88 Overview – Index – Madrid 48 – Luxembourg City 90 Performance Scores 17 – Manama 50 – Mexico City 92 Overview – Hub Indicators 18 – Milan 52 – Nairobi 94 Global FinTech VC deal – Moscow 54 – New York 96 value 2016 19 – Oslo 56 – Paris 98 Map of regulatory sandboxes 20 – Prague 58 – Shanghai 100 Map of regulatory – Sao Paulo 60 – Silicon Valley 102 collaboration 21 – Shenzhen 62 – Singapore 104 New Hubs 22 – Stockholm 64 – Sydney 106 – Abu Dhabi 24 – Taipei 66 – Tel Aviv 108 – Auckland 26 – Tokyo 68 – Toronto 110 – Bangkok 28 – Warsaw 70 – Zurich 112 – Budapest 30 Old Hubs 72 Acknowledgements 114 – Chicago 32 – Amsterdam 74 3

A tale of 44 cities | Connecting the global FinTech community Connecting the global FinTech community An update to the report Connecting Global FinTech: Hub Review 2016 where 21 emerging and established global FinTech Hubs were profiled. This interim report updates 20 of the Hubs profiled in September 2016 and introduces an additional 24 Hubs that have joined the Federation, bringing the number total number of Hubs profiled to 44. We have been overwhelmed by the response of the global FinTech community and their desire to Fabian Vandenreydt Lawrence Wintermeyer collaborate and connect with each other to share best practices and knowledge through the Global Global Head of Securities Markets, CEO, Innovate Finance FinTech Hubs Federation. Innotribe & The SWIFT Institute, SWIFT We welcome members of the Federation to the Innovate Finance Global Summit at London’s Guildhall on 10 and 11 April 2017. The next full report will be published in the autumn and be presented at Sibos 2017 where we will welcome all of the members of the Federation to Toronto. We would like to thank Deloitte for their continuing support and contribution to making this report the global FinTech hub report. We look forward to meeting and working with all of the hubs in the Federation in 2017. Fabian Vandenreydt, Global Head of Securities Markets, Innotribe & The SWIFT Institute Lawrence Wintermeyer, CEO, Innovate Finance 4

A tale of 44 cities | Connecting the global FinTech community GLOBAL FINTECH HUBS FEDERATION The Global FinTech Hubs Federation (GFHF) is an independent and inclusive network of emerging Launched in 2009, Innotribe was created to identify the emerging technologies and innovative and established FinTech hubs. As the FinTech sector develops globally, it is creating a growing trends surrounding the financial services industry and generate discussions on their potential international community helping to foster innovation across the world’s financial services industry. impact moving forward. Benefiting from SWIFT’s central position, Innotribe provides a platform to The Global FinTech Hubs Federation is bringing together FinTech hubs to provide a neutral, cross- the global financial community to understand the dynamics behind technology changes and to help border platform to encourage greater collaboration, engagement and knowledge sharing in this focus on the opportunities for transformation rather than the threats to current market practices. growing global community. Deloitte is the largest privately held professional services organization in the world based on Innovate Finance is an independent, not-for profit membership association that represents the headcount and breadth of capability, delivering audit, enterprise risk, tax, finance, strategy and UK’s global FinTech community. Founded in 2014 with support from the City of London and Canary operations, human capital, and technology services. Wharf Group and with over 250 members, Innovate Finance aims to accelerate the country’s leading position in the global financial services sector by directly supporting the next era of technology-led FinTech innovators. The goal is to create a single point of access across sectors to help foster enabling policies, regulation, and investment. 5

A tale of 44 cities | Readers’ note Readers’ note Interim report : new Hubs, same methodology This report uses the same research methodology as the Connecting Global FinTech: Hub Review Since our inaugural report was launched at Sibos 2016, the number of participants in the Global 2016 report. Full details of this, including how Hubs and Hub Representatives were selected, can FinTech Hubs Federation has more than doubled. This is a great success for the Federation and to be found in the Methodology on pages 7-12. recognise this significant growth, the Federation has asked Deloitte to help them create a one-off Interim report to showcase the 24 New Hubs. For the 24 New Hubs that are the focus of this Interim report, we have completed the full research approach set out in our methodology. However, for Hubs previously profiled in the 2016 report, In reading this report, readers should note that the analysis is split into two parts: we have limited the updates to Index Performance Scores and corrections which did not make it into the previous report. i. Index Performance Scores: We took the combined scores of each Hub from three prominent business indices (the World Our ambition for future reports Bank Doing Business Index, the Global Innovation Index and the Global Financial Centres Index) In FinTech, a lot changes over six months. When we launched our Connecting Global FinTech: to provide a consolidated “Index Performance Score” in order to assess the Hubs on a quantitative Hub Review 2016 at Sibos last year, it was the first report globally that attempted to score basis. A lower Index Performance Score is expected to be more conducive to the growth of FinTech. 21 international FinTech Hubs. At the time, and arguably still, there were no comprehensive FinTech measures that could be used to objectively benchmark global Hubs and track progress over time. However, readers should note that Index Performance Scores are not rankings. There are limitations of using Index Scores, and these are set out in the Methodology section. For example, As the industry continues to mature, and national governments, regulatory and FinTech bodies four Hubs (Auckland, Bangalore, Lagos and Nairobi) are not currently included in the Global start to publish more data regarding its impact, our ability to better measure and track progress Financial Centres Index and therefore have an Index Performance Score marked “n/a”. across Hubs has the potential to become more sophisticated and this can then be reflected in our analysis. ii. Hub Indicators: Hub Representatives were asked to provide a self-assessment of their Hub based on six categories Deloitte are excited to support the Global FinTech Hubs Federation in creating a set of qualitative and provide a broad overview of their Hub, including the top innovation areas and challenges, and quantitative measures that will underpin future reports and better capture the intricacies top FinTech companies, investors and others. Readers should note that while not all Hub and complexities of each Hub. We have gathered the lessons learnt from our 2016 report and Representatives in the 2016 report were GFHF participants, all Hub Representatives in the 24 New are already assimilating a list of refinements that we look forward to sharing with you in the next Hubs are GFHF participants and this is reflective of the ambition for future reports. Sibos report. The 2016 Hub profiles have been included at the end of this report. These have been included for reference only as the self-assessment and narrative data may now be out of date. We will conduct a comprehensive refresh of all Hubs as part of the full report being published at Sibos in October 2017. 6

A tale of 44 cities | Methodology Methodology The Connecting Global FinTech: Hub Interim Review 2017 The methodology for the FinTech Hub comparison is comprised of three sections: Hub and Hub is published by Deloitte in collaboration with the Global FinTech Representative Selection Index Performance Score and Hub Indicators. Hubs Federation and builds on the initial analysis and research For the Hubs featured in the original Connecting Global FinTech: Hub Review 2016 report, we undertaken for the Connecting Global FinTech: Hub Review updated the Index Performance Scores with recent data. However, the self-evaluation and narrative data remain largely unchanged, except where Hub Representatives have changed. 2016. The report takes into account both hard and soft data to For the 24 New Hubs, the full research was completed based on the methodology below. compare the status of 44 global hubs (“Hubs”) on the basis of the FinTech sector development in that location. Future reports will include a refresh of the full dataset. Section 1. Hub and Hub Representative Selection 1.1. Hub Selection Hubs (locations) profiled in this report were selected by the GFHF and are based on cities where GFHF participants are located. (Example: Copenhagen FinTech is a Copenhagen-based GFHF participant, and therefore Copenhagen is included as a Hub in this report.) Note that since the research cut-off date for this Interim report, the locations covered by GFHF participants have expanded to include Dubai and Charlotte (North Carolina). These Hubs will be included in the October 2017 edition of the report. 1.2. Representatives Selection Hub Representatives were selected by the GFHF to provide insights and knowledge on local FinTech markets and trends. These parties are all heavily integrated in their local FinTech ecosystems and play an important role in developing FinTech in their Hub. As contributors to the Connecting Global FinTech: Hub Review report, Hub Representatives have a responsibility to provide a balanced and unbiased overview of FinTech developments, strengths and challenges within their Hub. 7

A tale of 44 cities | Methodology As the GFHF was still in its infancy when the inaugural report was launched, a broad spectrum 1.4. List of Selected Hubs and Hub Representatives of ecosystem participants, ranging from industry bodies to regulators and professional services 2016 Hubs (“Existing Hubs”) firms, were invited to contribute to the Connecting Global FinTech: Hub Review 2016 as Hub Hub Hub Representative Representatives. (Example: Deloitte Ireland is not a participant of the GFHF but was asked to contribute Amsterdam Holland FinTech towards the inaugural report as the Hub Representative. In the next full version of the report, a GFHF [NOTE 2] participant will replace Deloitte as the Hub Representative for Ireland.) Bangalore Nathan Associates India Brussels B-Hive (formerly Eggsplore) [NOTE 2] However, as the GFHF develops and its network of participants expands, the intention is to shift Dublin Deloitte Ireland the roles and responsibilities of Hub Representatives to GFHF participants. For example, Hub [NOTE 1] Frankfurt Frankfurt Main Finance Representatives selected for the “New Hubs” in this Interim report are FinTech associations and Hong Kong FinTech HK bodies who are also participants of the GFHF. [NOTE 2] Johannesburg Techstars Deloitte has no influence over the selection of the Hub Representatives. London Innovate Finance Luxembourg City Luxembourg for Finance 1.3. GFHF Participants Mexico City FinTech Mexico Under current guidelines, independent FinTech ecosystem facilitators such as associations, industry Nairobi NEST Nairobi bodies and organisations who play a role in connecting FinTech startups, investors, institutions, New York Partnership Fund for New York City policymakers and regulators are open to join the GFHF and become participants. Paris Paris FinTech Forum [NOTE 3] The current list of participants, and criteria for joining the Federation, can be found on the Seoul Deloitte South Korea [NOTE 1] GFHF’s website at: thegfhf.org Shanghai Association of Shanghai Internet Financial Industry (ASIFI) [NOTE 2] Silicon Valley 500 Startups [NOTE 2] Singapore Monetary Authority of Singapore Sydney Stone & Chalk Tel Aviv Startup Nation Central [NOTE 1] Toronto MaRS Discovery District Zurich Swiss Finance + Technology Association Note 1: Hub Representatives changed since 2016 report Note 2: Proxy representative until a GFHF participant is selected to be the Hub Representative Note 3: Seoul (South Korea) has been excluded from this Interim report as there is currently no GFHF participant in this location. 8

A tale of 44 cities | Methodology Interim 2017 Hubs (“New Hubs”) Section 2. Index Performance Score Hub Hub Representative For each Hub, we calculated an aggregate Index Performance Score which is predicated upon three Abu Dhabi Abu Dhabi Global Market business indices (“Business Indices”). Equal weighting has been given to these indices. Auckland FinTech NZ 1 • Global Financial Centre Index 2016 (GFCI) Bangkok Thai FinTech Association • Doing Business 20172 Budapest CEE FinTech (DB) Chicago FinTEx • Global Innovation Index 20163 (GII) Copenhagen Copenhagen FinTech Edinburgh FinTech Scotland (steering committee) A lower Index Performance Score suggests that the Hub is more conducive to the growth of FinTech. Istanbul FinTech Istanbul Note 1: The Doing Business and Global Innovation Indices score and rank countries as a whole and Jakarta FinTech Association of Indonesia do not provide further breakdowns at the city-level. As a result, the same DB or GII rankings were Kuala Lumpur FinTech Association of Malaysia used for all cities in the same country. (Example: New York, Silicon Valley and Chicago use the same Lagos FinTech Association of Nigeria DB (8) and GII (4) scores.) Lisbon Associação FinTech e InsurTech Portugal Madrid Asociación Española de FinTech e InsurTech Note 2: We are aware that at the point of going to press an updated Global Financial Centre Index Manama Economic Development Board of Bahrain 21 was published. Our research is based on the GFCI 20, published in September 2016. Milan SellaLab Note 3: Four Hubs (Auckland, Bangalore, Lagos and Nairobi) are not currently included in the Global Moscow Skolkovo FinTech Hub Financial Centre Index and therefore have an Index Performance Score marked “n/a”. We seek to Oslo IKT-Norge address this as part of the next full report. Prague Czech FinTech Association Sao Paulo Fintech Committee at ABStartups 1. World Bank. 2017. Doing Business 2017: Equal Opportunity for All. Washington, DC: World Bank. DOI: Shenzhen Silk Ventures 10.1596/978-1-4648-0948-4. License: Creative Commons Attribution CC BY 3.0 IGO. Available here: Stockholm Stockholm FinTech Hub http://www.doingbusiness.org/rankings Taipei FinTechBase 2. Z/Yen. 2016. The Global Financial Centres Index 20, September 2016. Yeandle, Z/Yen London. Available here: Tokyo FinTech Association of Japan http://www.longfinance.net/images/gfci/20/GFCI20_26Sep2016.pdf Warsaw FinTech Poland 3. Cornell University, INSEAD, and WIPO (2016): The Global Innovation Index 2016: Winning with Global Innovation, Ithaca, Fontainebleau, and Geneva. License: Creative Commons Attribution CC BY 3.0 IGO. Available here: https:// www.globalinnovationindex.org 9

A tale of 44 cities | Methodology Global Financial Centre Index (GFCI) As the FinTech sector is characterised by early and growth stage companies, the ease of doing Research indicates that many factors combine to make a financial centre competitive. The Global business is a crucial measure of the viability of a particular Hub. It should be noted that many Financial Centre Index (GFCI) was created in 2005 and was first published by Z/Yen Group in March governments in countries which have poor DB scores can and do get around this by creating 2007. The GFCI provides profiles, ratings and rankings for financial centres, drawing on two separate enterprise- / free- / technology-zones that remove many of the regular business restrictions. sources of data: Therefore a lower DB score does not necessarily equate to a poor FinTech ecosystem. • Instrumental Factors: Business Environment, Financial Sector Development, Infrastructure, Global Innovation Index (GII) Human Capital and Reputational and General Factors First published in 2007, the Global Innovation Index is the result of a collaboration between Cornell University, INSEAD, and the World Intellectual Property Organization (WIPO) and their Knowledge • Financial Centre Assessments: in the form of responses to an online survey Partners. GII aims to capture the multi-dimensional facets of innovation by providing a rich database of detailed metrics for 128 economies that represent 92.8% of the world’s population and The GFCI is important for the comparison of FinTech hubs, as it relates directly to the 97.9% of global GDP. Since FinTech is inherently disruptive, innovation is a key factor in determining competitiveness of that particular location as a financial centre. While the Instrumental Factors set whether a particular Hub can foster a successful FinTech sector. In particular, the wide variety of out above are typically the types of factors that would also go towards determining the strength measures used in the GII would be expected to capture the various innovation components for a of a Hub in supporting a FinTech ecosystem, strong global financial competitiveness does not technology-related sector. It should be noted that innovation is broader than solely technological necessarily equate to a strong environment for FinTech. A measure such as GFCI may also be innovation. For example, mobile payments via SMS have been a staple of the African payments representative of existing entrenched interests backed by an infrastructure and regulatory system system for many years (predating mobile payments in developed markets) – the “innovation” there that tend towards supporting the status quo. A truly disruptive economic micro-climate also needs was not technical, it was deployment of the right technology in the right context. that elusive x-factor that enables innovation to naturally occur. Doing Business (DB) Doing Business 2017 is the 14th in a series of annual reports on the regulations that enhance business activity and those that constrain it. DB presents quantitative indicators on business regulation and the protection of property rights across 190 economies. DB measures the legal and regulatory environment in which companies operate. This is crucial for FinTech companies. Long delays in setting up a company can stifle new ideas. Likewise a non-transparent legal system deters investors and customers from entering into relationships with anyone other than known counterparties, making the development of a knowledge-sharing ecosystem much harder. 10

A tale of 44 cities | Methodology Section 3. Hub Indicators Questionnaire We have created a series of qualitative indicators that enable comparison of the FinTech sector The following is a breakdown and explanation of each question in the Hub Indicator Questionnaire. in each Hub across a set of subjective and objective criteria. These “Hub Indicators” fulfil a number of roles: Self Rated Questions Hub Representatives were asked to provide a self-evaluation of six key areas in their FinTech Hub, 01. T hey help identify current strengths and core competences within each Hub. This is important rating each of these on a scale of 1 (Not Good) to 5 (Excellent). because it provides startups with an indication of which locations their particular niche would thrive in, and global investors with information to identify opportunities that fit their investment Scale: criteria. 01. Not Good: It is an issue that we are aware of 02. Average: We do no better or worse than other Hubs 02. They provide a “state of the nation” overview which covers some of the major players 03. Better than average: We do better than other Hubs (companies, investors or accelerators) in each market. 04. Good: We are happy with the current state 05. Excellent: This is something that defines our Hub 03. They highlight the local strengths and challenges for FinTech through a scoring system. This quantitative measure enables us to compare data across the 44 Hubs and track progress Self-assessment elements: in future GFHF reports. • Regulation: extent to which regulator(s) and the regulatory environment are conducive to FinTech growth. For example, is it challenging to obtain a banking license? Does the regulator support sandbox The Hub Indicators were collated through direct contact with the Hub Representatives. concepts or host surgeries to support startups? Does the regulator engage in the FinTech ecosystem? A questionnaire was sent to each Hub representative with the questions that form the basis of the research. Additional guidelines were provided and an interview took place with each Hub • Foreign startups: extent to which companies from other countries locate to the Hub to launch Representative to allow them to substantiate and clarify their responses. The responses received their FinTech business. For example, are there any initiatives or agreements in place with other Hubs to were then sense-checked by the research team through desktop research of publicly available help FinTechs land and expand? information and with a Deloitte FinTech subject matter expert (“SME”). Where any queries or discrepancies arose, we went back to the Hub Representative for clarification. • Proximity to customers: size of the market and the extent to which consumers and businesses within the Hubs are adopting FinTech solutions. For example, how quickly do customers and The final responses reflect the perspectives of the local Hub Representatives based on their businesses adopt new technologies? How large is the domestic market? knowledge and experience and are not the views of the GFHF or Deloitte. 11

A tale of 44 cities | Methodology • Proximity to expertise: availability and level of talent (financial services, technological and Dropdown Questions entrepreneurial talent) within the Hubs. For example, is there a vibrant financial services or tech sector 01. What are the top five innovation areas in your Hub? in the Hub? Is there a balanced mix of skills? Is there a strong STEM education pipeline? If there isn’t 02. What are the top five underlying technologies to make those innovations happen? strong homegrown talent, are there initiatives to attract talent from other Hubs? 03. What are the top three challenges of doing business there? • Innovation culture: Hubs’ attitudes to innovation. For example, how many entrepreneurs and Narrative Questions startups are in the Hub? What is the attitude towards risks and failure? Is there a history 01. What sets you apart from other regional Hubs? of collaborating to develop new ideas? 02. Who are the big investors? • Government support: extent to which the Hubs’ government (local and state) supports FinTech. 03. What are the top accelerators and work spaces? For example, is FinTech on the government’s agenda? Has the government enacted or supported policies 04. What are the top FinTech companies in your Hub? that promote FinTech growth? Does the government provide funding for FinTech companies, events or 05. What is the biggest success story to come out of your ecosystem? co-working spaces? 06. What does the next 12 months look like? Dropdown and Narrative Questions Deloitte reviews These questions were comparatively subjective. Nevertheless, they constituted an important part To provide an additional layer of depth and challenge to the self-evaluations for the 24 New Hubs, of the development of the Connecting Global FinTech: Hub Review. The narratives enabled the we also reviewed Hub Representatives’ responses with Deloitte’s global network of FinTech SMEs. creation of “Hub Profiles” for the Hubs, which can be expanded upon in future editions in order to Challenges and changes proposed by SMEs were presented back to Hub Representatives further develop Hub comparisons. This could include, for example, developing the criteria (such as for them to accept or reject. market value, or value of investments) for selecting the “Top” companies, investors or accelerators. Hub Representatives were asked to select the most significant technologies, innovation areas Responses for Hubs profiled in the Connecting Global FinTech: Hub Review 2016 were reviewed and challenges in their local FinTech market from a dropdown list provided by the GFHF. Here, with Deloitte SMEs at the time of research and have not been reviewed again in the current innovation areas refer to the financial services sectors being disrupted by FinTech. Interim report. Individual Hubs have been the subject of extensive research and data collection, and the relevant The final opinions published are that of the Hub Representatives’ and not the opinions of the Hub Representatives have reported both subjectively and objectively derived responses. The future GFHF or Deloitte. objective will be to increase the standardisation of reporting across global Hubs. 12

Reading guide S e l f e va u l a t i o n o f t H h e u h b u b i i n n d i s c i High Rank x a k t e o y r s a r e a Index Performance Scores s Hub Indicators The Index Score is the aggregated total of the S These Hub indicators are based on self- ili c three indices on the outer circle: on assessments from Hub Representatives and V a G H ll o indicate the strength of each component part o ey v n e g r • Global Fin Centre K n of their FinTech ecosystem on a scale of Not on m G e l g o b n a l F i n t C Good to Excellent. e n t s r e u p • Doing Business S p e o ou r l t • Global Innovation Index Z u ri ch INDEX SCORE In n o v a t Frankfurt i o c n n utlu oitav XX er onnI Low Rank labxed The High Rank and Low Rank scale shows the two olGnI Hubs with higher and lower Index Scores compared e with the current Hub. rtis Regu ssenisuB xpe lat gnioD to e ion ity xim Pro For mers eign st o custo artups Proximity t 13

