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Indonesia has stated its place as a FinTech powerhouse in the Southeast Asia region. The country’s GDP has been at a steady rate and its FinTech funding has consistently increased over the past three years. It is now a significant part of the global FinTech community.

One of the key drivers for the industry’s growth and society’s rising interest is the growing use of smartphones and mobile internet. Indonesia’s internet economy is growing, and so are certain FinTech fields. Sectors that are gaining the most traction are:

  • Digital wallets,
  • P2P lending,
  • B2B FinTech.

The fast-growing FinTech ecosystem has also been…


The Nordic FinTech community is quite strong, as Nordic and Baltic countries are considered to be one of the most digitally mature globally. Digitalization has been a key driver for innovation and success in the FinTech industry. Sweden was the second country we talked about, and now we are moving on with Norway.

Pandemic has been a real challenge, and still many countries, including Norway, have found multiple ways to encourage its FinTech community. Norway launched a national FinTech project to limit the financial impact of the pandemic in collaboration with the Norwegian Ministry of Finance, the Norwegian Tax Administration…


Nigeria is an emerging economy and has similar challenges to other countries we have discussed. One of the challenges is access to financial services. Despite that, Nigeria has been mentioned as a potential emerging FinTech hub. Nigeria is one of the largest African FinTech hubs along with Kenya, Egypt, and South Africa.

Nigeria and Lagos, in particular, are home to multiple incubators for tech startups. Altogether it has approximately 3,000 tech companies. Overall, the FinTech ecosystem has seen various regulatory and other changes that have prospered the industry's potential growth. …


The World Economic Forum, in collaboration with Wharton Blockchain and Digital Asset Project, has created and published a Decentralized Finance Policy-Maker Toolkit. It aims to “highlight DeFi’s distinguishing characteristics and opportunities while also calling attention to new and existing risks — including the scope, significance, and challenges of the fast-growing DeFi ecosystem.”

In one of our blogs back in March, we talked about how to understand DeFi — what it is, what benefits DeFi and dapps bring, and what the potential for DeFi is in the near future. …


Hong Kong is known as an international FinTech hub, as it has been one of the most productive markets for the growth of FinTech startups. Despite being a relatively small city compared to other FinTech hubs, it is one of the top cities for scaling up startups.

Hong Kong FinTech market has ranked at the top for various FinTech rankings. There is more than one reason for such a strong positioning and continuous growth opportunities within the global FinTech community.

  • Hong Kong serves as a platform for China — the world’s top consumer market for FinTech.
  • Hong Kong has been…

The pandemic affected the global FinTech community in various ways. Some of the new emerging markets, such as Latin America saw a capital decline, while Africa raised more capital. Africa’s FinTech market is growing and developing and, therefore, significant to talk about.

Africa has a growing population, rising smartphone ownership, and dropping Internet costs — all contribute to the growing and developing FinTech market. In South Africa, almost all people have regular access to the Internet, and ~70% of the people have a bank account.

The South African Reserve Bank (SARB), in collaboration with several other government agencies, has created…


The FinTech startup ecosystem in the Caribbean is evolving, and the excitement towards FinTech is growing. However, the industry, in general, is not growing as fast as one might think. Of course, there is some growth and innovation to follow.

Even though there is a running CBDC pilot project, the FinTech development in the Caribbean is moderate. People analyzing the Caribbean region have given multiple reasons why the FinTech industry has not become a major force.

  1. The banking and financial services ecosystem is underdeveloped. For some Caribbean countries, certain online banking services were promoted more actively only due to the…

Brazil is one of the largest FinTech markets in the world, but, most importantly, it is the largest market in Latin America. There is no doubt that this is one of the countries we must discuss and learn more about to understand the global scale of FinTech innovations and developments.

Last year was a successful year for the FinTech market in Brazil. Despite the pandemic and everything that changed along with it, Brazil’s FinTech industry attracted US$ 1,7 billion in investments in 90 deals — that is a significant growth compared to the US$ 910 million in 2019.

Some of…


The Bahamas might be known more as one of the first countries to issue a Central Bank Digital Currency and less as a FinTech hub. In this blog, we will talk about both and why it is significant to follow the future innovations from one of the most prosperous countries within the Caribbean Region.

The FinTech industry is still in development in the Bahamas. Due to its cooperation with the US and other Caribbean countries, the Bahamas has a competitive advantage towards creating a FinTech hub in the region.

The Central Bank of Bahamas has held multiple seminars on Blockchain…


Iceland is a small country, and with that comes a few advantages and disadvantages when looking at the development of the country’s FinTech ecosystem. As it is a wealthy nation, it is easier to foster innovation. Meanwhile, due to the small market and smallest money economy, it can become challenging to develop and run a FinTech company in Iceland.

Icelanders are said to have a high adoption rate towards new solutions in the financial industry. Consequently, in recent years, Iceland’s financial industry has changed and developed due to various FinTech solutions and new companies.

The three largest commercial banks in…

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Using Blockchain technologies, we have created a new custody platform for Distributed Ledger Technology (DLT) assets. http://xdaro.com/

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