2016 Top Markets Report
Financial Technology
A Market Assessment Tool for U.S. Exporters
U.S. Department of Commerce | International Trade Administration | Industry & Analysis (I&A)
August 2016
Industry&Analysis’(I&A)staffofindustry,tradeandeconomicanalysts
deviseandimplementinternationaltrade,investment,andexport
promotionstrategiesthatstrengthentheglobalcompetitivenessofU.S.
industries.Theseinitiativesunlockexport,andinvestmentopportunities
forU.S.businessesbycombiningin‐depthquantitativeandqualitative
analysiswithITA’sindustryrelationships.
Formoreinformation,visit
trade.gov/industry
I&AispartoftheInternationalTradeAdministration,whosemissionisto
createprosperitybystrengtheningthecompetitivenessofU.S.industry,
promotingtradeandinvestment,andensuringfairtradeandcompliance
withtradelawsandagreements.
ScottSchmithservedastheleadauthoronthisreport.VincentTranand
TinoPereraoftheOfficeofFinanceandInsuranceIndustrieswereco‐
authorsandmajorcontributors.TheteamwouldliketothankKaren
Ballard,DuncanArchibald,RyanHollowell,andSweehoonChiaoftheU.S.
CommercialServiceandAlexdeKeyserlingfortheirgracioussupport.
2016 ITA FinTech Top Markets Report | 1
Table of Contents
Executive Summary ....... 3
Overview and Key Findings .. 5
Country Case Studies
United Kingdom 17
China ......... 19
Singapore21
Brazil ......... 23
Australia .. 25
Addendum: Resources for U.S. Exporters ........... 27
Appendices
Appendix 1: Methodology .... 33
Appendix 2: The Global Financial Centers Index (GFCI). ... 37
Appendix 3: Citations . 38
2016 ITA FinTech Top Markets Report | 2
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2016 ITA FinTech Top Markets Report | 3
Executive Summary
The emergence of financial technology companies (FinTech) –companies whose line of business combines software
and technology to deliver financial services – will reshape and improve finance by cutting costs and expanding
access to financial services. FinTech companies can create a more diverse and stable credit landscape by gathering
data from social-media and other sources to assess the needs of young businesses and borrowers on the fringes of
the banking system.
From payments to wealth management, from marketplace lending to equity crowdfunding, a new generation of
startups is emerging within the FinTech sector, with firms attracting $19 billion in investment in 2015 (up from $12
billion in 2014). Goldman Sachs forecasts that over $4.7 trillion of revenue at traditional financial services
companies is at risk of disruption by the new FinTech entrants.
There are several factors that help explain FinTech’s emergence as a growth sector, including technology (social
networks, big data), a favorable regulatory environment and demographics (rise of the millennials) that may give
FinTech options an increasing advantage over traditional financial services.1
Sectors
There are four main roles that financial services companies perform in any economy: 1) facilitate payments, 2)
create credit, 3) manage wealth and 4) manage risk.2 Within the FinTech sector, payment services have the highest
acceptance, followed by savings and investments, insurance services and online lending.3
Overview of Rankings and Methodology
The International Trade Administration (ITA) has ranked markets by both projected FinTech payments and overall
projected FinTech sector size.
FinTech Payments Ranking: ITA ranks markets by consumer to business (C2B) payments for the end of 2017 by
using nominal gross domestic product (GDP), consumer purchases and smartphone ownership. Figure 1 shows the
10 top payments markets (the top 30 markets are identified in the main report). (See appendices for further
explanation of the methodology.)
Overall FinTech Sector Potential Rankings: ITA ranks the overall projected size of the FinTech sector (payments,
crowdfunding, wealth management, lending, money transfer and risk mitigation) for the end of 2017 by using
nominal GDP, financial assets as a percentage of GDP and broadband access as a percentage of a country’s
population. Figure 2 shows the 10 top projected FinTech sector markets (the top 30 are identified in the main
report).
Figure 2: Ranking of Overall Projected FinTech Markets Potential
1. Japan 3. UK 5. Germany7herlands9. South Korea
2.China 4. France 6. Canada 8. Australia 10. Switzerland
The differences between the two rankings primarily relate to overall financial development. The projected
payments ranking is somewhat independent of overall financial development, which is a rough proxy for economic
development, so we find that emerging markets, such as Russia, Brazil, Mexico, Turkey and Indonesia, rank much
higher in the payments ranking. The overall projected FinTech sector size rankings follow more closely with general
economic development rather than solely market size.
Figure 1: Ranking of Projected FinTech Export Markets – Payments Subsector Potential (2017)
1. China 3. Germany 5. France 7. Canada 9. Australia
2. United Kingdom 4. Japan 6. Italy 8. South Korea 10. Spain
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