A tale of 44 cities | Research findings Research findings 14

A tale of 44 cities | Research findings Research Findings Where is all the activity? interesting developments from emergent Hubs across Eastern Europe, South America and Africa FinTech is a truly global phenomenon. This that have not yet been represented in our report. As the network of GFHF participants expands, the interim report is driven by the exciting growth scope of our report will become increasingly comprehensive. of FinTech hubs globally who have become members of the Federation and sets the stage Emergent themes from the regions for our full GFHF Report being launched at When we analysed the data from the 24 New Hubs we profiled and coupled it with additional desk Sibos later this year. research, a number of interesting regional themes emerged across the globe: Although level of investment is by no means • On the whole, our research found that new European Hubs (particularly those within the the only factor contributing to the strength of European Union) tended to agree that there is good access to talent in their Hubs. On the Louise Brett FinTech Hubs, it is a good indicator of activity. other hand, most of these 12 European New Hubs rated regulation in their Hub negatively and UK FinTech Lead Partner, Deloitte Therefore, a look at the investment landscape regulatory barriers were cited as a common challenge. on page 19 gives us an idea of where FinTech activity is at its hottest across the globe. Consistent with this, our research on regulatory sandboxes and regulator collaboration showed that in Europe, only the UK, Netherlands, Russia, Switzerland and Norway (5 of the total 20 GFHF Our report now covers 20 Hubs in Europe, 12 in Asia Pacific and 12 from other regions around European Fintech hubs) have committed to a regulatory sandbox and only the UK, French and Swiss the world and offers a broadly representative overview of the global FinTech landscape. With that regulators have signed FinTech co-operation agreements with other regulators across the globe. said, there are still a few notable Hubs that have not yet joined the GFHF and therefore have not been featured in the current report. (For example, Beijing). In addition, we are aware that there are • In Asia Pacific, Hub Representatives were more positive about regulation in their Hubs compared to their European counterparts and with good reason too. Over the last year, we have seen very GFHF Hubs New Hubs Old Hubs Total positive developments from regulators across Asia and the pace of change has been extremely Africa 1 2 3 encouraging. For example, of the 16 regulators who have either set up or have committed to Asia Pacific 7 5 12 setting up regulatory sandboxes, seven are in Asia. Moreover, Asian regulators have also Central and South America 1 1 2 been proactive in cooperating with other regulatory bodies outside of their region. For example, as shown on the regulatory collaboration map on page 21, China, South Korea, Hong Kong, Japan, Europe 12 8 20 Singapore, Australia and India have all signed international cooperation agreements with other Middle East 2 1 3 regulators; and Singapore’s MAS has signed more FinTech cooperation agreements than other North America 1 3 4 regulatory bodies in the world. Although the tangible outcomes of these agreements largely Grand Total 24 20 44 remain to be seen, cooperation between regulators globally has undeniably become a trend. 15

A tale of 44 cities | Research findings • Although our research only included two Hubs from the Gulf region, both Hub Representatives Closing remarks presented very similar self-assessments. For one, both Hubs claimed excellent government As we have seen, FinTech ecosystems continue to evolve at pace across the globe. and regulator support for FinTech and these are evidenced by the range of initiatives that the government and regulatory bodies are driving together. For example, the RegLab in Abu Dhabi, As these ecosystems evolve, so too will the report and its methodology for assessing and the FinTech Hive and 2020 blockchain ambition in Dubai and the FinTech work driven by the EDB presenting the FinTech developments in these Hubs. in Bahrain. As identified within the Readers’ Note section, we are pleased to be working with the Global • In Africa, FinTech developments continue to be concentrated around mobile and social payments. FinTech Hubs Federation to review and refine the methodology and improve the robustness of the Highly successful FinTechs are rare as low levels of government and regulatory support and lack assessments currently being completed by each Hub. of quality infrastructure continue to be barriers to scaling. Without giving away too much, we are very excited about the new Full Report that we will be • In the Central and South America region, Brazil leads the pack by way of investment and number releasing at Sibos in October and look forward to working closely with ecosystem participants of FinTechs and much of the activity is concentrated in Sao Paulo. Broadly, across the region, across all the GFHF Hubs over the coming months. corporates and investors are the ones proactively developing the local FinTech ecosystems. However, there are positive signals that government and regulator support for FinTech is increasing. For example, Mexico’s new financial inclusion strategy is expected to promote FinTech growth. • Finally, we complete the map with North America. While Silicon Valley and New York continue to be the indisputable top FinTech Hubs in the USA, and Toronto in Canada with 80% of the Canadian FinTech activity in this Hub, over the last year we have seen a number of other emerging Hubs: Chicago, which has been included in this Interim report; and Charlotte, North Carolina, which will feature in the next GFHF report. Another interesting development in the USA in recent months has been regulation, particularly in regards to the OCC’s FinTech charter. As the USA’s complex and fragmented regulatory environment has been cited as a challenge by US FinTech Hubs in our research, it will be interesting to review these developments again in our full Sibos report which will be launched in October. 16

A tale of 44 cities | Overview – Index Performance Scores Overview – Index Performance Scores 46 Frankfurt New York 14 Oslo 77 55 Stockholm Copenhagen 71 108 Warsaw Toronto 50 Amsterdam 70 Edinburgh 76 London 11 Dublin 56 126 Prague 167 Moscow Brussels 127 151 Budapest Luxembourg City 83 168 Istanbul Paris 76 Chicago 20 111 Tel Aviv Zurich 41 55 Tokyo Silicon Valley 18 99 Abu Dhabi Madrid 132 119 Shanghai Mexico City 181 57 Taipei Lisbon 124 125 Shenzhen Manama 178 Milan 128 22 Hong Kong Index Performance Score Bangalore n/a New Hubs Old Hubs Lagos n/a 1–25 1–25 Bangkok 137 45 Sydney 26–150 26–150 Nairobi n/a Kuala Lumpur 101 n/a Auckland 150+ 150+ Johannesburg 187 Singapore 11 Jakarta 255 178 Manama A lower Index Performance Scores indicates that the 243 Sao Paulo Hub is more conducive to FinTech growth based on the amalgamation of three global indices. 17

A tale of 44 cities | Overview - Hub Indicators B en B ud hC g B r a i a u p c h B a s e a n a n s s g e n h n g e t o p li g k l r g o s o b u Au alo k C Du b t A ck re din m la E ng Overview – Hub Indicators s n t d o e Frankfur K r d g A am n bu o l D H bu ha n bi a st I rta a g k r Ja t nesbu r an o oh p J r p e u u r p s u um t L t l la n u e a e c s i Ku n t m r n o e s i p r r t x e e a e v v m s os o o o o g n t t p La G n s u I y u t t r i c a n t o m o s i i t t x a o y n l bon t g u s r i i i P e g L m r e i o R x F o r n P do n Lo y t Ci g r u bo m xe u L adrid M M an am a M exi co C i ty M il an New Hubs Old Hubs M osc ow Excellent Excellent N ai r ob Good Good i Better than average Better than average New Y or Average Average O k s Not good Not good lo Pa ris h Pr This diagram lists the Hubs from ric ag u u Z w Sa e left to right in alphabetical order. a o S Pa The colours of the Hub Indicators o h ul Wars nt a o reﬂect the response given by the o Sh ng y S e ha Toro k v i n i o i S l z Hub Representative in relation T v ei S in ic h A t o l ip o g n Vall e to this category. e a ck ap n T T h o Sydney ol r e m e y 18

A tale of 44 cities | Global FinTech VC deal value 2016 Global FinTech VC deal value 2016 The map below shows the 2016 global FinTech deal values for countries covered by this Interim report. Note that Bahrain, Hungary, Kenya and UAE had deal values less than $1 million and therefore were not included in the map below. All figures below are in US Dollars. Germany $384m Russia $7m India $272m China $7.7bn Denmark $32m Norway $4m Netherlands $20m Sweden $62m Belgium $28m Czech Republic $6m Japan $87m Poland $1m UK $783m Ireland $524m Canada $183m Luxembourg $2m France $68m US $6.2bn Switzerland $34m Spain $12m Italy $9m Taiwan $6m Mexico $72m Brazil $161m Hong Kong $170m Turkey $17m Indonesia $5m Globally, $17.4 billion invested Israel $173m Australia $91m over 1,436 deals in 2016 Thailand $19m ≥ $500m Malaysia $4m ≥ $100m Nigeria $1m Singapore $86m ≥ $10m New Zealand $7m < $10m South Africa $15m Source: PitchBook Compiled by Deloitte 19

A tale of 44 cities | Map of regulatory sandboxes Map of regulatory sandboxes A regulatory sandbox is a regulator-driven initiative which allows businesses to test innovative products, services, business models and delivery mechanisms in a live environment. Typically, some regulatory requirements are amended to create a bespoke framework for the duration of an on-market trial. The map below shows all live and proposed regulatory sandboxes (and similar regulatory initiatives). Proposed sandboxes are ones on which a formal statement has been made by a regulatory or government body. Live sandboxes are ones which have already began accepting applications or conducting trials. As this is a dynamic space, the map is accurate as at time Norway Proposed of publication. Netherlands Live Financial Supervisory Authority (FSA) Dutch ﬁnancial supervisors of Norway, ICT Norway the Authority for the Financial Market (AFM) and De Thailand Proposed Nederlandsche Bank (DNB) Bank of Thailand Russia Proposed Central Bank of Russia Canada Live Hong Kong Live Ontario Securities Hong Kong Monetary Authority Commission (OSC) / Applied Science and Technology Research Institute UK Live Taiwan Proposed USA Proposed Financial Conduct Financial Supervisory Federal Reserve Board / Treasury Authority (FCA) Commission (FSC) Department / Securities and Exchange Commission Singapore Live Monetary Authority of Singapore (MAS) Key Australia Live Australian Securities & Investments Commission (ASIC) Proposed Formal statement made by a regulatory or government body Malaysia Live Live Switzerland Proposed Bank Negara Malaysia Accepting applications or Financial Market Supervisory (Central Bank) Authority (FINMA) conducting trials Dubai Proposed Dubai Financial Services Authority Abu Dhabi Live Indonesia Proposed (DFSA) Dubai International Financial Abu Dhabi Global Market Bank Indonesia (Central Bank) Source: Innovate Finance Centre Authority (DIFCA) (ADGM) Compiled by Deloitte 20

A tale of 44 cities | Map of regulatory collaboration Location Agreements with other regulators Map of regulatory collaboration (in order of agreement date) Abu Dhabi 1: Singapore Since March 2016, a number of regulators have signed co-operation agreements to “enable the regulators to share information Australia 4: UK, Singapore, Canada, Kenya about financial services innovations in their respective markets, including emerging trends and regulatory issues” and help FinTechs Canada 2: Australia, UK in their region to scale internationally. The map below shows all the formal co-operation agreements between regulators. China 1: UK France 1: Singapore As this is a dynamic space, the map is accurate to 28th March 2017. Hong Kong 1: UK India 1: Singapore Canada UK Switzerland China South Korea Japan 2: UK, Singapore Ontario Securities Financial Conduct Financial Market People’s Bank Korean Financial Kenya 1: Australia Commission (OSC) Authority (FCA) Supervisory Authority of China Services Commission Singapore 8: UK, Korea, India, Switzerland, (FINMA) (FSC) Australia, Abu Dhabi, Japan, France South Korea 2: Australia, UK Switzerland 1: Singapore UK 7 : China, Singapore, Korea, Australia, HK, Canada, Japan France Autorité de Contrôle Prudentiel et de Japan Résolution (ACPR) and Financial Services the Autorité des Hong Kong Agency of Japan (FSA) Marchés Financiers Monetary Authority (AMF) (HKMA) Singapore Monetary Authority of Singapore (MAS) Australia Kenya Abu Dhabi India Australian Securities & Capital Markets Authority Abu Dhabi Global Government of Investments Commission (ASIC) of Kenya (CMA) Market (ADGM) Andhra Pradesh (GoAP) Source: Deloitte Compiled by Deloitte 21

A tale of 44 cities | New Hubs Abu Dhabi Auckland Bangkok Budapest Chicago Copenhagen Edinburgh Istanbul Jakarta Kuala Lumpur Lagos Lisbon New Hubs... Madrid Manama Milan Moscow Oslo Prague Sao Paulo Shenzhen Stockholm Taipei Tokyo Warsaw 22

A tale of 44 cities |New Hubs New Hubs The following section contains an analysis of the 24 FinTech Hubs that are new additions to the Index Performance Scores Hub Indicators Connecting Global FinTech : Hub Review report. The analysis captures the following insights: The Index Score is the aggregated total of the These Hub indicators are based on three indices on the outer circle: self-assessments from Hub 1. An Index Performance Score that combines these key indices: • Global Fin Centre Representatives and indicate the • Global Innovation Index (released 15 August 2016) strength of each component part of • Doing Business their FinTech ecosystem on a scale S of Not Good to Excellent. e lf e va u l a t i o n • Global Financial Centre Index (released September 2016) o f t H h e u h b u b i i n n d i s c • Global Innovation Index i High Rank x a k t e o y r s a r e a • Doing Business Index (released October 2016) s S il i c on V The Index Performance Score can be found in the centre of each Hub’s dedicated diagram. H all G e o o y v n e g r K n The topleft quadrant shows how the Index Performance Score compares to other Hubs. on m G e l g o b n a l F i n t C e n t s r e u p S p e o ou r If a Hub receives a lower Index Performance Score, it can be said that the Hub is more conducive l t to FinTech growth. However, the analysis is not designed to rank each of these Hubs, as a more Z uri rigorous examination across multiple categories is required for in-depth benchmarking. Future ch In n iterations of this analysis will aim to incorporate more holistic factors outside the global indices o va t Frankfurt i o included in the Index Performance Score. c n n utlu oitav er 2. A qualitative analysis of the Hub Indicators and further details on key Hub features, onnI Low Rank labxed based on interviews conducted with local Hub Representatives. The High Rank olGnI The remaining circumference of the diagram captures the qualitative analysis on Hub Indicators. and Low Rank tise Re er gu ssenisuB exp scale shows the latio gnioD to Further details on key Hub features, such as workspaces and accelerators, top FinTech investors n ity xim and the future of the FinTech Hub, are presented thereafter. The insights provided by the Hub two Hubs with Pro Representatives are subjective and based on their experiences within the local Hub. These opinions higher and lower Index Scores For mers eign st o custo are designed to add to the understanding of local FinTech activity and are not opinions of the GFHF compared with artups Proximity t or Deloitte. the current Hub. 23

A tale of 44 cities | Abu Dhabi S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c i High Rank x a t NEW HUB k o e y r s a r e a Abu Dhabi s Hub proﬁle O sl o Flat6Labs Lu G x o GlassQube Co-working e v m e r b n ou m r e g G n l o b a l F i t C C n i e s n t t r A y e u b 3 p u 2 p D o hab r i t K uala L umpu Abu Dhabi, the capital and economic centre of the United Arab r In Emirates, is home to some of the world’s largest sovereign wealth n INDEX SCORE o v funds. As a free-trade zone, it boasts a strong ﬁnancial centre; a t Warsaw i o stable political, regulatory and judicial regimes; a business-friendly c n environment; excellent technology infrastructure and availability of 99 utlu capital. Furthermore, its location in the East-West corridor means er that Abu Dhabi is well-positioned to be the FinTech nexus for the Low Rank 62uBD MENA region. n enisnio oita ssg vonnIx1 laboeldnI4 se R G erti egula exp tio y to n mit oxi Pr Hub representative For mers Abu Dhabi Global Market eign st o custo artups Proximity t CEO Richard Teng Source: Global FinTech Hubs Federation Produced by Deloitte 24

A tale of 44 cities | Abu Dhabi S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc i High Rankxa t ko e yr s a r e a Abu Dhabis Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies While FinTech is a recent development in Abu Dhabi, some financial institutions Os have started embracing and deploying FinTech solutions. For example: The l o Flat6Labs Cloud computing National Bank of Abu Dhabi (NBAD) was the first bank in MENA to go live on LuG blockchain for real time cross border payments with Ripple, the Abu Dhabi Islamic xo GlassQube Co-working Mobile ev me r Bank (ADIB) partnered with Fidor Bank to launch the region’s first ‘community bn Social media oum re based digital bank’ and within the first batch of 11 Regulatory Laboratory gGn l o b a l F Banking-as-a-service it CCn ies n t tr Ayeu applications, we see a mix of FinTech players including robo-advisors, big data, b3p u2p Credit and debit cards Do habr crowdfunders and a digital bank. it Innovation areas Big investors K uala L Abu Dhabi is home to some of the largest sovereign wealth funds and financial umpu E-commerce Abu Dhabi, the capital and economic centre of the United Arab r institutions (e.g., National Bank of Abu Dhabi, the largest bank in the MENA region) Identity management and a high concentration of institutional and private wealth. In Payments Emirates, is home to some of the world’s largest sovereign wealth n INDEX SCOREo funds. As a free-trade zone, it boasts a strong ﬁnancial centre;va Mobile apps t Success stories Warsawi o P2P crowdfunding stable political, regulatory and judicial regimes; a business-friendly c n The launch of the RegLab was a milestone success for Abu Dhabi as this marked environment; excellent technology infrastructure and availability of 99utlu the openness and support by regulators and government towards innovation. capital. Furthermore, its location in the East-West corridor meanser Challenges The collaboration between banks and startups, and the banks’ innovation that Abu Dhabi is well-positioned to be the FinTech nexus for theLow Rank62uBD Risk averse culture strategies more broadly, is also another success story as it highlights the attitude MENA region. nenisnio High cost of office space oitassg Limited exit opportunities of the main institutions towards FinTech. vonnIx1 laboeldnI4se The future RGerti In 2017, ADGM plans to host and organise a FinTech Summit. Leading up to egula exp the Summit, there will be a series of FinTech hackathon / demo day events to tioy to nmit showcase the FinTech entrepreneurial scene in the region. ADGM received the oxi first batch of 11 applications for the RegLab in January 2017 and expects to Pr complete its assessment for the first batch and open the 2nd batch of application in Q2 2017. Hub representativeFormers Abu Dhabi Global Marketeign sto custo artupsProximity t CEO Richard Teng 25

A tale of 44 cities | Auckland S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Auckland s Hub proﬁle G Astrolab o Creative HQ v e r n Kiwibank Lightning Lab FinTech Accelerator m e The Icehouse GG n ll oo A bb aa ll g II u n nn i nn t o oo c D I vv n aa s s d k s e e x tt n ii l i oo u a s u nn n B 1 p d 1 7 G p l o N o r b / a t A l F i n C e n t r e In Auckland is New Zealand’s largest and most internationally connected n INDEX SCORE o v hub, with a third of the country's population and the largest number a t i o of businesses. The city hosts the entire diverse spectrum of ﬁnancial c n services, as well as the largest concentration of the country’s vibrant n/a* utlu tech sector. Combine this with strong central and local government er support and direct links to the country’s other hubs, Auckland is an ideal environment for innovating FinTech. Low Rank tise Re per gula o ex tion ty t imi Hub representative rox New Zealand Financial P Innovation and Technology Association (FinTechNZ) rs Foreig stome * The data for Auckland is not available CEO n startup ity to cu on the Global Financial Centre Index. Mitchell Pham s Proxim As such, Auckland has not been given an Index Performance Score. SSoouurrccee:: G Globlobaall F FiinnTTeecchh Hu Hubbss F Feeddereraattiionon PPrroodduucceed bd by Dy Deellooiittttee 26

A tale of 44 cities | Auckland S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a AucklandsBest workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Equitise, Harmoney, InsuredHQ, Latipay, Paymark, SavvyKiwi, Trademe, Xero. Astrolab Data analytics Big investors G All major banks, insurers and finance companie; venture funds; NZ Venture o Creative HQ Cloud computing v e r Investment Fund; and Callaghan Innovations. n Kiwibank Lightning Lab FinTech Accelerator Mobile m e The Icehouse GGn ll oo Abb aa ll g II unnn APIs innt ooo cDIvv naas sd kse extt nii lioou as unn Success stories nB1p d17Gp Internet of Things lo N or Xero, a software company that develops cloud-based accounting software for b /at Al F i n small and medium-sized businesses, has been a very successful FinTech to emerge C e Innovation areas n t from the country. At the other end of the spectrum, LatiPay, an online payments r e service between China and New Zealand, is gaining a significant amount of growth Capital markets and traction, and will likely emerge as a future success story. Retail banking In E-commerce Auckland is New Zealand’s largest and most internationally connected n INDEX SCOREo The future hub, with a third of the country's population and the largest number va Wealth management t In 2017, there will be a much more visible FinTech community in Auckland, and i o Robo advisors of businesses. The city hosts the entire diverse spectrum of ﬁnancial c n in New Zealand more broadly. While policymakers and regulators traditionally services, as well as the largest concentration of the country’s vibrant n/a*utlu focused on Wellington, Auckland will see a lot more policy engagement on tech sector. Combine this with strong central and local government erChallenges FinTech issues, challenges and opportunities. 2017 will also see more connections support and direct links to the country’s other hubs, Auckland is an Low levels of knowledge between Auckland FinTech innovators and the international community who are ideal environment for innovating FinTech.Low Rank sharing already reaching out to the hub. Small size of market (leading e to Low access to capital) rtis Skills shortages - technology Reguxpe latto e ionity xim Hub representativePro New Zealand Financial Innovation and Technology Association (FinTechNZ) rs Foreigstome* The data for Auckland is not available CEOn startupity to cuon the Global Financial Centre Index. Mitchell PhamsProximAs such, Auckland has not been given an Index Performance Score. 27

A tale of 44 cities | Bangkok S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c i High Ran x a t k o NEW HUB e y r s a r e a Bangkok s Hub proﬁle k M a dr i M d G il o a v n e r n m e G n l o b a l F i t C n e s Digital Ventures n t r B e u a 3 p n 9 gkok p Dream Oﬃce (C-Asean) o r Dtac Accelerate t Krungsri Rise The Thai FinTech ecosystem is growing rapidly. In 2016, the number of B FinTech startups doubled from around 40 to almost 90. Bangkok, which udapest is at the centre of Thailand’s economy and ﬁnancial industry, is driving In FinTech development in Thailand. Most major banks have launched n INDEX SCORE o v their own corporate VCs, innovation labs and accelerator programs for a t Moscow i o FinTech startups. In Thailand, regulators (the Securities and Exchange c n Commission and the Bank of Thailand in particular) play an active role 137 utlu 64uBoD er in growing the FinTech ecosystem. For example, the SEC launched n enisgni a FinTech competition to promote and support new ideas of k oitav ss ﬁnancial innovation. Low Ran onnI laboxednI25 lG tise Re per gula o ex tion ty t imi rox P For mers Hub representative eign st o custo Thai Fintech Association artups Proximity t Acting President Jessada Sookdhis Source: Global FinTech Hubs Federation Produced by Deloitte 28

