Latest Insights From Our 2024 Research Report

How the World’s Cities are Reshaping the Fintech Landscape

The State of Global FinTech: Competition at Its Peak

The 2024 Global Fintech Hub Report reveals a high-stakes race among the world's top financial technology cities. With only a 23.9-point gap between the first and tenth-ranked cities—a 20% drop since 2020—the battle for Fintech supremacy is more intense than ever.

Key Findings:

  • Top 10 Cities: Beijing, San Francisco (Silicon Valley), New York, London, Shanghai, Shenzhen, Hangzhou, Singapore, Sydney, and Hong Kong.

  • Dynamic Movement: 32 out of 50 ranked cities changed positions from last year, with Dubai and Abu Dhabi making significant leaps.

  • Competitive Pressure: Even cities that dropped in ranking saw their scores rise, proving that in FinTech, “stagnation means regression.”

The message is clear: minor improvements are no longer enough to stay competitive. FinTech hubs must continuously innovate to secure their place in the global rankings.

A New Generation of Fintech Hubs

Traditional financial capitals are no longer the automatic leaders in Fintech. The report highlights a shift towards emerging cities that are fast-tracking digital finance adoption and building thriving ecosystems.

Cities on the Rise:

  • Seven of the 11 cities with consistent ranking improvements in the past five years come from developing economies.

  • Jakarta and Bangalore broke into the top 20, fueled by explosive growth in Fintech enterprises and digital payment adoption.

  • Paris and Dubai leveraged regulatory advancements to position themselves as key players in the Fintech ecosystem.

The success of these rising hubs proves that the future of Fintech is not bound by legacy financial institutions but driven by agile, innovation-focused cities.

Fintech’s Global Powerhouses and Emerging Contenders

The Fintech industry remains dominated by the U.S. and China, with both countries boasting multiple cities in the top 20. However, emerging markets are rapidly challenging this status quo.

Industry Leaders:

  • China: Beijing, Shanghai, Shenzhen, Hangzhou, and Hong Kong lead the way, hosting 122 listed FinTech firms valued at $195.5 billion.

  • United States: With key hubs in New York, Silicon Valley, Chicago, and Atlanta, the U.S. retains its edge with 39 listed FinTech firms worth $1.23 trillion.

Rising Competitors

  • Hong Kong & São Paulo: Strengthening cross-border collaborations and financial infrastructure to expand international influence.

  • Jakarta & Bangalore: Entering the top 20 for the first time, driven by a booming FinTech startup scene.

The rapid ascension of these cities signals that FinTech’s dominance is no longer limited to traditional economic powerhouses.

The Global Leaders of Fintech Consumer Experience

Consumer experience remains a stronghold for emerging economies, with Hangzhou ranked first globally. In fact, all of the top 10 cities in this category hail from developing markets, proving their dominance in mobile payments and digital finance adoption.

Key Developments:

  • China & India Lead: 10 Chinese cities and 2 Indian cities dominate the top 20.

  • Melbourne’s Breakthrough: Advancing five places, thanks to Australia's continued expansion of digital payment solutions.

  • Developed Nations Closing the Gap: London, Amsterdam, and San Francisco have all made strides in improving digital financial services for consumers.

As digital finance continues to evolve, developed economies are accelerating their efforts to create a frictionless user experience.

The Future of Fintech: Regulatory Leadership & Ecosystem Growth

A Regulatory Race to the Top: The Fintech revolution is no longer just about innovation—it’s also about smart governance and regulatory foresight. Cities that balance innovation with clear regulatory frameworks are emerging as global leaders.

Key Trends:

  • Developed Nations Lead in Ecosystems: Cities like Zurich and Geneva continue to excel due to strong regulatory frameworks and deep financial expertise.

  • Developing Markets Catching Up: Nanjing’s fintech-friendly policies and digital infrastructure have propelled its ecosystem ranking.

  • Dubai’s Strategic Edge: With pioneering regulations on digital assets and securities, Dubai is becoming a benchmark for Fintech governance.

As FinTech’s role in global finance expands, cities that prioritize robust regulatory structures will lead the next phase of growth.

Explore complete research reports, additional findings, and press releases from our Strategic Partner (China Representative Office) for insights into global fintech developments.

