London has retained its spot as the fintech capital of the world, despite the rapid growth of several other cities hoping to steal its crown.
London took joint first place with Singapore, followed swiftly by New York and the Silicon Valley in third and fourth place respectively. Chicago, a new entry to the list, took fifth place after showing strong growth over the past six months.
The list, put together by Deloitte for industry bodies Innovate Finance and Swift Innotribe, takes into account categories such as innovation, business and regulatory friendliness in order to assess the most ‘fintech-friendly’ cities across the globe.
London has held the top spot for some time, due to its lack of red tape, laissez-faire approach to startups regulation and size of available capital. There have been worries about the effect of Brexit on its position in the fintech world, leading to renewed collaborations between the Financial Conduct Authority and several cities around the world since the EU referendum.
Economic secretary to the treasury Simon Kirby told CityAM: “The next few days offer an unprecedented opportunity for ambitious UK firms to come together with investors, regulators, legal experts and government advisers to talk about the best way for them to scale up and flourish.”
The full list of the top 20 fintech friendly cities is as follows:
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London & Singapore