A tale of 44 cities | Bangkok S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc i High Ranxa t ko e yr s a r e a BangkoksBest workspace and accelerators Hub features Top FinTech companies Hub proﬁlek Technologies Omise, Digio, Ascend, Claimdi, Stockradars, Finnomena, iTax (Legal Drive), Jitta, M Airpay, Piggipo (Neversitup). a dr i Md G Digital identity Big investors ilo Machine learning av ne r 500 Startups (500 Tuktuks), Dtac Accelerate, True Incube, Golden Gate Ventures, n Banking-as-a-service m e M8VC and Digital Ventures. Gn l o b a l F Payment gateways it Cn es Digital Ventures n t r Beu a3p n9 Blockchain gkokp Dream Oﬃce (C-Asean) o Success stories r Dtac Accelerate t Krungsri Rise The Thai FinTech Association was launched in July 2016. More than half of the The Thai FinTech ecosystem is growing rapidly. In 2016, the number of Innovation areas FinTech startups in Thailand has joined the Thai FinTech Association and there B FinTech startups doubled from around 40 to almost 90. Bangkok, which udapest Wealth management are 100 members from banks, VCs and angel investors, regulators, policy makers, is at the centre of Thailand’s economy and ﬁnancial industry, is driving Retail banking technology partners, experts and entrepreneurs also joined the Thai FinTech In E-commerce Association. In collaboration with Thai FinTech Association, the National Reform FinTech development in Thailand. Most major banks have launched n INDEX SCOREo Steering Assembly has finished the whitepaper to be FinTech Roadmap for their own corporate VCs, innovation labs and accelerator programs for va Payments t Thailand 4.0. Moscowi o KYC FinTech startups. In Thailand, regulators (the Securities and Exchange c n Commission and the Bank of Thailand in particular) play an active role 137utlu The future 64uBoDer Challenges The Bank of Thailand and The Securities and Exchange Commission have launched in growing the FinTech ecosystem. For example, the SEC launchednenisgni a FinTech competition to promote and support new ideas ofkoitavss Regulatory barriers their regulatory sandboxes and are in the process of participants selection. The ﬁnancial innovation.Low RanonnI Quality of infrastructure Bank of Thailand is expected to issue the license for peer-to-peer lending within laboxednI25 Skills shortages - technology Q2-Q3/2017. lG tise There are committees under the National Legislative Assembly, the National Reper Reform Steering Assembly and the National Startup Committee to improve gulao ex FinTech and Financial infrastructure. Some laws and regulations that are currently tionty t obstacles to FinTech development will be proposed to amendment. imi rox P Formers Hub representativeeign sto custo Thai Fintech Association artupsProximity t Acting President Jessada Sookdhis 29

A tale of 44 cities | Budapest S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Budapest s Hub proﬁle M i l an B G a o n v g e k r o n k m e G n l o b a l ﬁ n t C e s n t r B e u u 7 p da 7 p pes o t r t n o i t M a o v sc o ow n n I l a x b e o l d I G n 3 n I 3 n INDEX SCORE o v MKB Fintech Accelerator a t Istanbul i o Mosaik c n SparkLab by NN The FinTech industry in Hungary has been gaining considerable 151 utlu momentum over the last year. Hungary and the CEE countries are er mostly known for their excellent technological talent pool and innovative technologies. Low Rank tise R s s e ni s u1 4 er egu g ni o DB exp latio y to n mit oxi Pr Hub representative CEE FinTech rs Foreig stome CEO n startup ity to cu Zsombor Imre s Proxim Source: Global FinTech Hubs Federation Produced by Deloitte 30

A tale of 44 cities | Budapest S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Budapests Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Shinrai, B-Payment, Blueopes, Wyze, Simple, Cellum , IND, Dorsum and Gravity. Mi l an Mobile Big investors BG Speedinvest, DayOne Capital, HiVentures and OTP Bank. ao APIs nv ge kr on Machine learning km e Success stories Gn l o b a l ﬁ Payment gateways nt C es n t r Beu The acquisition of IND Group by Misys in 2014. IND is a leading innovator and u7p da7p UX peso provider of online and mobile banking, personal finance management and tr t payments solutions. n Innovation areas o i t Ma ov sco The future own n Cyber security I l The market will continue to mature. Strong enthusiasm and demand will ax be Banking technology solutions o ldI generate supply. The first Hungarian FinTech accelerator will end its first batch Gn3n I3n E-commerce INDEX SCOREo and it is likely that more similar initiatives will start with banks launching their own va MKB Fintech Accelerator Identity management t accelerator programmes. Startups and corporates will become better connected. Istanbuli o Mosaik Fraud detection and c n SparkLab by NN The regulatory landscape for FinTechs will improve with upcoming changes to The FinTech industry in Hungary has been gaining considerable 151utlu mitigation account opening and account switching regulations. momentum over the last year. Hungary and the CEE countries are er mostly known for their excellent technological talent pool and Challenges innovative technologies. Low Rank Regulatory uncertainty Regulatory barriers se Small size of market 14rti RessenisuBpe gulagnioDo ex tionty t imi rox P Hub representative CEE FinTechrs Foreigstome CEOn startupity to cu Zsombor ImresProxim 31

A tale of 44 cities | Chicago S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Chicago s Hub proﬁle N e w Yor Si k G lic o o v n e r V n a m l l e e G n y l o b a l F i t C n e s n t r C e u h p icag 8 p o o r n t o i t a v o n H n o I n g l K a on g b x o e l d G n I 4 Chicago acts as the epicenter for all FinTech activity in the Midwest, In 1871 n INDEX SCORE o Catapult Chicago v representing well over 20,000 ﬁnancial institutions. It is home to a t Tech Nexus Zurich i o two ﬁfths of the top business universities in the US and over 6% c n Techstars Chicago of the Chicago workforce are focused on the ﬁnancial ecosystem 20 utlu contributing to its already signiﬁcant talent pool. With government er support, Chicago companies are able to quickly innovate to create groundbreaking technology. Low Rank 8 s u B e ss e ni ni o D tis Re g per gula o ex tion ty t imi rox P Hub representative FinTEx For mers eign st o custo Chairman artups Proximity t Jason Henrichs Source: Global FinTech Hubs Federation Produced by Deloitte 32

A tale of 44 cities | Chicago S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Chicagos Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Braintree, Avant, Envestnet, Morningstar, Discover, Allstate, Aon and CME. New Yor Big data Big investors SikG Jump Capital, Pritzker Group Venture Capital, MATH Venture Partners, Chicago lico Data analytics ov ne r Ventures and CME Ventures. Vn Machine learning am l le eGn yl o b a l F Web access it Cn es n t r Ceu hp Success stories icag8p Data centre technologies oo Born in Chicago in 2007, Braintree provides software that helps businesses of all r nt sizes accept and process payments to help maximise opportunities and revenue o i t Innovation areas a v growth. It was acquired by PayPal in 2013 for $800 million. o n Hn oI n gl Ka on gbx Investment management oe ld The future Gn I4 Capital markets Over the next 12 months, we expect to see state and local government partnering Chicago acts as the epicenter for all FinTech activity in the Midwest, In 1871 Risk management n INDEX SCOREo Catapult Chicago with the private sector and NGOs to pursue greater adoption of blockchain as representing well over 20,000 ﬁnancial institutions. It is home tova Markets and exchanges t Tech Nexus well as creating an innovation friendly environment. 2017 will also see the launch Zurichi o Wealth management two ﬁfths of the top business universities in the US and over 6%c n Techstars Chicago of Currency, a FinTech centre of excellence and development of an innovation- of the Chicago workforce are focused on the ﬁnancial ecosystem 20utlu friendly regulatory stance. contributing to its already signiﬁcant talent pool. With government er Challenges support, Chicago companies are able to quickly innovate to create Risk averse culture groundbreaking technology. Low Rank Low levels of knowledge sharing 8 Insufficient scale capital suBe sseninioDtis Regper gulao ex tionty t imi rox P Hub representative FinTExFormers eign sto custo ChairmanartupsProximity t Jason Henrichs 33

A tale of 44 cities | Copenhagen S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Copenhagen s Hub proﬁle Taip Accelerace Copenhagen Fintech Lab e A i G Founders House m o Rainmaking Loft s v t e Singularity U Copenhagen e r rd n a m Spar Nord Future Finance m e G n l o b a l F i t n n The Camp o i t C s a e n t v r C o e u o n n 6 p I 0 Venture Cup penh l p a b o o a l x r g G e e d t n n I s 8 g s n e i n o i D s u Edinb B 3 u r gh Ranked highly in the World Bank Group’s Ease of Doing Business In Index, Denmark boasts a strong digital heritage, digital-minded n INDEX SCORE o v a regulators and a tech savvy population. A strong and supportive t Paris i o ecosystem consisting of ﬁnancial, academic, and regulatory c n institutions are ready to see FinTechs scale. The Danish market is 71 utlu mature and the possibilities near limitless: a perfect environment for er FinTech startups to thrive and test solutions. Low Rank tise Re per gula o ex tion ty t imi rox Hub representative P Copenhagen FinTech CEO For mers Thomas Krogh Jensen eign st o custo artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 34

A tale of 44 cities | Copenhagen S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Copenhagens Best workspace and accelerators Hub features Top FinTech companies Technologies Lunarway, Coinify, Hufsy, Chainanlysis,Crediwire, Cardlay, Pleo, Ernit, Lendino, Hub proﬁleTaip Accelerace Clearhaus, Samlino, Monera and MyMonii. Copenhagen Fintech Lab ei Founders House Digital identity AG Rainmaking Loft Big investors mo Natural language processing sv te Singularity U Copenhagen er Seed Capital, SEB Ventures, North East Ventures, Private Business Angels and rdn Machine learning am Spar Nord Future Finance me NFT Ventures. Gn l o b a l F Banking-as-a-service it nn The Camp o i tCs ae n t vr Coeu on n6p I0 Venture Cup penh Blockchain lp a bo o alxr Success stories gGe edt nn I s8 Tradeshift is one company which has really taken off, with a presence in US and gs ne in Innovation areas oi Ds Chinese markets. Lunar Way and Coinify are also emerging success stories. u EdinbB 3 Founded in 2014, Coinify’s payment and trade services offer businesses and u r gh Investment management individuals easy access to over 15 blockchain currencies (including bitcoin, ether Ranked highly in the World Bank Group’s Ease of Doing Business AML / KYC and ripple). Coinify has emerged as a success story for blockchain and bitcoin in In Cyber security Index, Denmark boasts a strong digital heritage, digital-minded n INDEX SCOREo Europe, and not just in Denmark. va Wealth management regulators and a tech savvy population. A strong and supportive t Parisi o Crowdfunding ecosystem consisting of ﬁnancial, academic, and regulatory c n The future institutions are ready to see FinTechs scale. The Danish market is 71utlu We anticipate strong growth in the number of FinTech startups in Denmark mature and the possibilities near limitless: a perfect environment for er Challenges over the next 12 months, with the expansion of the Copenhagen FinTech Lab. FinTech startups to thrive and test solutions. Regulatory uncertainty As the ecosystem grows, we expect Copenhagen to attract more risk capital Low Rank Low access to capital and foreign startups, as well as more tech talent. 2017 will also see the launch Small size of market of a Copenhagen FinTech Accelerator, more partnerships between universities, corporates and startups in Denmark and stronger bridges between Denmark tise and other international hubs. Reper gulao ex tionty t imi rox Hub representativeP Copenhagen FinTech CEOFormers Thomas Krogh Jenseneign sto custo artupsProximity t 35

A tale of 44 cities | Edinburgh S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Edinburgh s Hub proﬁle A ms te rd C am G o o p v e e n r h n Codebase Technology Incubator ag m e e G n l o b E-Spark (HQ at RBS Gogarburn) n a l F i t n n o C s i e n t t r a e u v x o e 6 p E n d 6 d n n I I p i n l 3 b a o u b r o r g l t h G g Edinburgh is a signiﬁcant global ﬁnancial services centre, home to n s i s o e 7 D n i large ﬁnancial institutions and challenger banks. Edinburgh boasts a Pari s s u heritage in technology, engineering and innovation; and there is a B strong talent pool emerging from top universities and initiatives such In n INDEX SCORE o as The School of Informatics, the DataLab, StartEdin, and CodeClan. v a t Oslo i o Edinburgh has all the component parts to enable a thriving FinTech c n ecosystem and in an area of roughly one sq. mile across the city 76 utlu centre, one can access major FS organisations, deeply experienced er technologists, highly intelligent and practical academics and secure early stage funding. There are not many other cities that have an Low Rank 'ecosystem concentration’ like Edinburgh! tise Re per gula o ex tion ty t imi rox Hub representative P FinTech Scotland (Steering Commitee) rs Foreig stome n startup ity to cu s Proxim Source: Global FinTech Hubs Federation Produced by Deloitte 36

A tale of 44 cities | Edinburgh S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Edinburghs Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies The ID Co., Money Dashboard, Nucleus, Float, FreeAgent, Zonefox, Symphonic A Software, Wallet Services, The Lending Crowd and Payfont. ms te rd Big data CamG Big investors oo Data analytics pv ee nr Par Equity, Archangels, Scottish Enterprise and Scottish Equity Partners. hn Codebase Technology Incubator Digital identity agm ee Gn l o b E-Spark (HQ at RBS Gogarburn) na l F P2P networks it nn oCs ie n tt r aeu vx Success stories oe6p End6 Blockchain dnn IIp i nl3 bao ub Successful startups include Nucleus (won investment platform of the year for ror glt hG 2016), Zonefox (recently secured £3.6m Series A), Money Dashboard (awarded g Innovation areas Edinburgh is a signiﬁcant global ﬁnancial services centre, home to ns is Best Personal Finance App 2017 in the British Bank Awards), FreeAgent oe7 Dn i large ﬁnancial institutions and challenger banks. Edinburgh boasts a Paris (first equity crowdfunded business to IPO, achieving a market capitalisation su heritage in technology, engineering and innovation; and there is a B Compliance of around £34.1m), Payfont (recently valued at up to £180 million). Cyber security strong talent pool emerging from top universities and initiatives such In Identity management n INDEX SCOREo The creation of a FinTech strategy for Scotland, sponsored and supported by the as The School of Informatics, the DataLab, StartEdin, and CodeClan. va Open data t government and industry is another success story for Edinburgh. This initiative Osloi o Payments Edinburgh has all the component parts to enable a thriving FinTech c n is already helping to accelerate growth and connection across the industry. ecosystem and in an area of roughly one sq. mile across the city 76utlu centre, one can access major FS organisations, deeply experienced er Challenges The future technologists, highly intelligent and practical academics and secure Risk averse culture The pace and scale of FinTech startups and scaleups is set to continue across early stage funding. There are not many other cities that have an Low Rank Low levels of knowledge Edinburgh. The jointly backed government and industry initiative to define and 'ecosystem concentration’ like Edinburgh! sharing drive a FinTech strategy for Scotland is already gathering huge momentum. Regulatory uncertainty The next 12 months will see the emergence of a connected FinTech ecosystem tise in Edinburgh, and Scotland more broadly. Reper gulao ex tionty t imi rox Hub representativeP FinTech Scotland (Steering Commitee)rs Foreigstome n startupity to cu sProxim 37

A tale of 44 cities | Istanbul S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Istanbul s Hub proﬁle B ud a pes M t G o o v s e c r o n w m e G n l o b a l F i t C n e s n t r e u I 5 p stan 7 p b o u r l t M a n n a m o a i t Istanbul is advantageously located, being only four hours’ ﬂight away a v Etohum o n In ITU Cekirdek n I from global leading markets such as London and Dubai, where it is n al x INDEX SCORE o Kolektif House b e v o d a committed to developing new businesses. Istanbul has a vision to Gl n 2 t Kworks Mexico City I 4 i o become a regional centre of ﬁnance within the next 10 years and this c n Starters HUB is incorporated in the government’s plans. Turkey has a very strong 168 utlu Startupbootcamp Istanbul banking sector as well as a skillful workforce and digitisation within the er banking sector is creating opportunities for talented individuals to Low Rank 9 6 B explore new innovative ideas in FinTech. n i s u o D s e g n i s tise Re per gula o ex tion ty t imi rox P Hub representative FinTech Istanbul For mers eign st o custo CEO artups Proximity t Selim Yazici Source: Global FinTech Hubs Federation Produced by Deloitte 38

A tale of 44 cities | Istanbul S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Istanbuls Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies IyziCo, Ininal, Parasut and Cardtek. B ud a Big investors pes Data analytics MtG MV Holding, Revo Capital and 212. o Mobile ov se cr on APIs wm e Success stories Gn l o b a l F Payment gateways it Cn es n t r eu The Turkish ecosystem succeeded at enabling a co-opetition culture in the I5p stan7p Credit and debit cards bo highly competitive market. 2016 saw the launch of FinTech specific accelerator ur lt programmes, workshops, entrepreneurship programmes and international Innovation areas conferences; and FinTech startups received half of the total startup investments M in 2016. an n a mo Back-office operations ai t Istanbul is advantageously located, being only four hours’ ﬂight away a v Etohum Retail banking o nIn ITU Cekirdek From a startup company perspective, Iyzico, which is a payment service provider n I from global leading markets such as London and Dubai, where it is n E-commerce alxINDEX SCOREo Kolektif House (PSP) for online businesses and enterprises, is a success story. Iyzico raised bev oda Identity management committed to developing new businesses. Istanbul has a vision to Gln2t Kworks $13 million in Series C round and is planning to expand into the Middle East Mexico CityI4i o Payment become a regional centre of ﬁnance within the next 10 years and this c n Starters HUB and Europe markets. is incorporated in the government’s plans. Turkey has a very strong 168utlu Startupbootcamp Istanbul banking sector as well as a skillful workforce and digitisation within the er Challenges The future banking sector is creating opportunities for talented individuals to Regulatory barriers Our expectation is to see new FinTech startups with innovative solutions emerge Low Rank96B Low access to capital from the market over the next 12 months. With this, we also expect to see a explore new innovative ideas in FinTech. nisuoD greater spread of funding opportunities and continued growth in the Turkish segni Limited exit opportunities s FinTech ecosystem. tise Reper gulao ex tionty t imi rox P Hub representative FinTech IstanbulFormers eign sto custo CEOartupsProximity t Selim Yazici 39

A tale of 44 cities | Jakarta S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Jakarta s Hub proﬁle Jo ha nne s G S b o a u v o rg e r P n aul m o e G n l o b a l F i t C n e s n t r e u 7 p Ja 6 p k o a r r t ta Indonesia has the most to gain from FinTech and is ripe for disruption. Conclave The country has a large unbanked population and high mobile phone D-LAB by SMDV Kejora penetration. Its massive MSME market is still mostly uncatered for by In Mandiri Digital Incubator n INDEX SCORE o Plug & Play Indonesia v conventional ﬁnancing, as evidenced by a wide ﬁnancing gap. The a t i o funding landscape for FinTech has shown signiﬁcant growth since 2015, c n with VC ﬁrms (including globally recognised ﬁrms, local bank-backed noi 255 utlu VCs, and corporate VCs in general) supporting early stage ventures to tav 9 er onnI 1suBoD access to large pools of Indonesia's untapped growth. labxed8 senigni Low Rank olGnI8 s tise Re per gula o ex tion ty t imi rox P For mers eign st o custo Hub representative artups Proximity t FinTech Association of Indonesia CEO Source: Global FinTech Hubs Federation Ajisatria Suleiman Produced by Deloitte 40

A tale of 44 cities | Jakarta S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a JakartasBest workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies C88 FinTech Group (proprietor of Cekaja), Midtrans, Doku, Modalku, Investree Jo and Dimo. ha nne Mobile sG Sbo Big investors auv Location based services orge r Pn Sinar Mas Digital Ventures, MDI Ventures (subsidiary of Telkom, Indonesia’s largest aulm Web access oe telco operator), Lippo Group, Kejora Venture, Mandiri Capital Indonesia (subsidiary Gn l o b a l F Open Source it Cn es n t r eu of Mandiri, Indonesia’s largest bank), East Venture and Northstar (for later stage). 7p Ja6p UX ko ar rt ta Success stories Innovation areas C88 FinTech Group is the biggest FinTech companies in Indonesia, securing Series Indonesia has the most to gain from FinTech and is ripe for disruption. ConclaveRetail banking B round from major investor like Telstra. It was funded by Kejora Group since the The country has a large unbanked population and high mobile phone D-LAB by SMDV seed stage, and emerged as Indonesia’s FinTech powerhouse. Kejora E-commerce penetration. Its massive MSME market is still mostly uncatered for by InMandiri Digital IncubatorAggregators n INDEX SCOREoPlug & Play Indonesia In December 2016, new regulations on P2P lending, payment gateway, and conventional ﬁnancing, as evidenced by a wide ﬁnancing gap. The va Credit scoring t e-wallet demonstrated commitments by the regulator to support FinTech i o Underwriting funding landscape for FinTech has shown signiﬁcant growth since 2015, c n development. with VC ﬁrms (including globally recognised ﬁrms, local bank-backed noi255utlu VCs, and corporate VCs in general) supporting early stage ventures to tav9erChallenges The future onnI1suBoD December 2016 was a milestone for Indonesia’s FinTech ecosystem as the Central access to large pools of Indonesia's untapped growth. labxed8senigni Regulatory uncertainty from Low RankolGnI8s new regulations Bank (BI) and the Financial Services Authority (OJK) each issued regulations Quality of infrastructure that paved the way forward for Indonesian FinTech. In 2017, we expect to see Skills shortages – technology companies secure licenses, more companies to flourish and an increase in foreign tise FinTech companies entering the Indonesian market. BI will also issue a regulatory Reper sandbox in mid 2017 and we hope to see investors gaining more confidence in gulao ex investing in Indonesian FinTech companies. tionty t imi rox P Formers eign sto custo Hub representativeartupsProximity t FinTech Association of Indonesia CEO Ajisatria Suleiman 41

A tale of 44 cities | Kuala Lumpur S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Kuala Lumpur s „ub proﬁle Lu xem b A ou G b rg o u v e D C r h it n ab y m i e G n l o b a l F i t C n e s n t r e u K 4 p No formal ones, although ua 3 p la o Startupbootcamp have Lu r m t pur organized events in Malaysia e.g. in partnership with CIMB in October 2015. W In Malaysia, FinTech is a developing area and attracting signiﬁcant arsaw interest. Malaysian ﬁnancial services providers were initially nervous and sceptical about the emergence of a possible “threat” but they are In n INDEX SCORE o v now embracing the movement. iewise, the Malaysian regulators, a t Tel Aviv i o including the Malaysian entral an and ecurities ommission, have c n also oined in the eﬀort to assist the development of FinTech. ith the noi 101 utlu support of industry players and regulators, coupled with a young tavo er population een to embrace technology, €uala umpur has the nnI lx Low Rank abolednI53 potential to be a hub of choice in outh ‚ast ƒsia. G 32 ise nisuB rt Reg ssegnioD xpe ulatio to e n ity xim Pro For mers eign st o custo Hub representative artups Proximity t FinTech Association of Malaysia CEO Source: Global FinTech Hubs Federation David Fong Produced by Deloitte 42

