Sweden is one of the leading countries in world in Fintech. Thanks to the quick adaption of the new financial technologies, it might soon become the first cashless economy in the world. It´s therefore in the top 10 of global financial hotspots.
The Swedish corporation Klarna is the largest fintech company in Europe to get a banking lincence. That company, which is valued at more than $2 billion, has already captured much of the market for online payments in the Scandinavia and Germany.
Together with iZettle (valued at $500 billion), the company is the most prominent example of the successful fintech industry in Sweden. The country has grown into one of Europe’s major fintech hotspots in the last years. According to a study by TechEU Sweden ranks third behind the UK and Germany when it comes to fintech investments. Almost two in every three-fintech investments in the Nordics in the past two years were made in Sweden.
Attractive for global talent
The country might soon become the first cashless society in the world, depending completely on mobile apps and cards to make transactions. Swish, a hugely popular app developed jointly with the major banks including in Sweden uses phone numbers to allow anyone with a smartphone to transfer money from one bank account to another in real time.
Adopted by nearly half the Swedish population, Swish is now used to make more than 9 million payments a month. Cash transactions make up barely 2% of the value of all payments made in Sweden, with many banks no longer keeping cash on hand.
It´s therefore no surprise that the country is high on the list of most popular destinations in the world for professionals working in the finance industry. According to a survey by Michael Page, more than 21% of all job candidates in finance who are willing to relocate, choose Sweden as their preferred location to boost their career.
Leading Fintech capitals
The most popular destinations for finance expats one a global level are still mostly located elsewhere in Europe and the United States, with London being one of leading FinTech capitals in the world. But companies that are looking for expertise have other emerging hubs to choose from. In Continental Europe, Amsterdam and Berlin are also known for their FinTech start-up scene, as are cities like New York and Toronto.
Although many people look to the west when they think of groundbreaking financial technology, it´s worth it keeping an eye on the developments in Asia-Pacific. According to the latest figures by consultancy firm Accenture, Fintech investment has risen in the Asia-Pacific region from 87 million EUR in 2010 to 3.6 billion EUR in 2015. Investment in the region now accounts for more than 19% of the total worldwide. It’s therefore not surprising that no less 7 countries are in the top 25 of most popular destinations among finance professionals.
Singapore, where the government and the financial regulator are actively supporting innovation, has become the testing ground for new financial technology. In the upcoming years, the government will invest 145 million EUR in smart solutions for the banking industry. It makes the country, which also hosts the yearly FinTech Festival, one of the main Asian hotspots in the finance industry, ranking as the number 1 destination of finance professionals in the region, and number 18 worldwide.
Ranking global hotspots for sales professionals
For Trend Watch PageGroup surveyed 18352 job seekers worldwide, who applied on our Michael Page and Page Personnel websites during the 3rd quarter of 2017.
Of the 2145 finance professionals who participated in the study, 50% were willing to relocate, for job opportunities, a better salary or a different lifestyle.
Find out more about the other sector trends:
- countries that engineers consider important for their job
- emerging marketing trends
- new opportunities in sales
- takeaways from hotspots in HR