EY together with Swiss FinTech have prepared a "Swiss FinTech Report 2016", where they show the role of Switzerland as a FinTech hub. Here are the main takeaways of the report.
First of all, it is worth pointing out that in 2016 Switzerland has ranked first in WIPO's Global Innovation Index for the 6th consecutive year.
Image source: wipo.int
Despite being the most innovative country, Switzerland has its own challenges: the entrepreneurial activity is still below the average. What is interesting is that the number of young entrepreneurs in Switzerland is significantly lower than in all comparable countires. According to the study of Babson College and London Business School, the amount of young entrepreneurs (18-24) involved in early-stage entrepreneurial activities is the lowest with 3.4% (while average in other countries is 7.4%). That might be an indicator of difficulty to start business at early age and probably the lack of encouragement. At the same time Switzerland shows high entrepreneurial activity of 35-44 year old group with 10.1% (average in innovation-driven countries is 10.2%) and >55 year old group with 6.8% of people of this age involved in early-stage entrepreneurship (while average number is 5.0%).
The report gives an overview of factors affecting the activities in financial sector and recommendations about potential improvements that could lead to further development of the country as a financial services hub.
Now, moving on to the investments in FinTech market, we can see that on the global scene this number was booming in Q2 2014, but in Q3 2014 it moved back to the similar amount as in previous quarters. Overall, there is an upward trend till the end of 2014. The big contributor to this number is America with growth from $3.39 billion in 2013 to $9.89 billion in 2014. London is the main contributor in Europe with the biggest number of FinTech deals.
The report finishes with a short overview of a FinTech landscape in Switzerland:
To learn more you can read "Swiss FinTech Report 2016".
Images used in the overview belong to the authors of "Swiss FinTech Report 2016"