KPMG has released its annual Fintech100 report for 2019, which clearly showed a drop in the Bitcoin-related companies. However, the report signified some important trends, such as the reinforced innovation in the payments industry. The report, which lists the top 100 Financial technology firms, has once again given the number one spot to AntFinancial, owned by Jack Ma of Alibaba. The estimated worth of AntFinancial has grown to around $83 billion.
The second spot was taken by Grab, a Singapore based technology company offering ride-hailing services, payment solutions, and food delivery. It was followed by JD Finance, a company that is mainly known for giving businesses as well as individuals financial services but has invested in innovation of better blockchain and cryptocurrency services.
Other companies that have either invested in some sort of Crypto-related services or either owned a crypto-related product were seen dropping in their ranking compared to 2018. Such as; Robinhood, which was previously ranked 8th fell to 14th this year; OneConnect went from 11th to 18th and Revolut from 13th to 26th. However, there were others that went quite up in their ranking, such as Coinbase went from 59th last year to 34th this year, and Bankera went from 65th to 42nd. Other names from the crypto-world that emerged on the list were Binance, MemaPay, Moin, Silot, and Tokeny.
The report most significantly showed the growing influence of FinTech companies from the Asia-Pacific region, says Ian Pollari, Global Co-leader for KPMG’s Fintech practice, and a partner with KPMG Australia. He further stated:
Globally, we have seen a rise in companies from across Asia-Pacific (including China), which represent the top six, and seven of the top 10 fintech companies in 2019, with China again securing the most top-ten positions. In 2019, we have also seen the emergence of India as a fintech force, taking two of the top positions and with seven companies in this year’s list in total.
Commenting on the strength of Chinese companies on the list, Chris Wang, partner and head of fintech at KPMG China said:
As fintech development continues to go strong in China, we see some changes in China’s fintech landscape. Aligned with trends we observe globally, we see an increasing number of wealth, insurance, and multi-sector companies in China on the list, which indicates that technologies and innovations have spread into more financial services sectors.
The Gulf region has once again not only failed to show its presence on the KPMG’s FinTech100 but also missed Deloitte’s Fast 500 list for EMEA. Although UAE and Qatar have shown some interests and investments also grew in the sector, they haven’t been fruitful yet.
The top 100 companies on KPMG’s annual report have accumulated a total of over $18 billion in just the last 12 months. Which is a staggering increase, given that over their lifetimes, they had accumulated $70 billion. The companies on this list are serving over 2.5 billion customers globally with their respective innovations.
KPMG has noted that most of the FinTech firms are either subsidiaries of traditional banks or have benefitted from open banking, due to which they were able to provide customers with a more personalized experience and services. Those that started with a single product or service are now diversifying their portfolios to meet a greater customer base.