A tale of 44 cities | Kuala Lumpur S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Kuala LumpursBest workspace and accelerators Hub features Top FinTech companies „ub proﬁle Technologies PrimeKeeper, SoftSpace, GHL System Berhad, Jinerxu and RinggitPlus. Lu xem Cloud computing Big investors b AouG Venture capitalists such as 500 Startups, Gobi Partners, KK Fund, Venturra Capital, brgo Mobile uv e DCr IMJ Investment Partners, Axiata Digital Innovation Fund, among others. hitn Social media abym ie Gn l o b a l F P2P networks it Cn es n t r eu K4p No formal ones, although Success stories ua3p Payment gateways lao Startupbootcamp have Lur The equity crowdfunding platform and the P2P lending platform that were mt pur organized events in Malaysia e.g. initiated by the Securities Commission are among the top success stories of in partnership with CIMB in Innovation areas Malaysia. October 2015. W In Malaysia, FinTech is a developing area and attracting signiﬁcant arsaw Capital markets The future interest. Malaysian ﬁnancial services providers were initially nervous E-commerce The results of the successful applicants for the regulatory sandbox is much and sceptical about the emergence of a possible “threat” but they are In n INDEX SCOREo awaited. This will set the tone for FinTech in the financial services space, and will now embracing the movement. iewise, the Malaysian regulators, va t likely also shape the regulations that are to come. The more challenging economic Tel Avivi o Challenges including the Malaysian entral an and ecurities ommission, have c n environment in Malaysia will see more startups competing for funding. also oined in the eﬀort to assist the development of FinTech. ith the noi101utlu Regulatory uncertainty support of industry players and regulators, coupled with a young tavoer around applying legacy population een to embrace technology, €uala umpur has the nnI lx regulations to new Low RankabolednI53 technologies potential to be a hub of choice in outh ‚ast ƒsia.G Low access to capital Skills shortages - technology 32ise nisuBrt RegssegnioDxpe ulatio to e nity xim Pro Formers eign sto custo Hub representativeartupsProximity t FinTech Association of Malaysia CEO David Fong 43

A tale of 44 cities | Lagos S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Lagos s Hub proﬁle G o v e r n Co-Creation Hub m e D n Omidyar Network o i L n ag g t B u s o s i n e s G s s l u VC Fintech Accelerator o 1 b p 6 9 N a / l p A F Venture Garden Group i n o C r e t n Y Combinatorial t r e In n INDEX SCORE o v a t i o c n With a population of around 190 million, Nigeria is the most populated n/a* utlu country in Africa and has a large number of vibrant and innovative er young people. Lagos, being the commercial capital, has the largest concentration of FinTechs in the country. Low Rank noi tavo nnI laxed411 bolGnI se R rti eg xpe ulatio to e n ity xim Pro For mers Hub representative eign st o custo * The data for Lagos is not available Fintech Association of Nigeria artups Proximity t on the Global Financial Centre Index. As such, Lagos has not been given an CEO Index Performance Score. Segun Aina Source: Global FinTech Hubs Federation Produced by Deloitte 44

A tale of 44 cities | Lagos S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Lagoss Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Interswitch, Systemspecs Remita, Paga, Paystack, Appzone, eTranzact, PayPal Nigeria, PiggBank.Ng, Flutterwave, NIBSS, Jumia paycard, OneCare ditch and Cloud computing Niarex Bitcoin. G o Mobile v e r Big investors n Co-Creation Hub Social media m e Helios Investment Partners, BCX, Verod Capital, MTN via MIH, Adlevo Capital Dn Omidyar Network o i Ln aggt Banking-as-a-service B us os i n e sG sslu VC Fintech Accelerator o Managers and OmidyarNetwork. 1bp 6 9Na Messaging /lp A F Venture Garden Group i no Cr et n Y Combinatorial t r e Innovation areas Success stories Interswitch, an electronic payment platform with a plan to do a billion dollar listing Risk & compliance on the London Stock Exchange, will be the first African FinTech company to list in Back-office operations the UK. In Retail banking n INDEX SCOREo The future va Neo bank t The next 12 months looks very exciting as a number of new players have entered i o E-commerce c n the FinTech space and there is renewed government interest to provide FinTechs With a population of around 190 million, Nigeria is the most populated n/a*utlu with a supportive and enabling environment. We expect to see more collaboration country in Africa and has a large number of vibrant and innovative erChallenges with international hubs, more FinTech focused events and continued interest by young people. Lagos, being the commercial capital, has the largest High cost of living financial institutions to support FinTech. concentration of FinTechs in the country.Low Ranknoi Low levels of knowledge tavo sharing nnI laxed411 bolGnIse Low access to capital Rrti egxpe ulatio to e nity xim Pro Formers Hub representativeeign sto custo* The data for Lagos is not available Fintech Association of Nigeria artupsProximity ton the Global Financial Centre Index. As such, Lagos has not been given an CEOIndex Performance Score. Segun Aina 45

A tale of 44 cities | Lisbon S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Lisbon s €ub proﬁe T el A v i S v G h o a v n e r g n h m ai e G n l o b a l F i t C n e s n t r L e u is 6 p b 9 on p o r Since 2016, there’s a growing focus in the Fintech ecosystem t Beta-i reﬂected by an increase of Fintech groups, startups, events and S Invest Lisbon h e n z n Invest Braga he n o i meetups. ortuga hods strong technoogica capabiities, stemming t Pedro Nunes Institute a v o Second home Lisbon from internationayrecognised universities, is an eary adopter of n n I I n al x n UPTech new technoogies and a trigger of innovation for diﬀerent ndustries. b e INDEX SCORE o o d v Gl n 0 a I 3 t he technoogica infrastructure is deveoped and robust and the Prague i o c n administrative and ega process for setting up a startup is uic and 124 utlu easy. €owever, due to the ac of access to earystage funding er and reguation in capita raising, most Fintech startups are unabe to scae past seed funding to series ‚ funding. Low Rank BusDoing ise R iness ert egu 25 xp lat to e ion ity xim Pro Hub representative Portuguese FinTech and For mers InsurTech Association eign st o custo artups Proximity t CEO João Machado Mota Source: Global FinTech Hubs Federation Produced by Deloitte 46

A tale of 44 cities | Lisbon S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Lisbons Best workspace and accelerators Hub features Top FinTech companies €ub proﬁe Technologies Feedzai, Seedrs, Crowdprocess, Unbabel, Switch Payments Rpra, Magnifinance, T Ebankit-Omnichannel Innovation, Loqr, Petapilot, Orange Bird, Comparajá, el A v Easypay and Rise. i Data analytics SvG ho Cloud computing av ne r Big investors gn APIs hm aie Retail banks / Insurance (e.g. Sibs pay foward, Fidelidade Protechting), Private Gn l o b a l F Banking-as-a-service it Cn es n t r Liseu equity (Portugal Ventures), Business angels and Public funds for R&D (e.g. FCT, 6p bon9p Artificial Intelligence/Machine o Fundação Champalimaud). r Since 2016, there’s a growing focus in the Fintech ecosystemt Learning Beta-i Success stories reﬂected by an increase of Fintech groups, startups, events and S Invest Lisbon Innovation areas h e n Three success stories to emerge from Lisbon include: Feedzai, Seedrs and zn Invest Braga he no i meetups. ortuga hods strong technoogica capabiities, stemming t Pedro Nunes Institute a Crowdprocess. Feedzai is a series B startup that raised $17.5 million in 2015; v Investment management o Second home Lisbon from internationayrecognised universities, is an eary adopter of n Seedrs, the top European equity crowdfunding site which was co-founded by a nI In Back-office operations alxn UPTech new technoogies and a trigger of innovation for diﬀerent ndustries. beINDEX SCOREo Portugese entrepreneur, has its software development team based in Lisbon; odv Retail banking (neo and digital Gln0a I3t and Crowdprocess was considered one of the Lisbon’s hottest startups in 2016 he technoogica infrastructure is deveoped and robust and the Praguei o banking) c n by Wired magazine. administrative and ega process for setting up a startup is uic and 124utlu E-commerce easy. €owever, due to the ac of access to earystage fundinger Payments The future and reguation in capita raising, most Fintech startups are unabe Over the next 12 months, we expect to see an increase in the number of FinTech to scae past seed funding to series ‚ funding. Low Rank Challenges companies in Lisbon, a growth in talent as well as increased public and private Investors are risk-averse investment. We also expect to see a focus in leveraging the right regulation for Regulatory uncertainty the FinTech ecosystem. BusDoingise Rinessert Small size of market egu25xp latto e ionity xim Pro Hub representative Portuguese FinTech and Formers InsurTech Associationeign sto custo artupsProximity t CEO João Machado Mota 47

A tale of 44 cities | Madrid S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Madrid s Hub proﬁle P rag u e G Br o u v s e s r e n l m s e G n l o b a l F i t C n e s n t r M e u 6 p a 8 p drid o r t Bstartup of Sabadell n Community of Madrid o i t M a ila v n o n n I l a x b e o l d I G n 8 n I 2 n INDEX SCORE o v a t Bangkok i o Madrid is at the forefront of driving innovation in Spain. There is a c n favorable ecosystem for FinTech and entrepreneurship but further 128 utlu government and regulatory support is needed to reduce the barriers er to entry. Blockchain, Big data and P2P networks are among the technologies underlying the innovation in Madrid. Low Rank B Doin tise R usinesg er eg 3 s xp ula 2 o e tion ty t imi rox P Hub representative Asociación Española de For mers FinTech e InsurTech eign st o custo artups Proximity t CEO Jesus Perez Source: Global FinTech Hubs Federation Produced by Deloitte 48

A tale of 44 cities | Madrid S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Madrids Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Indexa Capital, Fintonic, Finizens and Housers. P rag u Big investors eG Social media FinTech Ventures, Seaya Ventures, Axon Partners Group, Bonsai Venture Capital, Bro P2P networks uv se sr Cabiedes & Partners, Nauta Capital and Onza Capital. en Digital identity lm se Gn l o b a l F Payment gateways it Cn es n t r Meu Success stories 6p a8p Big data drido Fintonic is an application that helps to control expenses. The company won the r t Bstartup of Sabadell Google award for the finance category in November 2016. n Community of Madrid Innovation areas o i t Ma ilav The future no n n Robo advisors I l The next 12 months will see the creation of a dedicated FinTech hub in Madrid, ax be Payments o ldI further developments to the regulatory environment, increase in capital Gn8n I2n Retail banking INDEX SCOREo investments and more foreign companies locating in Madrid. va KYC / Identity management t Bangkoki o Crowdlending Madrid is at the forefront of driving innovation in Spain. There is a c n favorable ecosystem for FinTech and entrepreneurship but further 128utlu government and regulatory support is needed to reduce the barriers er Challenges to entry. Blockchain, Big data and P2P networks are among the Regulatory uncertainty technologies underlying the innovation in Madrid. Low Rank Low access to capital Limited specific support for e tech. startups Bu Doingrtis Regsinesspe ula32 ex tioy to nmit oxi Pr Hub representative Asociación Española de Formers FinTech e InsurTech eign sto custo artupsProximity t CEO Jesus Perez 49

A tale of 44 cities | Manama S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Manama s Hub proﬁle M o s c o Is w G o ta v n e b r u n l m CH9 e G n l o b a Rukun l F i t C n e s n t r Manama e u Tenmou 5 p 8 p o r t Bahrain is a long standing ﬁnancial center in the region and the ﬁrst Mexico City innovator in Islamic Finance. While Bahrain’s FinTech ecosystem is still in early stages of development, the collaboration between public and In n INDEX SCORE o v private stakeholders in developing FinTech makes Bahrain stand out in a t Johannesburg n i o the global stage. Bahrain has ambitions to be a testbed for startups oita c n looking to expand across the GCC and are connecting with other vonn 178 utlu international hubs to learn from best practice. Speciﬁc areas of I labxed7 er olGnI5 interest for Bahrain include Islamic Finance, crowdfunding, Low Rank 36uBD payment services and RegTech. enisnio ssg tise Re per gula o ex tion ty t imi rox P Hub representative For mers Economic Development eign st o custo Board of Bahrain artups Proximity t Head of Financial Services & FinTech David Parker Source: Global FinTech Hubs Federation Produced by Deloitte 50

A tale of 44 cities | Manama S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Manamas Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Paytabs, PIE & NEC. M o s c Big investors o Data analytics IswG State institutions, some private entrepreneurs and financial services that are keen o Cloud computing tav ne br on innovation. un Mobile lm CH9 e Gn l o b a Rukun l F APIs it Cn es n t r Manamaeu Tenmou Success stories 5p 8p Banking-as-a-service o Paytabs is a company that aims to revolutionise online payments by providing r t simple and trusted Payment Processing Solutions for Merchants or Individuals. Innovation areas Mex The future Bahrain is a long standing ﬁnancial center in the region and the ﬁrst ico City Compliance We anticipate a great deal of collaborative activity with the existing financial innovator in Islamic Finance. While Bahrain’s FinTech ecosystem is still Back-office operations services industry and the Central Bank on embracing new FinTech players, work in early stages of development, the collaboration between public and In Wholesale banking n INDEX SCOREo on adopting new regulation, setting up the regulatory sandbox and introducing private stakeholders in developing FinTech makes Bahrain stand out in va Robo advisors t a new FinTech accelerator in Bahrain that would host new local and international Johannesburgni o Islamic Finance the global stage. Bahrain has ambitions to be a testbed for startups oitac n market entrants. Bahrain is also looking to host a series of FinTech events to looking to expand across the GCC and are connecting with other vonn178utlu further raise awareness, e.g., the AFS FinTech Forum in March. international hubs to learn from best practice. Speciﬁc areas ofI labxed7erChallenges olGnI5 interest for Bahrain include Islamic Finance, crowdfunding,Low Rank36uBD Risk averse culture payment services and RegTech.enisnio Small size of market ssg Limited exit opportunities tise Reper gulao ex tionty t imi rox P Hub representativeFormers Economic Development eign sto custo Board of BahrainartupsProximity t Head of Financial Services & FinTech David Parker 51

A tale of 44 cities | Milan S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Milan s Hub proﬁle B russ e l M s G o a v d e r r id n m 012 Factory e G n l o b a l F i t C n B!Ventures e s n t r e u 5 p Mi 3 p Digital Magics l an o dPixel r t Fondazione Filarete n H-Farm o i i3P t a B v ang o iStarters k o n k n I LUISS Enlabs l a x b e Nana Bianca o I l d 9 n G n Milan is the most attractive city in Italy for launching a startup. I 2 n Nuvolab INDEX SCORE o v Polihub Almost one thousand tech companies have established their a t Budapest i o Sellalab headquarters in Milan due to its proximity to the rest of Europe and c n Talent Garden the presence of major national institutional investors, banks and 132 utlu multinational tech companies such as Google, Facebook, Microsoft, er Cisco in the city. The city also hosts Borsa Italiana (the local stock exchange) and is the ﬁnancial centre of the country. Low Rank 0 5 s u B e s s e ni ni o D tis Re g per gula o ex tion ty t imi rox P Hub representative SellaLab For mers eign st o custo Head of artups Proximity t Stefano Azzalin Source: Global FinTech Hubs Federation Produced by Deloitte 52

A tale of 44 cities | Milan S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Milans Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies MoneyFarm, AdviseOnly (portfolio management); Satispay (payments); Bru Smartika, Borsadelcredito.it (lending); Siamosoci, Crowdfundme, Starsup sse AI (incl. advanced analytics) (equity crowdfunding); Credimi, Workinvoice (invoice trading); Euklid (bitcoin l MsG & algotrading) and Sardex (alternative currency). o APIs av de rr in dm Banking-as-a-service e 012 Factory Big investors Gn l o b a l F P2P technologies it Cn B!Ventures es n t r eu Innogest SGR, 360 Capital Partners, Principia SGR, United Ventures, Invitalia 5p Mi3p Digital Magics Payment solutions l ano dPixel (public), P101, Panakes Partners, Primomiglio SGR, SellaVentures, Digital Magics, r t Fondazione Filarete Dpixel, H – Farm Ventures, Finlombarda Gestioni, Quadrivio Capital, Vertis Sgr, n H-Farm Innovation areas Neva Finventures (CVC) and LVenture Group. o i i3P t a Bv ango iStarters k on kn Investment management I LUISS Enlabs Success stories l ax Retail banking be Nana Bianca There are no large exits or IPOs yet. However, MoneyFarm is an Italian company oI ld9n Gn Neo bank Milan is the most attractive city in Italy for launching a startup. I2n Nuvolab INDEX SCOREo that has collected almost $30 million within 5 years. At the beginning of 2016, the Almost one thousand tech companies have established their va Polihub E-commerce t company extended its operations to the UK and announced new partnerships Budapesti o Sellalab Lending headquarters in Milan due to its proximity to the rest of Europe and c n Talent Garden with Revolut and Uber. It received $7 million investment from Allianz in September the presence of major national institutional investors, banks and 132utlu 2016. multinational tech companies such as Google, Facebook, Microsoft, er Challenges Cisco in the city. The city also hosts Borsa Italiana (the local stock Risk averse culture The future exchange) and is the ﬁnancial centre of the country. Low Rank Regulatory barriers We expect to see FinTech becoming more mainstream with the onset of PSD2. Low access to capital This will create new investment and entrepreneurial opportunities that will lead 5 to greater injection of private capital in the market and a rise of new entrants. 0B nisuDse In the next 12 months we will also see other international players entering the Rssegniorti egxpe local market by launching local branches or by following M&A strategies. ulatio to e nity xim Pro Hub representative SellaLabFormers eign sto custo Head ofartupsProximity t Stefano Azzalin 53

A tale of 44 cities | Moscow S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Moscow s Hub proﬁle B an gko B k G u o v d e a r p n es m t e G n l o b a l F i t C n e s n t r M e u 8 p o 4 s p cow o r t I s tanb ul n o i The Russian Hub is well recognised for its technological talent pool, t a v o In AlfaCamp especially in areas such as cyber-security, data analytics and web n n n Generation S I o al x INDEX SCORE v HSE Pro FinTech programming. With the ambitious state plan to turn Moscow into a b e a o d t l n 3 i o Innopolis global ﬁnancial centre and strong government support for innovation, Manama G I 4 n uc InspiRussia the FinTech industry is quickly gaining pace both in terms of the 167 rutl Internet Initiatives number of startups and VC investments. Moreover, being one of the e Development Fund QIWI Universe largest consumer markets in the world, Russia has a great scope to Skolkovo Fintech Hub increase ﬁnancial inclusion. Low Rank tise Re BuDoing per gu siness ex lati 40 to on mity oxi Hub representative Pr Skolkovo FinTech Hub CEO For mers Viktor Vekselberg eign st o custo artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 54

A tale of 44 cities | Moscow S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Moscows Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies CardsMobile, Cashoff, Double Data, DLS, 2can, Promobot, Vision Labs, Rubbles, B Pay-Me and Blackmoon. an gko Mobile BkG Big investors uo APIs v de ar Russian Venture Company, Sberbank, Almaz Capital, Runa Capital, Leta Capital, pn Machine learning em se tGn iTechCapital, Internet Initiatives Development Fund, ru-Net Ventures, AddVenture, l o b a l F Banking-as-a-service it Cn es n t r Meu ABRT Venture Fund, VentureClub, E.ventures and IMI.VC. 8p o4 Platform architectures sp cowo r t Success stories Innovation areas From an investment perspective, success stories include: Otkritie bank (#6 bank in I s tanb Russia) bought 100% equity of Rocketbank in April 2016, Systema JFSC corporate uln Cyber security o venture fund invested $5.5 million in Vision Labs and state-owned Sberbank i The Russian Hub is well recognised for its technological talent pool, t a Retail banking v oIn AlfaCamp (#1 in Russia) and Internet Initiatives Development Fund plan to invest $2.5 million especially in areas such as cyber-security, data analytics and web nn Neo bank n Generation S I o each in Promobot. From an exit perspective, in June 2016, the Waves Platform, alxINDEX SCOREv HSE Pro FinTech programming. With the ambitious state plan to turn Moscow into a bea Credit scoring odt a Russian startup creating crypto assets conducted one of the largest ICOs ln3i o Innopolis global ﬁnancial centre and strong government support for innovation, ManamaGI4n Robo advisors uc InspiRussia (IPO for bitcoins) of the amount of $17 million. the FinTech industry is quickly gaining pace both in terms of the 167rutl Internet Initiatives number of startups and VC investments. Moreover, being one of the e Development Fund Challenges The future QIWI Universe 2017 will be an exciting year for Russia. On the regulation side, we expect Russia’s largest consumer markets in the world, Russia has a great scope to Skolkovo Fintech Hub Regulatory uncertainty increase ﬁnancial inclusion. Low Rank Skills shortages – financial Central Bank, in cooperation with key players of the financial industry, to launch Limited exit opportunities a regulatory sandbox. This will boost the emergence of FinTech startups in areas where current regulation is unclear. From an events perspective, in 2017 Russia tise will be one of the two countries hosting the SWIFT Innotribe Innovation Challenge ReBuDoingper (along with the African region). In addition, on June 6-7 the Skolkovo Innovation gusinessex lati40 to Centre will also be holding its main startup event of the year – the Startup Village, onmity bringing together over 4000 startups (including, FinTechs) and 800 investors from oxi all over the world. Hub representativePr Skolkovo FinTech Hub CEOFormers Viktor Vekselbergeign sto custo artupsProximity t 55

A tale of 44 cities | Oslo S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Oslo s Hub proﬁle E d i nbu r g G P h o ar v is e r n m e G n l o b a l F i t C n e s n t r O e u 4 p s 9 l o p o r t Luxembourg City Oslo has a growing and vibrant FinTech hub, consisting of approximately 90 companies. The mobile payment market has grown n In DNB NXT o n i o t INDEX SCORE Mesh a v exponentially from zero to vast penetration in less than two years, and v a o t Start-up Lab n i o the market is now consolidating. Oslo is particularly strong in security, Abu Dhabi n I l n The Factory a b x e d u c e-ID and authentication solutions, and a growing number of players o l G n I 2 2 77 r u t l in robo-investments, savings, and neo-bank platforms are emerging. e The Norwegian government is discussing a regulatory sandbox s s for 2017. Low Rank g n e n i s 6 i o D u B tise Re per gula o ex tion ty t imi rox Hub representative P IKT-Norge CEO Heidi Austlid For mers eign st o custo artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 56

