The elements of a FinTech ecosystem
FinTech ecosystems are critical to nurturing the kind of technological innovation necessary to make financial markets and systems more efficient and improve the overall customer experience. Moreover, given the scope of financial technology, a vibrant FinTech ecosystem can stimulate the broader local economy by attracting talented, ambitious people and becoming a locus of creative thinking and business activity. FinTech ecosystems enable growth opportunities for many sectors, including software, data analytics, payments, platforms (e.g., peer-to-peer lending and trading), mobile banking, and algorithmic asset management systems.
A sign of just how significant FinTech has become, global investment in this sector jumped three-fold between 2008 and 2014, reaching US$3 billion. By some estimates, that investment will at least double again by 2018, and may even hit $8 billion