Case Studies

  • New York: Reinventing Wall Street for the Fintech Age

    New York has long been the financial capital of the world, but its fintech transformation is reshaping Wall Street itself. Traditional banking giants like Goldman Sachs and JP Morgan are leading investments in AI-driven trading, blockchain infrastructure, and digital banking services. At the same time, startups like Plaid and Chime are disrupting consumer finance, offering seamless digital-first alternatives to traditional banking.

    Unlike many fintech hubs that focus on retail innovation, New York is also driving institutional fintech, where AI-powered risk management, high-frequency trading, and digital asset platforms are reshaping investment strategies. Its regulatory landscape is evolving, with the New York Department of Financial Services (NYDFS) leading frameworks for crypto, stablecoins, and fintech licensing.

    New York’s fintech transformation proves that even legacy financial centers must continuously adapt—blending tradition with innovation to stay ahead in an increasingly digital global economy.

  • Dubai: The World’s First Digital Assets Law is a Game Changer

    In 2024, Dubai’s fintech ecosystem ranking rose five places, reflecting the impact of its pioneering regulatory framework.

    At the center of this transformation is Dubai’s Digital Assets Law, which establishes a comprehensive legal framework for cryptocurrencies, tokenized assets, and blockchain applications. This legislation, coupled with the Dubai International Financial Centre’s (DIFC) fintech-friendly regulations, has positioned Dubai as a leading destination for blockchain and decentralized finance (DeFi) innovation.

    Additionally, Dubai’s fintech sector has benefited from government-backed investment funds that support high-growth startups. The combination of progressive regulation, strategic government support, and access to global capital markets makes Dubai a fintech powerhouse with long-term growth potential.

  • Hong Kong: The Cross-Border Fintech Gateway

    Hong Kong’s resurgence as a top 10 fintech hub is driven by its role as a bridge between global markets. Unlike emerging fintech hubs that focus on consumer experience, Hong Kong’s strength lies in cross-border payments, financial regulation, and capital markets innovation.

    The city’s Faster Payment System (FPS) and its partnerships with Chinese fintech giants like Alipay and WeChat Pay have strengthened its role as a seamless financial conduit between mainland China and the global economy. At the same time, its Fintech 2025 Strategy is positioning it as a regulatory leader, offering fintech sandboxes and clear frameworks for digital banking, crypto, and wealth management platforms.

  • Bangalore: India’s Fintech Powerhouse Goes Global

    Bangalore has transformed from India’s IT capital to a global fintech hub, producing some of the world’s most successful digital finance companies, including Razorpay, PhonePe, and Paytm. Fueled by India’s Unified Payments Interface (UPI)—a real-time, government-backed digital payments system—the city has become a launchpad for scalable fintech solutions.

    What sets Bangalore apart is its combination of deep engineering talent, regulatory support, and VC investment. As fintech adoption in India soars, its startups are expanding internationally, bringing innovations in digital payments, lending, and banking to new markets.

  • Melbourne: A Surprising Newcomer in Consumer-Centric Fintech

    Melbourne has leapfrogged five places in the rankings, entering the global top 20 for fintech consumer experience for the first time.

    A key turning point was the introduction of the New Payments Platform (NPP), which has allowed for instant bank-to-bank transfers since 2018. More recently, Melbourne-based fintech firms have pushed for decentralized finance (DeFi) applications and advanced digital wallets, significantly improving user experiences. The city’s regulators have also embraced digital banking, with institutions like Judo Bank leading the way in SME lending through AI-powered underwriting.

  • Jakarta: Southeast Asia’s Fintech Boomtown

    Jakarta is rapidly emerging as Southeast Asia’s fintech leader, leveraging its mobile-first population and high demand for financial inclusion. With millions of unbanked citizens, fintech firms like GoTo Financial have built superapp ecosystems that integrate payments, lending, and financial services seamlessly.

    The Indonesian government has played a key role, launching open banking regulations and digital finance policies that encourage innovation while ensuring stability. As a result, Jakarta has become a hub for VC-backed fintech startups scaling across Southeast Asia. Its success underscores a larger shift in fintech—where cities that solve real-world financial challenges are outpacing traditional financial centers.