A tale of 44 cities | Oslo S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Oslos Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies FinTech Innovation, Spiff, Fronteer Solutions and Encap Security. E d i nbu Data analytics Big investors r gG Pho Mobile Northzone, Alliance Venture, Norwegian Government and Innovation Norway arv ise r Investment Fund. n APIs m e Gn l o b a l F Digital identity it Cn es n t r Oeu Success stories 4p s9 Algorithms l op o Vipps is a Norwegian mobile payment application designed for smartphones. r t It was developed by DNB but is opened up to customers from any Norwegian Innovation areas bank. Luxembourg City Oslo has a growing and vibrant FinTech hub, consisting of Investment management The future KYC In the next 12 months, we expect to see more partnerships and collaborations approximately 90 companies. The mobile payment market has grown nIn DNB NXT Retail banking on io between banks and startups; initiatives that make it easier to enter the FinTech tINDEX SCORE Mesh av exponentially from zero to vast penetration in less than two years, and va Identity management ot Start-up Lab market; regulatory developments such as a sandbox; and more investments in ni o the market is now consolidating. Oslo is particularly strong in security, Abu DhabinI ln The Factory Payments abxeduc Norwegian FinTech. Innovations in investment services and InsurTech will also e-ID and authentication solutions, and a growing number of players olGnI2277rutl attract more attention. in robo-investments, savings, and neo-bank platforms are emerging.e Challenges The Norwegian government is discussing a regulatory sandbox ss High cost of living for 2017.Low Rankgnenis6 Low access to capital ioDuB Small size of market tise Reper gulao ex tionty t imi rox Hub representativeP IKT-Norge CEO Heidi AustlidFormers eign sto custo artupsProximity t 57

A tale of 44 cities | Prague S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Prague s Hub proﬁle Li s b on S G h o e v n e Node5 r zh n en m StartupYard e G n l o b a l F i t C n e s n t r e u 7 p P 2 rag p ue o r t n o Although the majority of FinTech startups in the Czech Republic were i t a v o founded in the last four years, in the Czech ecosystem, beneﬁting from B n r n us I se l l s a x a strong technical workforce where labour costs are still signiﬁcantly b e o l d G n 7 I more competitive than Western Europe, is gaining momentum and I 2 n n INDEX SCORE o v several stars are emerging. As the Czech market population is relatively a t Madrid i o small, there is strong focus on international expansion and therefore, c n for many, the Czech Republic represents an “incubator of innovation”. 126 utlu However Czech regulation leaves room for improvement and so far er there are no direct challengers of core banking services, especially in the areas of current accounts and wealth management. Low Rank ss e ni s 7 2 e R g ni o uD B rtis eg xpe ulatio to e n ity xim Pro Hub representative Czech FinTech Association For mers CEO eign st o custo Markéta Brabcová artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 58

A tale of 44 cities | Prague S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Pragues Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Payments: Twisto, Spire, Worldcore, kupnajisto, Storyous; Forex: RoklenFX, Wallets: Lis BleskPeněženka; PFM: BudgetBakers, Spendee, ChytryHonza; Insurance: První b on Big data klubová; Infrastructure: Zingly (Multibanking), SDK.finance; SME Financing/P2P SG platforms: Zalep.to, InvesticniAukce, Fundlift; Bitcoin: EasyCoin; Others: iDoklad, ho Mobile ev ne Node5 r Fakturoid, Rychlý Výpis. zhn Machine learning enm StartupYard e Gn l o b a l F UX it Cn es n t r eu Big investors 7p P2 ragp ueo Enern, Miton, Credo Ventures, Rockaway, 3TS, Evolution Equity and J&T Ventures. r t Innovation areas n o Although the majority of FinTech startups in the Czech Republic were i Success stories t a Personal finance management v o FinTech success stories emerging from our Hub include Twisto, Zonky and founded in the last four years, in the Czech ecosystem, beneﬁting fromBn rn Payments usI se ll sax Budgetbakers. Twisto is a FinTech that aims to simplify payments through the a strong technical workforce where labour costs are still signiﬁcantly be Infrastructure o ld smart use of credit. The company has received a number of recognitions and Gn7I more competitive than Western Europe, is gaining momentum and I2n Forex n INDEX SCOREo awards including being listed by Forbes as one of Czech’s top 20 startups. Zonky several stars are emerging. As the Czech market population is relatively va Lending t is one of the first Czech FinTechs in micro and P2P lending. Budgetbakers is a PFM Madridi o small, there is strong focus on international expansion and therefore, c n FinTech with 1.6 million app downloads and more than 1 million of active users. for many, the Czech Republic represents an “incubator of innovation”. 126utlu Challenges However Czech regulation leaves room for improvement and so far er Regulatory uncertainty The future there are no direct challengers of core banking services, especially Regulatory barriers The next 12 months will see increasing recognition from governments and in the areas of current accounts and wealth management.Low Rank Small size of market regulators that FinTech is here to stay. In particular, we expect the new PSD2 regulation from January 2018 to offer significant opportunities for many of the ss local FinTechs and to spark discussions with policymakers and regulators. genisuB72ise RenioDert guexp lati to onmity oxi Pr Hub representative Czech FinTech Association Formers CEOeign sto custo Markéta BrabcováartupsProximity t 59

A tale of 44 cities | Sao Paulo S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Sao Paulo s Hub proﬁle M e xic o Ci G Jo ty o h v a e n r n n es m b e G n l u o b a l F i t rg C n e s n t r S e u 5 p ao 1 p Pa o ul r Oxigênio o t Startup Farm Wayra Jaka Cubo The Brazilian FinTech Scene is booming. With around 220 startups and rta VC investment reaching US$161 million in 2016, Brazil currently has n 1 B D In o u o n i 2 i more FinTechs and FinTech investment than any other country in Latin t INDEX SCORE 3 s n o a in g v v e a o s t America. In the last couple of years, many of the country's ﬁnancial n s i o n I l n institutions have invested in FinTech by providing investments, support abo xed 9 uc and workings spaces. The Brazilian ﬁnancial authorities are watching lG nI 6 243 rutl this sector closely and are studying regulatory models from other parts e of the world to further create their own regulation in this ﬁeld. Low Rank tise Re per gula o ex tion ty t imi rox Hub representative P Fintech Committee at AB Startups rs Foreig stome CEO n startup ity to cu Bruno Diniz s Proxim Source: Global FinTech Hubs Federation Produced by Deloitte 60

A tale of 44 cities | Sao Paulo S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Sao Paulos Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Guia Bolso, Nubank and Creditas. Me xic Big investors o Mobile CitG Kaszek Ventures, Redpoint eVentures, 500 Startups, QED Investors and the IFC. Joyo UX hv ae nr nn Payments gateways esm be Success stories Gn l uo b a l F Social media it rgCn es n t r Seu Nubank is one of the best cases, they raised more than $130m with VC investors, 5p ao1p Data analytics Pao ulr Oxigênio have grown at a spectacular rate since 2013 and are one of the most loved ot Startup Farm companies from the financial sector in Brazil. Wayra Innovation areas Jaka Cubo The Brazilian FinTech Scene is booming. With around 220 startups and rta Retail banking The future VC investment reaching US$161 million in 2016, Brazil currently has Robo advisors The Brazilian ecosystem will continue to grow in the next 12 months, with the nDIn addition of new spaces such as WeWork. We expect to see incumbents work with o1Bon Online lending i2ui more FinTechs and FinTech investment than any other country in Latin tINDEX SCORE3sno IT companies to attract talent and create more programmes to interact with local aingv vea Treasury ost FinTechs. We also expect to see further advances from Brazilian regulators. America. In the last couple of years, many of the country's ﬁnancial nsi o n I ln Payments institutions have invested in FinTech by providing investments, support aboxed9uc There are challenging but exciting times ahead! and workings spaces. The Brazilian ﬁnancial authorities are watching lGnI6243rutl this sector closely and are studying regulatory models from other parts e Challenges of the world to further create their own regulation in this ﬁeld.Low Rank Regulatory uncertainty Regulatory barriers Limited exit opportunities tise Reper gulao ex tionty t imi rox Hub representativeP Fintech Committee at AB Startupsrs Foreigstome CEOn startupity to cu Bruno DinizsProxim 61

A tale of 44 cities | Shenzhen S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Shenzhen s Hub proﬁle Sh an gh L ai G i o s v b e o r n n m e G n l o b a l F i t C n e s n t r S e u 2 p h 2 en p z o h en r n t o i t a v o n n P I r ag l ue a x b e D o l d 7 B o G n 5 8 u i I 2 s n i g n e In s s n INDEX SCORE o v a t Brussels i o Shenzhen is located in a special economic zone and is known as c n Hi Oﬃce the “Silicon Valley of China”. It ranks ﬁrst in China for the volume 125 utlu PeopleSquared of patent ﬁlings and is also the heart of the Internet of Things (IoT) er Simply Work Tus Star manufacturing world. The government has ambitious plans and Urwork.cn policies to support the development of the ﬁntech industry. Low Rank WeDo tise Re per gula o ex tion ty t imi rox P Hub representative Fo ers Silk Ventures reign custom startups ximity to CEO Pro Angelica Anton Source: Global FinTech Hubs Federation Produced by Deloitte 62

A tale of 44 cities | Shenzhen S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Shenzhens Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Viewtran Group Inc (Nasdaq: View), Ibox Play – mobile payment and Webank – Sha China’s first online-only bank. n gh Big data LaiG Big investors io Blockchain sv be or Tencent, Legend Capital, Hony Capital, Fortune VC and SILK Ventures. nn Mobile m e Gn l o b a l F Integration technologies it Cn es n t r Seu Success stories 2p h2 Payment gateways enp zo h Tencent is an inspiring story of how a small internet company became one of the enr nt most popular and leading FinTech companies in China and has revolutionised o i t a Innovation areas v o China’s FinTech industry. WeBank of Tencent is China’s first private commercial n n PI r agl bank and online-only bank. ueax beD Investments, funds and o ld7Bo Gn58ui I2sn ig wealth management n The future eIn s sn Retail banking INDEX SCOREo While innovation and FinTech is ‘cool’ in Europe, it is essential in China and a va E-commerce t backbone of the economic development. The remarkable funding and progress Brusselsi o Insurance Shenzhen is located in a special economic zone and is known as c n Hi Oﬃce in Shenzhen FinTech has been driven by a lack of financial infrastructure and a the “Silicon Valley of China”. It ranks ﬁrst in China for the volume 125utlu PeopleSquared Capital markets infrastructure rising middle class demanding more convenience. With full support from the local of patent ﬁlings and is also the heart of the Internet of Things (IoT) er Simply Work government and a large unbanked population, there is significant future growth Tus Star Challenges potential in the next 12 months and beyond. manufacturing world. The government has ambitious plans and Urwork.cn policies to support the development of the ﬁntech industry. Low Rank WeDo Regulatory uncertainty Regulatory barriers e Lack of professional services rtis ecosystem Reguxpe latto e ionity xim Pro Hub representativeFoers Silk Venturesreign custom startupsximity to CEOPro Angelica Anton 63

A tale of 44 cities | Stockholm S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Stockholm s Hub proﬁle Fr a n kfur T t G o o r v o e n r t n o m e n n I n o l a v b a o t l i G o n t x s e d n St I u o 2 G p c l k o p h C b o o e a n l l r m 4 t F 4 r i t e n s To g s k e Stockholm has produced the most highly valued technology startups yo n n i i Epic Centre o s D u per capita, second only to Silicon Valley as a region. For ﬁnancial B 9 STING technology companies, Stockholm attracts about one ﬁfth of all In Stockholm Fintech Hub n Sup46 INDEX SCORE o v investment in Europe. Stockholm hosts several high proﬁle FinTechs a t Dublin i o such as Klarna and iZettle and is becoming a hub for blockchain and c n bitcoin technology. Stockholm’s strength in technology companies 55 utlu stems from its early and extensive digital infrastructure, international er business mindset, strong technology education and ﬂuency in English as well as other European languages. Low Rank tise Re per gula o ex tion ty t imi rox Hub representative P Stockholm FinTech Hub CEO s Matthew Argent Fore omer ign star to cust tups Proximity Source: Global FinTech Hubs Federation Produced by Deloitte 64

A tale of 44 cities | Stockholm S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Stockholms Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Klarna, iZettle, Trustly, Tink and Bima. Fra n kfur APIs Big investors TtG NFT Ventures, EQT Ventures, Creandum, Northzone, Moor Capital and oo Digital identity rv oe nr Industrifonden. tn Algorithms om e nn In o l av ba ot li Go nt Machine learning xs e d n StIu Success stories o2Gp UX cl kop hCbo oea nl Klarna, an e-commerce company that provides payment services for online l r m4tF 4rit en storefronts is one of Europe’s fastest growing companies. iZettle offers FinTech Innovation areas solutions for small businesses, including payments, point of sales, funding and s Togs partners applications. ke Stockholm has produced the most highly valued technology startups yonn ii Epic Centre Investment management os Du per capita, second only to Silicon Valley as a region. For ﬁnancial B9 STING Personal finance management The future technology companies, Stockholm attracts about one ﬁfth of all In Stockholm Fintech Hub Telematics n Sup46 INDEX SCOREo The next 12 months look very positive for Stockholm. We anticipate strong growth investment in Europe. Stockholm hosts several high proﬁle FinTechs va Fraud detection t in the number of FinTechs, particularly in the B2B, fraud detection, insurance and Dublini o Alternative lending such as Klarna and iZettle and is becoming a hub for blockchain and c n machine learnings spaces, and stronger investments from VCs setting up and bitcoin technology. Stockholm’s strength in technology companies 55utlu investing in Stockholm. stems from its early and extensive digital infrastructure, international er Challenges business mindset, strong technology education and ﬂuency in English Regulatory barriers as well as other European languages. Low Rank Small size of market Skills shortages - technology tise Reper gulao ex tionty t imi rox Hub representativeP Stockholm FinTech Hub CEOs Matthew ArgentForeomer ign star to cust tupsProximity 65

A tale of 44 cities | Taipei S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Taipei s Hub proﬁle T o k yo AppWorks D G o u v b e li r n n m e G n l o b a l F i t C n e s n t r e u 2 p Taip 1 p o e r i t s g s n e i n i A o s ms D u t B 1 e r dam 1 Taipei is the capital and the ﬁnancial centre of Taiwan with over 1900 In n INDEX SCORE o ﬁnancial institutions established in the city. It is also a powerhouse for v a t Copenhagen i o the IT industry and have cultivated numerous tech talents in the past c n 30 years. In addition to its strong “Fin” and “Tech” foundations, other 57 utlu ingredients such as strong government support, location, and ﬂuency er in Mandarin and English, have led many to target Taipei as a hidden jam in global FinTech markets. Low Rank 52 I e d n G x b ol I l a e o n n tis R oit a v er egu n xp lat to e ion ity xim Pro Hub representative For mers Taiwan Financial Services eign st o custo artups Proximity t Roundtable (TFSR) – FinTechBase CEO Source: Global FinTech Hubs Federation Dr. Jun-ji Shih Produced by Deloitte 66

A tale of 44 cities | Taipei S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Taipeis Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Fugle, Tixguru, Aimaizing, Maicoin, Addweup and Soundnet, Airsig. T o k yo AppWorks Data analytics Big investors DG Financial Technology Development Fund and National Development Fund. o Mobile uv be lir nn APIs m e Success stories Gn l o b a l F P2P networks it Cn es n t r eu Founded in 2014, Airsig has developed the first air signature authentication 2p Taip1p Payment gateways o technology in the world and filed nine patents across Taiwan, China and the er it U.S. Attracted by its high-quality authentication and control capability, the Innovation areas manufacturing giant Foxconn had invested Airsig with $2 million, and impel Airsig’s s gs ne market value to $20 million within 3 months since its launch. Airsig’s unique in i Aos KYC msDu tB1 authentication solution also makes two major banks in Taiwan become their e r dam1 Retail banking Taipei is the capital and the ﬁnancial centre of Taiwan with over 1900 In E-commerce customers and lets it join the FIDO Alliance in 2017. n INDEX SCOREo ﬁnancial institutions established in the city. It is also a powerhouse for va Credit scoring t The future Copenhageni o Robo advisors the IT industry and have cultivated numerous tech talents in the past c n In the next 12 months, we expect to see more connections between Taiwan and 30 years. In addition to its strong “Fin” and “Tech” foundations, other 57utlu other international hubs; as well as more foreign startups entering Taiwan. We will ingredients such as strong government support, location, and ﬂuencyer Challenges also see a stronger FinTech talent pool in Taiwan with the launch of a FinTechBase in Mandarin and English, have led many to target Taipei as a hidden Risk averse culture Learning Passport and learning resume. jam in global FinTech markets. Low Rank Regulatory barriers 52I Skills shortages – financial ednG xbol I lae onntis Roitaver egunxp latto e ionity xim Pro Hub representativeFormers Taiwan Financial Services eign sto custo artupsProximity t Roundtable (TFSR) – FinTechBase CEO Dr. Jun-ji Shih 67

A tale of 44 cities | Tokyo S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Tokyo s Hub proﬁle T o r o n to G St o o v c e k r h n ol m m e G n l o b a l F i t C n e s n t r e u T 5 p ok D p yo o o B i r u n t 3 s g Finolab i 4 n e s MUFG Digital Accelerator s Nomura Accelerator Program Dubl The Dots Japan has seen strong growth in the FinTech ecosystem in the past two in years, as FinTech startups, industry players, regulators and government I n n o n have collaborated to build a sustainable and scalable environment for i INDEX SCORE o at v v a o t innovation. Tokyo has a vibrant FinTech network, and the regulators Taipei n i o have recently launched FinTech-friendly laws around blockchain and nI lax c n bolednI61 55 utlu APIs, along with initiatives to support new FinTech startups. As the third G er largest economy in the world, there is opportunity for both B2C and B2B players to enter the market. Low Rank tise Re per gula o ex tion ty t imi rox P Hub representative FinTech Association of Japan For mers eign st o custo CEO artups Proximity t Hiroki Kudo & Hiroki Maruyama Source: Global FinTech Hubs Federation Produced by Deloitte 68

A tale of 44 cities | Tokyo S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Tokyo s Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Money Forward, Bitflyers, Freeee, Money Design, Moneytree. T o r o n Big investors toG Big data Internet based securities companies such as SBI, Rakuten and Monex, incumbents Sto Cloud computing ov ce kr commercial and regional banks, Globis Capital Partners and JAFCO. hn APIs olm me Gn l o b a l F Machine learning it Cn es n t r eu Success stories T5p Banking-as-a-service okDp yooo Metaps, the company known for its app monetisation products and Spike, a Bir u nt 3sg Finolab i 4n e fast-growing online payment solution, went public in August 2015. The company s MUFG Digital Accelerator s Nomura Accelerator Program Innovation areas logged a market capitalisation of JPY 32 billion ($263 million) on its first day. Dubl The Dots Japan has seen strong growth in the FinTech ecosystem in the past two in Personal Financial From an ecosystem perspective, the “FinTech Japan 2016” and FinSum2 events years, as FinTech startups, industry players, regulators and government Management held last year were strong success stories for Japanese FinTech as it brought nIn Back-office operations on have collaborated to build a sustainable and scalable environment for iINDEX SCOREo together innovators locally and globally to facilitate discussion around building tv aa (incl. Accounting) vt a collaborative ecosystem. innovation. Tokyo has a vibrant FinTech network, and the regulators oi o Taipeinn Retail banking nI l have recently launched FinTech-friendly laws around blockchain and aboxed655tluc E-commerce The future APIs, along with initiatives to support new FinTech startups. As the third lGnI1eru Robo advisors FinTech was still emerging as a concept in Japan in 2016. However, 2017 and largest economy in the world, there is opportunity for both B2C and 2018 will see FinTech becoming mainstream as more financial institutions launch B2B players to enter the market.Low Rank Challenges FinTech services and solutions. The FAJ is already putting pressure on banks to Risk averse culture innovate and with this we expect to see more funding in FinTech, a growth in the Low access to capital number and diversity of startups (especially in infrastructure and B2B plays), as tise Limited exit opportunities well as growth in the number of cross-border FinTech accelerators, innovation Reper hubs/platforms. We also expect to see some FinTech exits in the next 12 months. gulao ex tionty t imi rox P Hub representative FinTech Association of JapanFormers eign sto custo CEOartupsProximity t Hiroki Kudo & Hiroki Maruyama 69

A tale of 44 cities | Warsaw S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o NEW HUB e y r s a r e a Warsaw s Hub proﬁle A bu Dha b G K i o u v a e la r L n u m m e G n l p o b a l F Alior Bank Innovation Lab i t u n r C s e n t r e u BusinessLink 4 p Wars 5 p aw o Campus Warsaw r t D-RAFT FinTech Program Huge Thing Let’s FinTech with PKO BP T mAccelerator Poland has a vibrant ﬁnancial innovation environment and is home e l A to a number of global FinTech companies such as Azimo and Atsora. viv PwC Startup Collider SpeedUp As a key outsourcing centre for many of the world’s tier 1 banks, In Starter Rocket n INDEX SCORE o The Heart of Warsaw v Poland’s banking sector also has an opportunity to leapfrog other a t Shanghai i o mature markets in Europe. Warsaw is the leading ﬁnancial centre in c n Central and Eastern Europe and the recently approved Government 108 utlu Economic Strategy lists FinTech as one of the strategic sectors with the noit er avo potential to become a driver of the Polish economy in the future. Low Rank nnI lx abolednI93 G 42 e isuB tis R ssennioD er egu g xp lat to e ion ity xim Pro Hub representative FinTech Poland CEO For mers eign st o custo Pawel Widawski artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 70

A tale of 44 cities | Warsaw S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Warsaws Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies PayU, Blue Media, Polish Payment Standard (Blik), Currency One, Cinkciarz.pl, A Finanteq, Ailleron, VoicePIN, ZenCard, Atsora, mBank and IdeaBank. bu Dha Data analytics bG Big investors Kio APIs uv ae lar MCI Ventures, SpeedUp Group, mAccelerator, PZU Witelo, Hard Gamma Ventures, Ln Digital identity um me Innova Capital, Luma Ventures and PFR / Polish Development Fund. Gn l po b a l F Alior Bank Innovation Lab Machine learning it un rCs e n t r eu BusinessLink 4p Wa5p Platform architectures rso Campus Warsaw awr Success stories t D-RAFT FinTech Program The BLIK system, provided by the Polish Payment Standard, is an example of a Huge Thing Innovation areas sector-wide financial innovation. BLIK, an initiative by the six biggest Polish banks, Let’s FinTech with PKO BP T mAccelerator started as a system of mobile payments and ATM cash withdrawal but now also Poland has a vibrant ﬁnancial innovation environment and is home e l A to a number of global FinTech companies such as Azimo and Atsora. vivPwC Startup ColliderBack-office operationsoffers instant money transfers among BLIK users and soon will enable contactless SpeedUp Retail banking NFC payments. As a key outsourcing centre for many of the world’s tier 1 banks, InStarter RocketNeo bank n INDEX SCOREo The Heart of Warsaw Poland’s banking sector also has an opportunity to leapfrog other va E-commerce t Other success stories in our hub include the widespread adoption of Pay-By- Shanghaii o Foreign exchange mature markets in Europe. Warsaw is the leading ﬁnancial centre in c n Link, emergence and uptake of online exchange platforms and the acquisition of Central and Eastern Europe and the recently approved Government 108utlu Robo advisors ZenCard by PKO Bank Polski SA. Economic Strategy lists FinTech as one of the strategic sectors with the noiter avo Challenges The future potential to become a driver of the Polish economy in the future.Low RanknnI lx The FinTech ecosystem in Poland will continue to grow over the next 12 months. abolednI93 Low levels of knowledge We expect to see new acceleration programmes from banks and dedicated G sharing FinTech funds. Warsaw will continue to strengthen its position as a financial centre 2 Low access to capital 4Bse for CEE and key European nearshoring centre for global institutions. We also enisuDrti Limited exit opportunities Regssgniope expect to see changes in local regulation to better support financial innovation ula ex and measures to further attract talent and companies into Poland. tioy to nmit oxi Pr Hub representative FinTech Poland CEOFormers eign sto custo Pawel WidawskiartupsProximity t 71

