There are several business sectors in which Spain stands out at a global level and, although it’s a new field, our fintech companies have also been growing for some time now. Specifically, it’s estimated that we’re the 5th world power in the field of techno-finances, an enviable position to which the nearly 300 fintech companies that exist in our country have sent us. And, as a curious fact and thanks to a study of Finnovating, we know that we’re the nation with the most fintech companies per capita.
In order to explain it, we’ll start by pointing out that the fintech company is defined as such by offering alternative financial services and products based on new technologies. It’s easy to deduce, then, that in Spain we are above the average in terms of interest in trying innovative financial services that make our lives easier. We know, for example, that we already make 57% of payments in contactless format, above the European average, which is 48%.
But, although this factor has weight in the great proliferation of fintech companies in Spain, there are many others that have also influenced. As is the case of the high level of education in new technologies that exists in our country and the large amount of talent that comes from our schools and universities. As an example, our case, PaynoPain was born in 2011 inside the Universitat Jaume I and today we are still linked to this university in different projects and collaborating with various internship programs.
The future of a business as new as fintech is and evolving as fast as it is, inevitably it’s linked to the quality of education of a country. And encouraging talent is essential if you want to be ahead in technological innovations. As a direct consequence, the great amount of talent that we have in Spain next year will transform into nothing more and nothing less than 4,500 new jobs within the fintech sector, an augury of growth that could make us rise even higher in the world fintech ranking.
Finally, a factor that has the potential to favor the Spanish Fintech ecosystem in the future is to create a new regulation. Specifically a regulation derived from the Sandbox that has been planned for a long time and that theoretically will become operational before the end of 2018. Although initially it may seem an impediment, the truth is that creating a new regulation adapted and focused on fostering innovation can be a great competitive advantage for Spanish fintech companies, as Rodrigo García de la Cruz, president of the Spanish Association of Fintech and Insurtech, has pointed out several times.
At PaynoPain we believe in the Spanish fintech sector and want to continue fostering its advance, for that reason we work day after day to create technologies that improve the life of the citizens, always fomenting the talent and supporting any initiative that benefits the growth of the sector. Contact us to discuss joint technology projects.