A tale of 44 cities | Old Hubs Amsterdam Bangalore Brussels Dublin Frankfurt Hong Kong Johannesburg London Luxembourg City Old Hubs... Mexico City Nairobi New York Paris Shanghai Silicon Valley Singapore Sydney Tel Aviv Toronto Zurich 72

A tale of 44 cities | Old Hubs Old hubs The following section presents 20 of the 21 FinTech Hubs included in the inaugural Connecting Global FinTech: Hub Review 2016 report for reference. As noted within the Methodology section, we updated the Index Performance Scores with recent data. However, the self-evaluation and narrative data remain largely unchanged, except where Hub Representatives have changed. Seoul (South Korea) has been removed from the section below as there are currently no GFHF participants in South Korea. The analysis in this section should be read in the same way as for the New Hubs, set out on page 23. 73

A tale of 44 cities | Amsterdam S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c i High Rank x a t k o e y r s a r e a Amsterdam s Hub proﬁle D ub li n G B.Amsterdam Ta o Rockstart i v pe e Startupbootcamp r i n m Tribes e G n l o b a l F i t C n WeWork e s n n t r o e u i t a 3 p v 3 o p n A n I o m l r s a te b t r o x d l e am G d n I 9 C open hag e n In n INDEX SCORE o v The Netherlands has one of the strongest entrepreneurial a t Edinburgh i o environments in Europe, a strong talent pool, and several technology c n hubs in close proximity to each other. The FinTech hub is growing, and 70 utlu regulators are up to speed and are accessible. The ﬁnancial ecosystem er is mature and payment transaction costs are low. These factors make Holland a hospitable testing ground for startups. Low Rank ise R 8 2 ert eg s s e ni s u B xp ula g ni o D o e tion ty t imi rox P Hub representative Holland FinTech CEO For mers eign st o custo Don Ginsel artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 74

A tale of 44 cities | Amsterdam S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc i High Rankxa t ko e yr s a r e a Amsterdams Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies GlobalCollect, Payvision, Backbase, Five Degrees, Flow Traders, Adyen. Dub li Big investors nG B.Amsterdam Data analytics GlobalCollect, Payvision, Backbase, Five Degrees, Flow Traders, Adyen. Tao Rockstart Payment gateways iv pee Startupbootcamp r in Algorithms m Tribes e Success stories Gn l o b a l F Machine learning it Cn WeWork es n nt r oeu i t Founded in 2006, Adyen set out to build a technology solution capable of meeting a3p v3 UX op n An Io m lr the rapidly evolving needs of today’s fast growing global businesses. By 2013, sa tebt rox dle amG d $14bn in transaction volume was processed on the Adyen payments platform, n I9 Innovation areas reaching $25bn in 2014 and $50bn in 2015. C Liquidity management ope The future n hag en Compliance FinTech will be embraced by both politicians and corporations. There is good In Cyber security n INDEX SCOREo collaboration between government research institutions and corporates to bolster The Netherlands has one of the strongest entrepreneurial va Markets and exchanges t competiveness of the Hub. FinTech in the Netherlands also fosters relationships Edinburghi o E-commerce environments in Europe, a strong talent pool, and several technology c n with international hubs with a view to becoming a gateway to continental Europe. hubs in close proximity to each other. The FinTech hub is growing, and 70utlu Funds management regulators are up to speed and are accessible. The ﬁnancial ecosystem er Supervisory bodies is mature and payment transaction costs are low. These factors make Challenges Holland a hospitable testing ground for startups.Low Rank Limited government support e Small size of market 2tis Limited exit opportunities R8er egssenisuBxp ulagnioDo e tionty t imi rox P Hub representative Holland FinTech CEOFormers eign sto custo Don GinselartupsProximity t Data to be updated in full report (Sibos, October 2017) 75

A tale of 44 cities | Bangalore S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c i High Rank x a t k o e y r s a r e a Bangalore s Hub proﬁle G o v e r n m e D n o i n g t B u s s i n e G s s l u o 1 b p 3 0 N a / l p A F i n o C r e t BHIVE n t r B e Microsoft Accelerator an Rainmatter galo re In n INDEX SCORE o v a t i o The Indian FinTech ecosystem has a high volume of technical expertise n c n and a low cost of entry. There is an extensive talent pipeline which is oita n/a* utlu inexpensive and accessible. In addition, government programmes have vonn er been developed to make it easy for startups to do business as well as I labxe6 Low Rank olGdnI6 providing them with ﬁnancing and tax beneﬁts. tise Re per gula o ex tion ty t imi rox P Hub representative For mers eign st o custo * The data for Bangalore is not available Nathan Associates India artups Proximity t on the Global Financial Centre Index. Principle As such, Bangalore has not been given Howard Miller an Index Performance Score. Source: Global FinTech Hubs Federation Produced by Deloitte 76

A tale of 44 cities | Bangalore S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc i High Rankxa t ko e yr s a r e a BangaloresBest workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies PayTM, FINO, PAytech, Citrus Pay, Bill Desk, Freecharge, MobiKwik, BankBazaar, PolicyBazaar, Capital Float, SME Corner. G Mobile Big investors o Digital identity v e r Sequoia Capital, 500 Startups India, SAIF Partners, Tiger Global, IDG, Accel n APIs m e Partners, Ascent Capital, Bain, Basil Partners. Dn o i n gt Web access B us s i n eG s slu o 1bp 3 0Na Payment gateways /lp A F i no Success stories Cr et BHIVE n t r Be Microsoft Accelerator Innovation areas PayTM and mobile wallet/payments providers are rapidly expanding digital an Rainmatter gal payment infrastructure. o re KYC The future Credit scoring The next phase of FinTech in India will see the emergence of new types of In Open data n INDEX SCOREo blockchain extensions and other distributed ledger technologies, continued va Risk profiling t progress towards digital financial inclusion by 2020 and developments in i o Identity management The Indian FinTech ecosystem has a high volume of technical expertise nc n next-generation payments. Enabled by the India Stack, India will also see the and a low cost of entry. There is an extensive talent pipeline which is oitan/a*utlu emergence of non-payments FinTech companies – alternative lenders, alternative inexpensive and accessible. In addition, government programmes have vonnerChallenges credit scoring, and artificial intelligence. been developed to make it easy for startups to do business as well as I labxe6 Low RankolGdnI6 Low access to capital providing them with ﬁnancing and tax beneﬁts. Quality of infrastructure Lack of professional services e ecosystem rtis Reguxpe latto e ionity xim Pro Hub representativeFormers eign sto custo* The data for Bangalore is not available Nathan Associates IndiaartupsProximity ton the Global Financial Centre Index. PrincipleAs such, Bangalore has not been given Howard Milleran Index Performance Score. Data to be updated in full report (Sibos, October 2017) 77

A tale of 44 cities | Brussels S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c i High Rank x a t k o e y r s a r e a Brussels s Hub proﬁle BNP Paribas Fortis She Eggsplore n zh ING Belgium FinTech Village P en G KBC Start-It r o a v g e u r e n m e G n l o b a l F i t C n e s n t r e u 6 p B 2 p r o u r s n s t e o ls i t a v o n n I l a b x o e l d G n M I 3 adrid 2 In Since the 1970s, FinTech utilities such as SWIFT have established their n INDEX SCORE o v base in Belgium, as a result of its favourable investment and tax a t Milan i o environment, international talent pool, and central location within c n Europe. Brussels hosts the headquarters of some of the world’s 127 utlu largest ﬁnancial players (such as Euroclear and MasterCard’s er European headquarters). It also houses the European Commission, and is at the heart of the European regulatory system. Low Rank tise R ss e 2 4 er eg nis u B xp ulat g nio D to e ion ity xim Pro Hub representative B-Hive (formerly Eggsplore) For mers CEO eign st o custo Wim de Waele artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 78

A tale of 44 cities | Brussels S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc i High Rankxa t ko e yr s a r e a Brusselss Best workspace and accelerators Hub features Top FinTech companies CashForce, Doccle, Guardsquare, Silverfin, Xpenditure, Twikey, Sixdots (Belgian Hub proﬁle BNP Paribas Fortis Technologies She Eggsplore Mobile Wallet), Sign2Pay, Koalabox, The Glue, Gambit, Edebex. n zh ING Belgium FinTech Village Internet of Things PenG KBC Start-It Successful scale-ups and more mature companies: Intix, Unified Post, Ingenico ro Digital identity av ge ur (previously Ogone), Isabel, Worldline, NG Data, Sopra Banking, Vasco Data en Data analytics m e Security, Clear2Pay (now FIS). Gn l o b a l F Platform architectures it Cn es n t r eu 6p B2p Banking-as-a-service ro ur Big investors sn st eo lsi t a SmartFin Capital, PMV, GIMV, Volta Ventures and Capricorn Ventures. v o n Innovation areas n I l a bx oe ld Success stories Gn MI3 Cyber security adrid2 Identity management All major financial services players, whilst competitors in the marketplace have In KYC jointly developed a community within the emerging FinTech scene, collaborating Since the 1970s, FinTech utilities such as SWIFT have established their n INDEX SCOREo on tangible strategic programmes such as identity management, KYC, and the base in Belgium, as a result of its favourable investment and tax va Wholesale banking t impact of the Internet of Things. Milani o Back-office operations environment, international talent pool, and central location within c n Europe. Brussels hosts the headquarters of some of the world’s127utlu The future largest ﬁnancial players (such as Euroclear and MasterCard’ser Challenges The Ministry of Finance has initiated a digital task force to work on a digital master European headquarters). It also houses the European Commission, Regulatory barriers plan for the region, which will be put into action and law over the next six months. and is at the heart of the European regulatory system.Low Rank Small size of market The task force focuses on three main objectives: a digital first strategy based on Limited exit opportunities identity management, a Cyber security and privacy strategy, and the creation and support of an entrepreneurial community. tise Rsse24er Key financial and technology players have expressed their support in promoting egnisuBxp ulatgnioDto e and building the Belgian digital finance ecosystem. ionity xim Pro Hub representative B-Hive (formerly Eggsplore) Formers CEOeign sto custo Wim de WaeleartupsProximity t Data to be updated in full report (Sibos, October 2017) 79

A tale of 44 cities | Dublin S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Dublin s Hub proﬁle T o k yo S G t o o v c e k r h n ol m m e G n l o b a l F i t n C n e s o n i t r t e u DogPatch Labs a v o 3 p n 1 n p I DoSpace D l o u a b b r li o x t n l e NDRC G d n I 7 Ta ip ei In Ireland’s low corporation tax of 12.5% is attractive to global ﬁrms n INDEX SCORE o v locating there. A high concentration of regulatory (RegTech) focused a t Amsterdam i o startups are based in Dublin to tackle challenges in supporting the city’s c n numerous fund management servicing businesses. Technology ﬁrms 56 utlu including Google and Facebook, have selected Dublin as their EMEA er headquarters, resulting in high concentrations of tech savvy talent who understand global business models. Low Rank s s e ni s u 8 1 tise Reg g ni o D B per ula ex tio y to n mit oxi Pr Hub representative Deloitte Ireland For mers eign st o custo artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 80

A tale of 44 cities | Dublin S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Dublins Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Realex, Fenergo and FundRecs. T o k yo Data analytics Big investors SG Enterprise Ireland, Frontline Ventures, Kernal Capital, Dermot Desmond. to APIs ov ce kr hn Cloud computing olm me Success stories Gn l o b a l F Algorithms it nCn es on it r teu DogPatch Labs a Realex Payments acquired in March 2015 by Global Payments in a deal estimated v o3p n1 Blockchain np I DoSpace D lo ua at €115m. bbr lioxt Integration technologies nle NDRC G d n I7 Innovation areas FundRecs, founded in 2013, set out on a mission to develop the most efficient, powerful and cost effective reconciliation software available. In 2016 they were Ta ip ei Funds management named European Startup of the Year at the ICT Spring Conference in Luxembourg. In Back-office operations Ireland’s low corporation tax of 12.5% is attractive to global ﬁrms n INDEX SCOREo Fenergo is quickly becoming the industry standard for Client Lifecycle locating there. A high concentration of regulatory (RegTech) focused va Compliance t Management solutions. In 2015, they secured $85m in funding from Insight Amsterdami o KYC startups are based in Dublin to tackle challenges in supporting the city’s c n Venture Partners and Aquiline Capital Partners to accelerate their global footprint. numerous fund management servicing businesses. Technology ﬁrms 56utlu AML including Google and Facebook, have selected Dublin as their EMEA er Asset management The future Payments Ireland will see the continued development of the FinTech ecosystem. It is headquarters, resulting in high concentrations of tech savvy talent Low Rank also expected that Dublin will enhance its position as a global financial centre, who understand global business models. Challenges with the ability to attract companies and people due to attractive government Low access to capital programmes. ssenisu81tise Small size of market ReggnioDBper High cost of living ula ex tioy to nmit oxi Pr Hub representative Deloitte Ireland Formers eign sto custo artupsProximity t Data to be updated in full report (Sibos, October 2017) 81

A tale of 44 cities | Frankfurt S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Frankfurt s Hub proﬁle Zur i ch S G yd o n v e e y r n m e G n l o b a l F i t C n e s n t r F e u r p a 1 n 9 p k f o u rt r t n o i t a v To o Blackprint Booster r n o n n to I Deutsche Börse FinTech Hub l a x Frankfurt is a hotspot for FinTech with over 300 banks located in the b e Deutsche Gründer Akademie o l d I G n 0 n city. It also hosts the largest Stock Exchange in Continental Europe, I 1 n Die Zentrale Coworking INDEX SCORE o FinLab v Deutsche Börse Group. All the ingredients for a successful FinTech a t Frankfurt Accelerator Tokyo i o ecosystem are located within a few square kilometres: a vibrant startup c n Goethe-Universität scene, investors, talent, ﬁnancial institutions, regulators, and a large 46 utlu Gründermaschine er Highest network of service providers with expertise in regulatory issues and Mainincubator government support. Within Frankfurt Rhine-Main, Darmstadt also Start FFM Low Rank Tech Quartier, Frankfurt features a leading European hub for IT and Cyber security. Unibator / Campus Westend VABN Frankfurt 7 1 e i s u B is R s s e n ni o D rt egu g xpe lat to e ion ity xim Pro Hub representative Frankfurt Main Finance For mers CEO eign st o custo Hubertus Väth artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 82

A tale of 44 cities | Frankfurt S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Frankfurts Best workspace and accelerators Hub features Top FinTech companies 360T, Authada, Awamo, Ayondo, Blockchain Helix, Brainbot, Clark, CreditShelf, Hub proﬁleZur Technologies Diversifikator, Fincite, FinTech Group, Ginmon, Peermatch, Savedroid, Traxpay, i ch Data analytics Paydirekt, Vaamo, WebID etc. SG ydo APIs nv ee yr Big investors n Machine learning m e Acxit Capital Partners, Augur Capital, Aurelia Private Equity, Brockhaus Gn l o b a l F Algorithms it Cn es n t r Feu PE, CommerzVentures, Creathor Venture, Deutsche Börse, FinLab, Hauck rp a1 n9p Blockchain / DLT k fo u rtr & Aufhäuser, Heliad Equity Partners, HR Alpha Venture Partners, KfW t Transaction infrastructure Bankengruppe, Main Incubator, Omnis Mundi, Quadriga Capital, Sirius Venture Digital identity n o Partners, TEV Global Invest, ValueNet Capital Partners, VCDE Venture Partners. i t a v Too Blackprint Booster rn on n toI Innovation areas Deutsche Börse FinTech Hub l Success stories ax Frankfurt is a hotspot for FinTech with over 300 banks located in the be Deutsche Gründer Akademie o ldI FX trading platform 360T exit to Deutsche Börse for €725m (July 2015). Gn0n city. It also hosts the largest Stock Exchange in Continental Europe, I1n Die Zentrale Coworking Invesmtent management INDEX SCOREo FinLab €13m Series A funding of Clark. KKR $55m funding of artificial intelligence company Deutsche Börse Group. All the ingredients for a successful FinTech va Capital markets & exchanges t Frankfurt Accelerator Arago AG. Tokyoi o ecosystem are located within a few square kilometres: a vibrant startup c n Goethe-Universität Insurance scene, investors, talent, ﬁnancial institutions, regulators, and a large 46utlu Gründermaschine Cyber security The future er Highest Identity management / KYC We are likely to see the opening of further international accelerators in Frankfurt. network of service providers with expertise in regulatory issues and Mainincubator government support. Within Frankfurt Rhine-Main, Darmstadt also Start FFM More national and international FinTech companies will move to Frankfurt, Low Rank Tech Quartier, Frankfurt Challenges strengthened by the BREXIT discussion. They benefit from proximity to (1) major features a leading European hub for IT and Cyber security. Unibator / Campus Westend EU regulatory bodies, (2) German and foreign banks and (3) 4 mio. German SMEs VABN Frankfurt Limited number of foreign VCs (the so-called Mittelstand) as potential clients. 71e Limited international isuBis RssennioDrt awareness egugxpe Risk aware culture latto e ionity xim Pro Hub representative Frankfurt Main Finance Formers CEOeign sto custo Hubertus VäthartupsProximity t Data to be updated in full report (Sibos, October 2017) 83

A tale of 44 cities | Hong Kong S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Hong Kong s Hub proﬁle Si l i c on Va G C ll o h e v ic y e a r g n o m e Accenture Innovation Lab G n l o b a l F i t C n e s n t r FinTech SuperCharger e u 4 p H p The DBS Vault on o g r t Kong Z D u r ich 4 B o u i s n i g n I e n s n INDEX SCORE s o v Hong Kong has the natural branding of Asia’s largest ﬁnancial centre. a t Sydney i o This provides an immediate attraction for FinTech and has driven its c n development in recent years. Hong Kong’s position as Asia’s super 22 utlu connector is particularly useful for B2B solutions. Furthermore, its er historical proximity to China makes it hard for other hubs to displace Hong Kong. Low Rank 4 1 nI x e d ol G l a b n nI se a v o ti Re n oi t per gula o ex tion ty t imi rox P Hub representative For mers FinTech HK eign st o custo artups Proximity t Founder Janos Barberis Source: Global FinTech Hubs Federation Produced by Deloitte 84

A tale of 44 cities | Hong Kong S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Hong Kongs Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Amareos, Neat, Gatecoin, microcred, 8 securities, Aidyia, AMP Si CreditTechonologies, WeLend, Ironfly Technologies, Nexchange. l i c on Data analytics VaG Cllo Big investors hev Robotics icye ar Arbor Ventures, Nest VC, Horizons Ventures. gn Big data om e Accenture Innovation Lab Gn l o b a l F P2P technologies it Cn es n t r FinTech SuperCharger eu Success stories 4p Natural language processing Hp The DBS Vault ono WeLend, operated by WeLab, is Hong Kong’s leading online lending platform. gr t Kong In 2015 WeLab won Hong Kong’s Tech Company of the Year Award, and in 2016 Innovation areas they raised over $150m. WeLend generates HK$4.5 bn in applications as of Foreign exchange July 2016. ZD u r icB h4uo i sn Cyber security ig nI The future en sn E-commerce INDEX SCOREso Hong Kong will focus on its core competitive advantage as a B2B platform Hong Kong has the natural branding of Asia’s largest ﬁnancial centre. va Wealth management t for regional expansion. Likewise it provides a base for outbound mainland Sydneyi o Robo advisors This provides an immediate attraction for FinTech and has driven its c n Chinese companies to scale in Asia and potentially expand into Europe through development in recent years. Hong Kong’s position as Asia’s super 22utlu acquisitions. connector is particularly useful for B2B solutions. Furthermore, its er Challenges historical proximity to China makes it hard for other hubs to High cost of living displace Hong Kong.Low Rank Risk averse culture 41nI Small size of market xedolG lab nnI se avoti Renoitper gulao ex tionty t imi rox P Hub representativeFormers FinTech HKeign sto custo artupsProximity t Founder Janos Barberis Data to be updated in full report (Sibos, October 2017) 85

A tale of 44 cities | Johannesburg S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Johannesburg s Hub proﬁle M an a ma G M o e v x e ic r o n JoziHub Ci m t e OPEN Johannesburg G n y l o b a l F i t C n e s n t SW7 accelerator r e u 5 p Jo 9 p The HUB Johannesburg h o a r nnes t bu rg S ao P a u l South Africa is a key FinTech Hub connecting the African continent o n In with the rest of the global ecosystem. It is often an entry point for o n i o at INDEX SCORE v international ﬁrms doing business on the continent. As there are a v a o t n i o number of banking headquarters in South Africa, it is naturally a Jakarta nI l n abxed uc FinTech powerhouse. The startup community spans Johannesburg, olGnI45 187 rutl Cape Town, and beyond, where innovations are aimed at creating e better services for low-income consumers, as well as for the 47uBD Low Rank enisnio banked and underbanked. ss g tise Re per gula o ex tion ty t imi rox P Hub representative Techstars For mers Director eign st o custo Jess Williamson artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 86

A tale of 44 cities | Johannesburg S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a JohannesburgsBest workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies SnapScan, RainFin, Yoco, Peach Payments, WizzPass, PriceCheck (acquired by M NASPERS), PayU. an a maG Mobile Big investors Mo Payment gateways ev xe icr Silvertree, NASPERS, Perry Blacher (Amadeus), Barclays Seeker Fund, 4Di Group, on JoziHub Blockchain Cim te OPEN Johannesburg Hasso Plattner Ventures. Gn yl o b a l F Digital identity it Cn es n t SW7 accelerator r eu 5p Jo9p The HUB Johannesburg APIs ho Success stories ar nnest Cloud computing and bu SnapScan has simplified the way consumers pay for items, using the prevalent rg architecture mobile phones. From parking guards to food trucks, this startup’s 20 000 QR Innovation areas payment codes are all over SA.. S ao Pa u l South Africa is a key FinTech Hub connecting the African continento The future nIn Digital retail banking with the rest of the global ecosystem. It is often an entry point for on io The South African startup community is becoming more attractive and palatable atINDEX SCOREv KYC international ﬁrms doing business on the continent. As there are a va ot to international investors. We expect more foreign venture capitalists to take ni o Back-office operations number of banking headquarters in South Africa, it is naturally a JakartanI ln abxeduc Banking-as-a-service risks here, thereby creating greater competition with existing South African VCs FinTech powerhouse. The startup community spans Johannesburg, olGnI45187rutlData analytics and ultimately better terms for startup founders. Johannesburg is expected to Cape Town, and beyond, where innovations are aimed at creating e Payments strengthen its bridges with Cape Town and build connections with the regional better services for low-income consumers, as well as for the47uBD and global FinTech community. Low Rankenisnio banked and underbanked.ssg Challenges Regulatory barriers tise Difficulty of securing visas Reper Poor IP laws for SA companies gulao ex Difficulty of SA companies tionty t imi getting money out of South rox Africa P Hub representative Techstars Formers Directoreign sto custo Jess WilliamsonartupsProximity t Data to be updated in full report (Sibos, October 2017) 87

A tale of 44 cities | London S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a London s Hub proﬁle Lon do n G o Barclays RISE v e r FinTech Innovation Lab n m e Level39 G n l o b a l F i t C n e s Startupbootcamp n t r e u S 1 p i n p Techstars g D ap o o o B i r r u n t Wayra e 7 s g i n e WeWork s s London has the world’s largest ﬁnancial services sector, supported n o I i n t by a booming tech sector. The ecosystem has the “Fin” of New York, Ne a n w v Y ork o INDEX SCORE o n v n a the “Tech” of the US West Coast and the policymakers of Washington, I t i a l x o all within a 15 minute journey on public transport. These factors make b o l e d n c n London one of the greatest connected global cities in the world with G I 3 11 u t l u the key ingredients for digital success: capital, talent, regulatory and e r government support and demographic diversity. Low Rank tise Re per gula o ex tion ty t imi Hub representative rox Innovate Finance P CEO Lawrence Wintermeyer For mers eign st o custo artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 88

A tale of 44 cities | London S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Londons Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Atom Bank, Azimo, Clear Score, Crowdcube, Currency Cloud, Digital Shadows, L DueDil, Ebury, eToro, Funding Circle, Go Cardless, Iwoca, Kantox, LendInvest, on Market Invoice, Monzo, Nutmeg, Property Partner, Ratesetter, Revolut, Seedrs, do Mobile nG Starling Bank, Syndicate Room, Tandem, Transferwise, World First, World Remit, o Barclays RISE Algorithms v e r FinTech Innovation Lab Worldpay, Zopa. n Web access m e Level39 Gn l o b a l F Connectivity it Cn es Startupbootcamp n t r eu Big investors S1p i Banking-as-a-service np Techstars gD apoo Accel, Anthemis, Augmentum Capital, Aviva Ventures, Balderton, Brightbridge oBir ru nt Wayra e7sg i n e WeWork Ventures, Illuminate Financial, Index, Northzone, Octopus, Passion Capital, s s Innovation areas Santander InnoVentures. Capital markets Success stories London has the world’s largest ﬁnancial services sector, supportedn Neo bank Worldpay raised an IPO in 2015 becoming the largest UK FinTech IPO to date and oI in t by a booming tech sector. The ecosystem has the “Fin” of New York, Nean Retail banking wv Y orkoINDEX SCOREo became the largest tech IPO of 2015. This demonstrated that the UK is not only nva Foreign exchange n the “Tech” of the US West Coast and the policymakers of Washington, It a great place to start a FinTech business, but that the UK has all the resources to i a lxo Wealth management all within a 15 minute journey on public transport. These factors make bolednc n help companies to scale, be successful and achieve a world class exit. London one of the greatest connected global cities in the world with GI311utlu the key ingredients for digital success: capital, talent, regulatory and er Challenges The future government support and demographic diversity. High cost of living Over the next 12 months the UK will forge greater global FinTech connections to Low Rank High cost of office space support the developed ecosystem in the UK. FinTech is global and UK FinTech High cost of labour firms have global ambitions which require global capital, talent and partnerships to ensure long term success. tise Reper gulao ex tionty t imi Hub representativerox Innovate FinanceP CEO Lawrence WintermeyerFormers eign sto custo artupsProximity t Data to be updated in full report (Sibos, October 2017) 89

A tale of 44 cities | Luxembourg City S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r a s r e a Luxembourg City s ‡ub proﬁle P aris O G o s v lo e r n m e G n l o b a l F i t Boost by Deloitte C n e s n t r n e u Khube 1 p o 2 i t p Lu a v o x o LhoFT e n r m n t I b l ou a Luxfuturelab rg b x o l e C G d Nyuko ity n D I 2 B o 1 u i PwC Accelerator 5 s n 9 i g n Technoport e A s b s u D h a Luxembourg is Europe’s leading investment fund centre and home to bi In more than 140 international banks and 150 FinTech companies and n INDEX SCORE o v over 10000 people orking in the sector The cit is also host to a t Kuala Lumpur i o multiple accelerators hich are managed b top ﬁnancial plaers such c n as aribas €n parallel the government is particularl accessible 83 utlu and supportive oﬀering extensive ƒ„… grants the implementation of er a highl eﬃcient €T infrastructure and speciﬁc regulations adapted to Low Rank the ﬁnancial services sector tise Re per gula o ex tion ty t imi rox P Hub representative Luxembourg for Finance For mers CEO eign st o custo Nicolas Mackel artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 90

A tale of 44 cities | Luxembourg City S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr as r e a Luxembourg Citys Best workspace and accelerators Hub features Top FinTech companies ‡ub proﬁle Technologies Mangopay, Multifonds, Amazon Payments, iDetect, Bitstamp, Fundsquare, P SIX Payments Services, Investify, PayCash, APS. aris G Mobile Big investors Oo Data analytics sv loe r n SNCI, Chameleon Invest, Docler Investments, Mangrove Capital, LBAN, 360 Capital, m Big data e Gn l o b Saphir, GGM Capital, Sting. a l F it Boost by Deloitte Cn Algorithms es n t r neu Khube 1p o2 i tp Blockchain Lua vo xo LhoFT enr Success stories mnt I bl oua Luxfuturelab rgb x Launched in 2012 MangoPay, the payment API provider, now supports more than o le CGd Nyuko itynD Innovation areas I2Bo 1,000 platform customers across 22 countries in Europe. In 2015 it processed 1ui PwC Accelerator 5sn 9ig n Technoport €200 million worth of payments. e As Compliance bs u D h a Luxembourg is Europe’s leading investment fund centre and home to bi KYC In Bitstamp is a bitcoin exchange, allowing trading between USD currency and bitcoin more than 140 international banks and 150 FinTech companies and n Investment management INDEX SCOREo cryptocurrency. As of 2016 it was the world’s second largest by volume. v over 10000 people orking in the sector The cit is also host to a Digital payments t Kuala Lumpuri o multiple accelerators hich are managed b top ﬁnancial plaers such c n Fraud detection and Digicash Payments, a mobile payment specialist, has had their technology as aribas €n parallel the government is particularl accessible 83utlu mitigation implemented by 4 retail banks and has been deployed at a national scale in and supportive oﬀering extensive ƒ„… grants the implementation of er Luxembourg. a highl eﬃcient €T infrastructure and speciﬁc regulations adapted to Challenges the ﬁnancial services sectorLow Rank The future High cost of office space The year ahead promises to be a very exciting one for Luxembourg, both with High cost of living regards to improving the infrastructure that supports the FinTech ecosystem ise Limited exit opportunities through the creation of the Luxembourg House of FinTech and services industry. Rert This year, the Luxembourg investment funds association (ALFI) and banks egula exp association (ABBL) have established FinTech working groups of which FinTech tioy to nmit companies are active participants. Thus, we expect that the collaboration in their oxi daily operations. Pr Hub representative Luxembourg for Finance Formers CEOeign sto custo Nicolas MackelartupsProximity t Data to be updated in full report (Sibos, October 2017) 91

A tale of 44 cities | Mexico City S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Mexico City s Hub proﬁle I s t a n b u Manama l G o v e r n m e G n l o b a l F i t C n e s n t r e u 7 p Mexico Ci 3 p o r ty t J ohannes b Gentera ur g WAYRA In n INDEX SCORE o v a t Sao Paulo i o There is a concentration of experienced founders along with deep n c n pools of technical and business knowledge. This has attracted many oita 181 utlu entrepreneurs with experience from international hubs such as Silicon vonn er Valley. Moreover, Mexico is one of the largest consumer markets in the I labxed1 world with great scope to increase ﬁnancial inclusion. Low Rank olGnI6 74 suB e sseninioD rtis Re g pe gula o ex tion ty t imi rox P Hub representative For mers FinTech Mexico eign st o custo artups Proximity t CEO Jorge Ortiz Source: Global FinTech Hubs Federation Produced by Deloitte 92

A tale of 44 cities | Mexico City S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Mexico Citys Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Kubo, MiMoni, Kuspit, Tan Tan, Kueski, Bankaool, Bitso, Bayonet, Clip, Broxel. I s t a n b Big investors u Mobile ManamalG Dalus Capital (Monterray) , 500 Startups (Mexico City), General Atlantic (Mexico o Data analytics v e r City), UHNW family offices. n Connectivity m e Gn l o b a l F Social media it Cn es n t r eu Success stories 7p Mexico Ci3p P2P technologies o Founded in 2012, Kueski is the leading online lending company in Mexico offering r tyt real-time, micro loans. It has grown more than seven times annually since launch, Innovation areas and has achieved better loss rates than a traditional credit card in Mexico. In 2016, KYC they raised $35m, with the potential to increase to $100m in total funding, the Jo hannes largest capital funding for a FinTech startup in Mexico. b Gentera ur g WAYRA Payments In Treasury n INDEX SCOREo The future va E-commerce t Mexico is expecting new changes in FinTech law, which will open up the venture Sao Pauloi o Back-office operations There is a concentration of experienced founders along with deep nc n capital market and see an influx of international venture funds. This will pools of technical and business knowledge. This has attracted many oita181utlu complement the already strong ecosystem and increase competition within entrepreneurs with experience from international hubs such as Silicon vonner Challenges FinTech services. Valley. Moreover, Mexico is one of the largest consumer markets in the I labxed1 Low RankolGnI6 Low access to capital world with great scope to increase ﬁnancial inclusion. Risk averse culture Low access to capital 74 suBe sseninioDrtis Regpe gulao ex tionty t imi rox P Hub representativeFormers FinTech Mexicoeign sto custo artupsProximity t CEO Jorge Ortiz Data to be updated in full report (Sibos, October 2017) 93

A tale of 44 cities | Nairobi S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Nairobi s Hub proﬁle G o v e r n m e D n o i n g t B u s s i n e G s u s l o 9 b p 2 N a / l p A Nairob F i n o C r e t i n t r e NEST (Barclays, Merck) In n INDEX SCORE o v Kenya is the best known FinTech Hub in Africa. It beneﬁts from inﬂows a t i o of development money as one of the ’s maor oﬃces is located c n in airobi. The technical talent pool is maturin with improvements n/a* utlu in skills and development. eionally Kenya has a stable political er environment and attracts FinTech companies from other parts of Africa especially in the sub €aharan reion. Low Rank noitav 08 tise Re onnI laxbednI per gula olG ex tio y to n mit oxi Pr For mers eign st o custo * The data for Nairobi is not available Hub representative artups Proximity t on the Global Financial Centre Index. NEST Nairobi As such, Nairobi has not been given an Index Performance Score. CEO Source: Global FinTech Hubs Federation Aaron Fu Produced by Deloitte 94

A tale of 44 cities | Nairobi S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a NairobisBest workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Innova, Pesa Pal, KAPS LTD, Craft Silicon. Digital identity Big investors G Savannah Fund, NEST, Centum Investment, Novastar Ventures. o Mobile v e r n Payment gateways m e Success stories Dn o i n gt Connectivity B us s i n eG su sl o M-PESA has revolutionised the way Kenya does business through its mobile 9bp 2Na P2P technologies /lp A NairobF i no money transfer system. Launched in 2007, 17 million Kenyans use M-PESA Cr et in t r e Innovation areas thanks to a simple text-based menu that is accessible on even the most basic mobile phone. NEST Retail banking (Barclays, Merck) MODE provides instant nano-credit for pre-paid mobile phone users across Africa, Liquidity management founded in 2010, it now has operations in 31 countries with a customer base of In Foreign exchange n INDEX SCOREo over 250 million. Kenya is the best known FinTech Hub in Africa. It beneﬁts from inﬂows va E-commerce t i o Credit scoring of development money as one of the ’s maor oﬃces is located c n The future in airobi. The technical talent pool is maturin with improvements n/a*utlu The technical skills gap between Kenya and other international FinTech hubs will in skills and development. eionally Kenya has a stable political erChallenges narrow due to continued training and development provided by programmes environment and attracts FinTech companies from other parts of Risk averse culture such as Code for Africa. With some international banking groups decreasing their Africa especially in the sub €aharan reion.Low Rank Regulatory uncertainty presence in Africa, this will free up larger pools of talent to enter the FinTech space. Skills shortages noitav08tise ReonnI laxbednIper gulaolG ex tioy to nmit oxi Pr Formers eign sto custo* The data for Nairobi is not available Hub representativeartupsProximity ton the Global Financial Centre Index. NEST NairobiAs such, Nairobi has not been given an Index Performance Score. CEO Aaron Fu Data to be updated in full report (Sibos, October 2017) 95

A tale of 44 cities | New York S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a New York s Hub proﬁle Lo n do S n G i o n v gapore e r n m e G n l o b a l F i t C n e s n t r e u 2 p N p ew o r Yor t k D B o u i 8 s n i g n e s S s i lic on Va ll ey As a leading global ﬁnancial hub, New York has some of the largest and n In o n i t INDEX SCORE o Barclays RISE a v most established ﬁnancial services institutions actively investing in, and v a FinTech Innovation Lab o t n i o n Startupbootcamp collaborating with, a myriad of FinTechs. With Wall Street having both Chicago I l n aboxed uc Techstars the largest capital base and greatest need for FinTech innovation, the lG nI 4 14 rutl best technology and engineering talent have come together to create e a vibrant and well-funded ecosystem within walking distance of the market they serve. Low Rank tise Re per gula o ex tion ty t imi rox P Hub representative s Partnership Fund for NYC Fore omer ign star to cust Director, FinTech tups Proximity Innovation Lab Sunny Parikh Source: Global FinTech Hubs Federation Produced by Deloitte 96

A tale of 44 cities | New York S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a New Yorks Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Betterment, Digital Asset, Kickstarter, Learnvest, Common Bond, OnDeck Capital, Lon Moven, Oscar, Kasisto, CB Insights. do SnG Big data Big investors io Social media nv gaporee r Bain, Nyca, First Round, Bessemer Venture Partners, IA Ventures, Norwest Venture n APIs m e Partners, Canaan Ventures, Silver Lake, Lightyear Capital, North Hill Ventures. Gn l o b a l F Machine learning it Cn es n t r eu 2p Messaging Np ewo Success stories r Yort k Founded in 2007, LearnVest provides award-winning financial planning systems. D Innovation areas Bo The company was acquired by Northwestern Mutual in 2015 for $250m. ui 8sn ig n e s Ss Markets and exchanges i lic on OnDeck, a lending platform for small businesses, has loaned over $2bn to small Va ll ey Capital markets businesses across 700 industries in all 50 states and Canada. As a leading global ﬁnancial hub, New York has some of the largest and nIn Retail banking on i tINDEX SCOREo Barclays RISE av most established ﬁnancial services institutions actively investing in, and va FinTech Innovation Lab Wealth management ot Betterment is an automated investing service. Over 120,000 customers have nni o Startupbootcamp collaborating with, a myriad of FinTechs. With Wall Street having both ChicagoI ln Blockchain / Distributed aboxeduc Techstars Ledger invested more than $3bn with Betterment and in 2016 the company was valued the largest capital base and greatest need for FinTech innovation, the lGnI414rutl at $700m. best technology and engineering talent have come together to createe a vibrant and well-funded ecosystem within walking distance of the Challenges The future market they serve.Low Rank High cost of living We will see a large number of FinTech companies adopt a collaborative High cost of office space approach by partnering with financial institutions in order to scale up their Technology skills shortages activities. There may also be growth through acquisition in more developed tise technology sectors. Reper gulao ex tionty t imi rox P Hub representatives Partnership Fund for NYCForeomer ign star to cust Director, FinTechtupsProximity Innovation Lab Sunny Parikh Data to be updated in full report (Sibos, October 2017) 97

A tale of 44 cities | Paris S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Paris s Hub proﬁle C openh ag G E e o d n v i e n r b n u m r gh e There are many G n l o b a l F i t C n accelerators but e s n t r e u 2 p P 9 p none dedicated ar o solely for FinTech. i r s t n o i t Os a lo v o n n I al x In b e n o d o Gl n 8 INDEX SCORE v France has comprehensive regulations with respect to FinTech, with I 1 a t Luxembourg City i o clearly deﬁned rules for companies looking to scale up. FinTech has c n strong governmental and ministerial support. Moreover, Paris is home 76 utlu to a high concentration of ﬁnancial institutions and asset managers. er There is strong infrastructure established in payments, insurance and telecoms with large pools of talent available. Low Rank 9 2 B n i s u D s e n i o e s g rtis Regu xpe lat to e ion ity xim Pro Hub representative Paris FinTech Forum s Fore omer CEO/Founder ign star to cust Laurent Nizri tups Proximity Source: Global FinTech Hubs Federation Produced by Deloitte 98

A tale of 44 cities | Paris S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Pariss Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Compte Nickel, Lendix, FinexKap, SlimPay, Leetchi, HIPAY. C openh Big investors a Data analytics gG Partech Ventures, BpiFrance, BPCE Group, Credit Mutuel Arkea, XAnge Private Eeo Digital identity dnv ie nr bn Equity. um Cloud computing r ghe There are many Gn l o b a l F APIs it Cn accelerators but es n t r eu Success stories 2p P9p none dedicated Banking-as-a-service aro solely for FinTech. In less than three years since its launch HiPay has reached 2bn Euros of ir st transactions processed. The company has global coverage, with 60% of its activity Innovation areas outside its domestic market. It is the only FinTech in France to be publicly listed on n o the market.. i t Osa Insurance lov o n E-commerce n I Leetchi has become a key payment player in Europe in just a few years. Recently lIn axn Cyber security be odo the most digital French bank, Crédit Mutuel Arkea, invested €50m in Leetchi to Gln8INDEX SCOREv France has comprehensive regulations with respect to FinTech, with I1a Robo advisors t take 86% of the capital. The founding team is still fully in charge of leading the Luxembourg Cityi o Fraud detection and clearly deﬁned rules for companies looking to scale up. FinTech has c n development of the company. A true example of co-opetition between a bank strong governmental and ministerial support. Moreover, Paris is home 76utlu mitigation and a FinTech. to a high concentration of ﬁnancial institutions and asset managers. er Payments There is strong infrastructure established in payments, insurance and The future telecoms with large pools of talent available. Low Rank Challenges The market will continue to mature. We will start to see more companies beginning to scale up by shifting from B2C (Business to Consumer) to B2B (Business to 92B Limited exit opportunities Business) activities. There will also be greater partnerships developing between nisuD senioe Risk averse culture startups and banking and insurance institutions. sgrtis Fiscal uncertainty Reguxpe latto e ionity xim Pro Hub representative Paris FinTech Forums Foreomer CEO/Founderign star to cust Laurent NizritupsProximity Data to be updated in full report (Sibos, October 2017) 99

A tale of 44 cities | Shanghai S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Shanghai s Hub proﬁle W a r s aw G T o Cloud Valley el v A e iStart v r i n v m KIC e G n l o b a l F i t C n People Squared e s n t r e u 1 p S 6 p Sinovation Ventures h o ang r YBC h t ai n D o o i B t u i a 7 s n v 8 i g o n n e n s I s L l i a s bo b x n o e l d G n 5 I 2 In n INDEX SCORE o v a t Shenzhen i o c n China is the largest FinTech market in the world as measured by total 119 utlu investment, total addressable market, and digital usage. A digital savvy er population along with an under-developed ﬁnancial industry has opened up new opportunities for FinTech to make a signiﬁcant impact. Low Rank tise Re per gula o ex tion ty t imi rox P Hub representative For mers ASIFI eign st o custo artups Proximity t President Wan Jianhua Source: Global FinTech Hubs Federation Produced by Deloitte 100

A tale of 44 cities | Shanghai S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Shanghais Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Alipay, China PNR, Lu.com, ppdai.com, dianrong.com, Eastmoney.com, Wind Info, Wa Zhong An Insurance. r s awG Big data Big investors To Cloud Valley Cloud computing elv Ae iStart vr Sequoia Capital, IDG Capital Partners, Bank of China, CDH Investments, Wanda, in Payment gateways vm KIC e Gome and Sunig, Guotai Jun’an Securities, Sinolink Securities, Fosun, SAIF Capital. Gn l o b a l F Mobile it Cn People Squared es n t r eu 1p S6p Sinovation Ventures P2P networks ho angr YBC Success stories ht ai Lufax, an online internet finance marketplace valued at $18.5bn. nD oo Innovation areas iB tui a7sn v8ig on ne Zhong An Insurance, an Internet Insurance company, established by Ant ns Is Ll Risk managment ia s bobx FinancialServices, Tencent Holdings Ltd. and Ping An Group, valued at $8bn. noe Gld Asset management n5 I2In Wealth management n INDEX SCOREo The future va Blockchain t As the traditional financial hub in China, Shanghai will experience growth and Shenzheni o Artificial intelligence c n consolidation as new FinTech segments come together. There is a strategy in China is the largest FinTech market in the world as measured by total 119utlu place to construct a science and technology innovation centre and we expect to investment, total addressable market, and digital usage. A digital savvy er Challenges see growth in new technology areas such as virtual reality, biometrics, Big data- population along with an under-developed ﬁnancial industry has Regulatory uncertainty based risk management, blockchain and AI. These will be supported by increased opened up new opportunities for FinTech to make a signiﬁcant impact.Low Rank Skills shortages – technology government support, improved regulatory environment and implementation of High cost of living Free Trade Zone policies. tise Reper gulao ex tionty t imi rox P Hub representativeFormers ASIFIeign sto custo artupsProximity t President Wan Jianhua Data to be updated in full report (Sibos, October 2017) 101

A tale of 44 cities | Silicon Valley S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Silicon Valley s Hub proﬁle Si n g ap o N re G o e v w e r Yo n r m k e G n l o b a l F i t C n e s n t r e u 6 p S p ili o co r n Vall t e y n o i t a v o 500 Startups C n hi n ca I g Alchemist o l a x b e Galvanize o I l d n G n I 4 n Plug & Play INDEX SCORE o v RocketSpace Silicon Valley is synonymous with technology innovation, which is now a t Hong Kong i o WeWork aimed at FinTech. With a majority share of venture capital investment, c n Y-Combinator a majority share of the executive leadership of global technology 18 utlu companies, and decades of demonstrated excellence in scaling er companies from concept to global leadership, Silicon Valley 8 Low Rank u B D consistently produces winners. e nis ni o s s g tise Re per gula o ex tion ty t imi rox P Hub representative s 500 Startups Fore omer ign star to cust Entrepreneur in residence tups Proximity Mike Sigal Source: Global FinTech Hubs Federation Produced by Deloitte 102

A tale of 44 cities | Silicon Valley S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Silicon Valley s Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies PayPal, Square, Credit Karma, Stripe, RealtyShares, Wealthfront, Coinbase, Ripple, Si Prosper, LendUp, SoFi, Affirm, Indiegogo, Motif. n g ap Mobile o NreG Big investors o UX ev we r VCs: 500 Startups, Andreessen Horowitz, Sequoia Capital, SV Angel, Ribbit Capital, Yon APIs rm ke DFJ, Accel Partners, Khosla Ventures, CoreVC. Gn l o b a l F Machine learning it Cn es n t r eu 6p Platform architectures Sp ilio Corporate VCs: Google Ventures, Propel Ventures (formerly BBVA), AMEX Ventures, cor n Vallt Citi Ventures, Wells Fargo. e y Innovation areas n o i t a v Success stories o 500 Startups Cn Investment management hin caI FinTech Unicorns: Stripe, SoFi, Zenefits, Credit Karma, PayPal and Square. g Alchemist ol ax Retail banking be Galvanize oI ldn Gn I4n Plug & Play Fraud detection and INDEX SCOREo The future Silicon Valley is synonymous with technology innovation, which is now vaRocketSpace mitigation t Major institutions continue to bulk up their physical presence in the Valley, while Hong Kongi o WeWork E-commerce aimed at FinTech. With a majority share of venture capital investment,c nY-Combinator industry stalwarts continue to shift their careers by taking on roles with innovative a majority share of the executive leadership of global technology 18utlu Open data new startups. Talent will become more available with the downturn. There is a companies, and decades of demonstrated excellence in scaling er question globally of the availability of capital for emerging un-secured lenders, companies from concept to global leadership, Silicon Valley Challenges whether direct or marketplace. We will likely see increased FinTech activity by Low Rank8uBD GAFA (Google, Apple, Facebook, Amazon). There will also be a steady state of consistently produces winners.enisnio High cost of office space FinTech investment and a rapid increase in InsurTech and RegTech investment. ssg High cost of living e High cost of talent rtis Reguxpe latto e ionity xim Pro Hub representatives 500 StartupsForeomer ign star to cust Entrepreneur in residencetupsProximity Mike Sigal Data to be updated in full report (Sibos, October 2017) 103

A tale of 44 cities | Singapore S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Singapore s Hub proﬁle Lon do n G o v e r S n i m n g e a G n l p o b a l F o i t r C n e s n e t r e u 3 p p o r New t Y or k Allianz Digital Labs Aviva Digital Garage BASH Singapore is a leading international ﬁnancial centre and a serious Block 71 contender for the global number one spot in FinTech. Government In Citibank’s Corporate and S n Consumer Innovation Labs i l i c o o n Valley INDEX SCORE v Exellerator support for FinTech is strong with S$225m committed to the a t i o Fatﬁsh MediaLab development of FinTech projects and proofs of concept. ther c n FocusTech Ventures initiatives include the egulator Sandbo loud omputing 11 2 BD utlu HSBC's Innovation Lab nisunio er InspirAsia Guidelines Strategic lectronic aments FinTech ﬃce ‚ƒS sseg Lattice80 „nnovation …ab „nternational Technolog ƒdvisor anel and Metlife’s Lumenlab Talent †evelopment. Low Rank Ocbc Open Vault SPH Plug & Play Standard Chartered Bank’s e Startupbootcamp FinTech 6 rtis TCF-PnP Program Re xednI pe The Joyful Frog Digital Incubator gula noitavonnI labolG ex UBS Evolve tio y to Hub representative n mit Monetary Authority oxi of Singapore Pr Chief FinTech Oﬃcer Sopnendu Mohanty rs Foreig stome n startup ity to cu s Proxim Source: Global FinTech Hubs Federation Produced by Deloitte 104

A tale of 44 cities | Singapore S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a SingaporesBest workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Dragon Wealth, Call Levels, Fastacash, MatchMove Pay, MoolahSense, L Crowdonomic, Otonomos, Fitsense. on do Data analytics nG Big investors o UX v e r Full range of angel, VC, corporate venture divisions and government entities. Sn Big data im n ge aGn Examples include: GIC, Temasek, EDBI, Singtel Innov8, Life.SREDA, 500 Startups, l po b a l F Machine learning oit rCn es n et r eu Sequoia Capital, Jungle Ventures, Golden Gate Ventures, Quest Ventures. 3p Gamification p o r New t Success stories Y or Innovation areas k Allianz Digital Labs MDAQ is backed by prominent investors, valued at over $250m. Also, it is Aviva Digital Garage noteworthy that, as well as startups, incumbent financial institutions in Singapore BASH Investment management are proactively embracing FinTech. Singapore is a leading international ﬁnancial centre and a serious Block 71 Compliance contender for the global number one spot in FinTech. Government InCitibank’s Corporate andCyber security Sn Consumer Innovation Labs i l i co o The move by the MAS to bring in industry talent to drive FinTech forward paid rich n ValleyINDEX SCOREv Exellerator support for FinTech is strong with S$225m committed to the a Wealth management t dividends and positioned the MAS as the leading regulator to drive progressive i o Fatﬁsh MediaLab Robo advisors development of FinTech projects and proofs of concept. ther c nFocusTech Ventures thinking in FinTech innovation. initiatives include the egulator Sandbo loud omputing 112BDutluHSBC's Innovation Lab nisunioer InspirAsia Challenges The future Guidelines Strategic lectronic aments FinTech ﬃce ‚ƒS ssegLattice80 Singapore successfully hosted the FinTech Festival in November 2016. Initiatives „nnovation …ab „nternational Technolog ƒdvisor anel andMetlife’s Lumenlab Regulatory uncertainty Talent †evelopment.Low Rank Ocbc Open Vault Risk averse culture being run and in the pipeline include: the Unified Point of Sales (UPOS) roll-out of SPH Plug & Play Underdeveloped startup terminals, Central Addressing System (CAS) payment technology, Trade Finance Standard Chartered Bank’s distributed ledger proof of concept, SoCash cash withdrawal technology, and e Startupbootcamp FinTech ecosystem Banking-as-a-Service. 6rtis TCF-PnP Program RexednIpe The Joyful Frog Digital Incubator gulanoitavonnI labolG ex UBS Evolve tioy to Hub representativenmit Monetary Authorityoxi of SingaporePr Chief FinTech Oﬃcer Sopnendu Mohantyrs Foreigstome n startupity to cu sProxim Data to be updated in full report (Sibos, October 2017) 105

A tale of 44 cities | Sydney S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Sydney s Hub proﬁle H on g Ko Z ng G u o r v i e c r h n m e G n l o b a l F i t C n e s n t r e u 1 p S 1 p yd o n r ey t H2 Accelerator Frankf Stone & Chalk urt In n INDEX SCORE o v Australia has robust wealth management and superannuation sectors a t Toronto 51BD i o and holds the lion’s share of the customer base in its region. It is the nisunio c n gateway ecosystem into Asia, especially South Asia with many global 45 seg utlu banking brands setting up their Asian headquarters in Sydney. s er There is a deep and skilled talent pool with high levels of mobile penetration and internet banking. Low Rank noita vonnIx91 laboeldnI ise Re G pert gula o ex tion ty t imi rox P Hub representative Stone & Chalk CEO For mers eign st o custo Alex Scandurra artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 106

A tale of 44 cities | Sydney S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Sydneys Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Metamako, Data republic, Society One, Prospa. H on g Ko Big data Big investors ZngG Sapien Ventures, NAB Ventures, Investec, Reinventure, Angel and High Net Worth uo Data analytics rv ie cr Investor syndicates. hn Mobile m e Gn l o b a l F Cloud computing it Cn es n t r eu Success stories 1p S1p APIs ydo Since its launch in 2015, Stone & Chalk have connected startups to $100m AUD nr eyt in seed and angel investment, and 23 corporates. Innovation areas H2 Accelerator Investment management The future Frankf Stone & Chalk A big push in engaging with Asia. There will be more Asian companies setting urt Risk management In Wealth management up offices in Sydney and vice versa. There has been testing of APIs within the n INDEX SCOREo regulatory sandbox, which will now begin to be rolled out. There will also be Australia has robust wealth management and superannuation sectors va Lending and deposits t further development of FinTech ecosytems in other cities in Australia. Toronto51BDi o Payments and holds the lion’s share of the customer base in its region. It is the nisunioc n gateway ecosystem into Asia, especially South Asia with many global 45segutlu banking brands setting up their Asian headquarters in Sydney.ser Challenges There is a deep and skilled talent pool with high levels of mobile High cost of living penetration and internet banking.Low Rank Low access to capital noita Small size of market vonnIx91 Technology skills shortage laboeldnIise ReGpert gulao ex tionty t imi rox P Hub representative Stone & Chalk CEOFormers eign sto custo Alex ScandurraartupsProximity t Data to be updated in full report (Sibos, October 2017) 107

A tale of 44 cities | Tel Aviv S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Tel Aviv s Hub proﬁle K uala Lump W G Barclays Techstars o a u v r r e Citi Accelerator s r aw n m Mindspace e G n l o b a l ﬁ The Floor n t C e s n t r e u We Work 3 p T 8 p e o l r A t v i v n o i t a v o n n I l a x b e o S l d h G n an I 1 gha 2 i The Israeli Hub is mostly known for its technological talent pool In n INDEX SCORE o v which includes special units of army-trained entrepreneurs who a t Lisbon i o are bold, innovative and creative. Israel has a strong risk-taking spirit c n where failure is seen as an opportunity to learn, and there is an 111 utlu entrepreneurial hunger to succeed in scale. The fact that the Israeli er market is very small creates ventures that design their products Low Rank 5 that cater to the European/US markets from the get-go. 2 uB D enis nio ss g tise Re per gula o ex tion ty t imi rox P Hub representative Fo ers Startup Nation Central reign custom startups ximity to Pro Source: Global FinTech Hubs Federation Produced by Deloitte 108

A tale of 44 cities | Tel Aviv S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Tel Avivs Best workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies Payoneer, Etoro, Sapiens, Credorx, Tipalti, Fundbox, Forter, Zooz, Personetics, K Lemonade, Riskified, Behalf. uala Lump G Data analytics Wo Barclays Techstars Digital identity Big investors auv rre Citi Accelerator sr Corporate VC’s: Microsoft, Samsung, Intel, IBM, Deutsche Telekom, Cisco, awn Cloud computing m Mindspace e Nautilus by AOL , 500 Startups. Gn l o b a l ﬁ The Floor Machine learning nt C es n t r eu We Work 3p T8p Robotics eo l Local VC’s: Jerusalem Venture Partners, Magma Venture Capital, Carmel Ventures, r At v i vn o i Aleph, Pitango, 83North and many angel investors. t a v Innovation areas o n n I l ax Success stories be o Sld Cyber security hGn anI1 CheckPoint is the largest pure-play security vendor globally and remains a leader gha2 i Fraud detection and in the 2016 Gartner Magic Quadrant for Unified Threat Management. They secure The Israeli Hub is mostly known for its technological talent poolIn mitigation n INDEX SCOREo more than 100,000 businesses and millions of users worldwide and has the which includes special units of army-trained entrepreneurs whova Robo advisors t industry’s highest malware catch rate. Lisboni o KYC are bold, innovative and creative. Israel has a strong risk-taking spirit c n where failure is seen as an opportunity to learn, and there is an 111utlu Analytics Other success stories include FundTech which was acquired in 2015 for $1.25bn entrepreneurial hunger to succeed in scale. The fact that the Israeli er and Payoneer which raised $180m in October 2016. market is very small creates ventures that design their products Challenges Low Rank5 The future that cater to the European/US markets from the get-go.2uBD Significant time diﬀerence enisnio We foresee an increase in the number of venture capital-backed companies that ssg Small size of market focus on InsurTech and AI. Financial services will become more digital and digital se Isolated market banks, such as Pepper, will emerge. We expect the increasing number of foreign Rrti egxpe R&D centres being set up in Israel, e.g., JP Morgan R&D centre, to be a continuing ulatio to e trend. nity xim While Israel is a small and isolated market, it can be seen as an advantage in terms Pro of international collaboration. It forces the local industry to focus on larger global markets. As such, the payments and trading systems that emerged in Israel are Hub representativers geared globally. Startup Nation CentralForeigstome n startupity to cu sProxim Data to be updated in full report (Sibos, October 2017) 109

A tale of 44 cities | Toronto S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Toronto s Hub proﬁle S yd n e y G Fr o a v n e k r fu n rt m e G n l o b a l F i t C n e s n t r T e u 1 p or 3 p ont o o r Toronto is recognised as one of the largest and most stable ﬁnancial t centres in the world that encompasses a diverse tech and S t oc academic community. Nearly 80% of ﬁntech startups in Canada khol are Toronto-based and supported by government, private investors m and the corporate community. Incumbent banks are dedicating In n n INDEX SCORE o o v 500 startups i a 40-60% of their FinTech innovation budgets to areas such as artiﬁcial at t Tokyo v i o Creative Destruction Lab intelligence, cybersecurity and blockchain. Venture-capital ﬁnancing on n nI l 22suBoD uc Digital Media Zone (DMZ) in Canadian FinTech was up 74% from 2015 to 2016, its highest level abolxedn51 50 enigni rutl MaRS since 2000. This growth continues to attract global banks, investors GI ss e One Eleven Techstars and startups that are looking to set-up shop and expand their FinTech innovation in Toronto. Low Rank tise Re per gula o ex tion ty t imi rox P Hub representative MaRS Discovery District CEO For mers eign st o custo Ilse Treurnicht artups Proximity t Source: Global FinTech Hubs Federation Produced by Deloitte 110

A tale of 44 cities | Toronto S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a TorontosBest workspace and accelerators Hub features Top FinTech companies Hub proﬁle Technologies FinanceIT, WealthSimple, League, Thinking Capital, Bioconnect, Zafin, Wave S Accounting and Gold money. yd n e yG Big data Big investors Fro Cloud computing av ne kr OMERS Ventures, Georgian Partners, Information Venture Partners, Business fun RPA / cognitive rtm e Development Bank of Canada (BDC), Investment Accelerator Fund (IAF) and Power Gn l o b a l F APIs it Cn es n t r Teu Corporation of Canada. 1p or3p Blockchain onto or Toronto is recognised as one of the largest and most stable ﬁnancialt Success stories centres in the world that encompasses a diverse tech and Innovation areas Founded in 2006, Shopify is an e-commerce company which provides software S for online stores and retail point-of-sale systems. Shopify’s initial public offering t oc academic community. Nearly 80% of ﬁntech startups in Canadakhol are Toronto-based and supported by government, private investors m Alternative lending in 2015 valued the company at $1.27 billion and today it has more than 1,750 Payments employees around the world. and the corporate community. Incumbent banks are dedicatingIn Cyber security n nINDEX SCOREo ov 500 startups 40-60% of their FinTech innovation budgets to areas such as artiﬁcial tia Risk Management at The future Tokyovi oCreative Destruction Lab intelligence, cybersecurity and blockchain. Venture-capital ﬁnancingonn E-Commerce nI l22suBoDuc Digital Media Zone (DMZ) 2017 will see a growing focus on Artificial Intelligence and Cyber security in in Canadian FinTech was up 74% from 2015 to 2016, its highest level abolxedn5150enignirutlMaRS Toronto. As well as this, we expect to see further regulatory developments, since 2000. This growth continues to attract global banks, investorsGIsseOne ElevenChallenges particularly as the regulatory sandbox develops, and more connections with Techstars other international hubs. The next Sibos conference will also be held in Toronto and startups that are looking to set-up shop and expand their Regulatory barriers FinTech innovation in Toronto.Low Rank Lack of competition in in October 2017. domestic market e Talent leakage rtis Reguxpe latto e ionity xim Pro Hub representative MaRS Discovery District CEOFormers eign sto custo Ilse TreurnichtartupsProximity t Data to be updated in full report (Sibos, October 2017) 111

A tale of 44 cities | Zurich S e l f e v a u l a t i o n o f t H h e u h b u b i i n n d i s c High Rank ix a t k o e y r s a r e a Zurich s Hub proﬁle Ch i ca g o H G CryptoValley Zug o l o I a n b n o o l v Kick Start G a v n t i o g x n e e d r n Ko I n SIX F10 ng 1 m e G n l o b a l F i t C n e s n t r e u 9 p Zu p ri o ch r t S y dn e y In B D n INDEX SCORE 3 u o o Zurich is the largest ﬁnancial centre in Switzerland, a country famed 1 s i v i n a n g t Frankfurt se i o for its quality, reliability, security and stability. As an innovation nation s c n positioned in a central location geographically, Switzerland has 41 utlu nurtured a thriving ﬁnancial services and FinTech sector, and boasts er excellent infrastructure, a solid legal system and protection for consumers. Low Rank tise Re per gula o ex tion ty t imi rox P Hub representative Swiss Finance + rs Technology Association Foreig stome n startup ity to cu CEO s Proxim John Hucker, CFA Source: Global FinTech Hubs Federation Produced by Deloitte 112

A tale of 44 cities | Zurich S e l f e v a u l a t i o n o f tH h eu hb u bi in nd i sc High Rankixa t ko e yr s a r e a Zurichs Best workspace and accelerators Hub features Top FinTech companies Technologies Knip, Anivo, FinanceFox, Qumram, WealthArc, InvestGlass, Monetas, Bexio, Hub proﬁleCh Ethereum, Xapo, Digital Assets (Elevance), Advanon, Sentifi. i cag o Data analytics HG CryptoValley Zug Big investors ol o I a n UX bn oo lv Kick Start Gav nt i o gxne e dr n KoIn SIX F10 Big data Swisscom, LakeStar, RedAlpine, Swiss Startup Invest, Go Beyond, SICTIC, B-to-V, ng1m e and Investiere. There are also private investors (e.g. large angels, family offices) Gn l o b a l F Machine learning it Cn es n t r eu which do not always disclose much detail. 9p Gamification Zup rio chr t Success stories Innovation areas Knip, raising over $20m and going global to disrupt insurance. Temenos, the classic S story of a great entrepreneur becoming an industry leader with core banking y dn Investment management e y Compliance platforms. Recently, it was a highlight to see Eric van der Kleij bring his expertise In Cyber security to the Kick Start Accelerator in Zurich. BDn INDEX SCORE3uoo Zurich is the largest ﬁnancial centre in Switzerland, a country famed 1sinva Cryptocurrencies ingt The future Frankfurtsei o Insurance for its quality, reliability, security and stability. As an innovation nation sc n Sibos 2016 was a big hit. The future for Zurich will focus on strengthening the positioned in a central location geographically, Switzerland has 41utlu Internet of Things vibrant ecosystem, expanding internationalisation with visits to/from other hubs nurtured a thriving ﬁnancial services and FinTech sector, and boasts er and doing more to promote the many advantages of Switzerland as a FinTech hub. excellent infrastructure, a solid legal system and protection for Challenges consumers.Low Rank Suboptimal legal and fiscal conditions se Risk averse culture Rrti Underdeveloped startup egxpe ecosystem ulatio to e nity xim Pro Hub representative Swiss Finance + rs Technology AssociationForeigstome n startupity to cu CEOsProxim John Hucker, CFA Data to be updated in full report (Sibos, October 2017) 113

A tale of 44 cities | Acknowledgements Acknowledgements We would like to thank the Deloitte FinTech Leads below for their support on this report. Deloitte FinTech Lead Office Location Deloitte FinTech Lead Office Location Claudio Fiorillo Argentina Kirsti Merethe Tranby Norway Chris Wilson Australia Daniel Martyniuk Poland Olivier de Groote Belgium Joao Carvalho Portugal Will Cornelissen Canada Ilya Etko Russia Jennifer Qin China Mohit Mehrotra Singapore Stepan Husek Czech Republic Thys Bruwer South Africa Alan Saul Denmark Rodger George South Africa Michel de la Belliere France Juan Pérez de Ayala Spain Hans-Juergen Walter Germany Victor Kotnik Sweden Dr. Paul Sin Hong Kong Daniel Kobler Switzerland Akos Demeter Hungary Thomas Wan Taiwan Monish Shah India Cüneyt Kırlar Turkey David Dalton Ireland Rajeev Lalwani UAE Meirav Hickry Israel Kent Mackenzie UK Paolo Gianturco Italy Louise Brett UK Takahisa Ohira Japan Michelle Collignon USA (Chicago) Patrick Laurent Luxembourg Joe Guastella USA (New York City) Jean-Pierre Boelen Netherlands Thomas Jankovich USA (New York City) Michael Millard New Zealand Alaina Sparks USA (San Francisco Bay Area) Joseph Olofinsola Nigeria 114

Thank you Many thanks to the representatives from the global FinTech Hubs included in this report and those who have supported its development. Sharing insights on the success stories, development areas and challenges for FinTech hubs contributes to greater knowledge sharing and engagement amongst the global FinTech community. As this community continues to grow, fostering and supporting cross-border dialogue is key to sustaining a better financial services future. If you would like to know more about the Global FinTech Hubs Federation, the initiative seeking to connect the global FinTech community, please click here.

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