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Building a FinTech friendly digital ecosystem for Iceland
The document discusses the development of the FinTech ecosystem in Stockholm and provides observations and recommendations. It notes that Stockholm has become a major FinTech hub in Europe, receiving the largest FinTech investments per capita. However, it argues more can be done to support the ecosystem through coordinated efforts between government, industry and other stakeholders to break down "silos". The informal networks in Stockholm have been an important factor in its success, and similar networks should be developed in Iceland to help build its FinTech sector.
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Building a FinTech friendly digital ecosystem for Iceland
- 1. TOWARDS A FINTECH FRIENDLYDIGITAL ECOSYSTEM SHARING OBSERVATIONS & QUICK FIXES MICHAL GROMEK RESEARCHER ON FINTECH SWEDISH HOUSE OF INNOVATION FOSSHOTEL REYKJAVIK MAY 25TH, 2018 #GOOD TO SEE YOU REYKJAVIK Credit: http://www.freepik.com https://www.flaticon.com/ http://creativecommons.org/licenses/by/3.0/
- 2. A VISION WITHOUTA STRATEGY REMAINS AN ILLUSION SOURCE: CISHTI S., BARBERIS J. (2016) THE FINTECH BOOK: THE FINANCIAL TECHNOLOGY HANDBOOK FOR INVESTORS, ENTREPRENEURS AND VISIONARIES
- 3. # Researcher onFinTech (SSE) Effects of end-users trust or distrust on technology adoption in information systems Stockholm School of Economics Swedish House of Innovation Prevously: # Head. Int. Financial Services - FundedByMe.com # Country Head - FinTech Rocket Internet # Trainer Securities Commission Malaysia ## Travel Book author (in the future :) #GOOD TO SEE YOU
- 4. # Development of theFinTech digital ecosystem in Stockholm # Fintech companies growth on the value chain ## Potential tools to develop an ecosystem and quick fixes ## Power and challenges of Informal networks in FinTech #FOCUS FOR TODAY
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- 6. Reality of dedicatedFinTech support (oversimplified) by 2015 #AND REALITY ARE WE WORKING IN SILOS? THIS IS BRILLIANT. DID YOU TALK TO XXXX?
- 7. # STOCKHOLM FINTECHREPORT 2015 - JUN '15 # CHASING THE TALE OF THE UNICORN - MAY '16 # STOCKHOLM FINTECH REPORT (UPDATE) 2016 - JUN '16 # THE NEXT WAVE OF FINTECH - REGTECH & INSURTECH - DEC '17 # STOCKHOLM FINTECH REPORT 2018- JAN '18 # THE RISE AND DEVELOPMENT OF FINTECH, ACCOUNTS OF DISRUPTION FROM SWEDEN AND BEYOND - BOOK - MAR '18 (OPEN ACCESS) #CONTINUOUS OBSERVATION OF FINTECH CENTER FOR STRATEGY AND COMPETITIVENESS WAS FOUNDED IN 2005 AND FOCUSES ON FIVE RESEARCH TRACKS: STRATEGY & MARKET SYSTEMS, INTERNATIONAL BUSINESS, KNOWLEDGE IN NETWORKS, CLUSTERS, AND COMPETITIVENESS POLICY.
- 8. #MACROECONOMIC DATA Sweden investsca. 3.4% of its GDP in R&D, compared with the EU‐wide target of 3% in 2020. Sweden has one of the highest expenditures in R&D per capita in the world, with around 17% of research funding coming from private funds, nonprofits, and companies, which is comparable to the US. Stockholm tends to command 15% of the total foreign direct investment in the European technology sector.
- 9. #STOCKHOLM VS. EUROPEAN FINTECHLEADERS FinTech investments in absolute numbers in 2016 in million euro FINTECH INVESTMENTS IN ALL LOCATION BESIDES STOCKHOLM HAVE BEEN PROVIDED BY BOSTON CONSULTING GROUP FINTECH CONTROL TOWER AS OF JUNE 26TH 2017, REPRESENT COMPILING OF SECONDARY DATA FROM SOURCES LIKE CB INSIGHT. VALUES FOR STOCKHOLM INCORPORATE CORE-FINTECH AND NON CORE-FINTECH DATA IN THE STOCKHOLM GREATER REGION HAVE BEEN THE RESULTS OF OWN RESEARCH WHILE REVIEWING DIVERSE MEDIA SOURCES, PRESS RELEASES AND INVESTORS ANNOUNCEMENTS AND COOPERATION WITH NORDIC TECH LIST. 0 125 250 375 500 London Dublin Berlin Paris Stockholm Hamburg EUR 112M EUR 493M
- 10. Sweden received thebiggest amount of FinTech investments per capita in comparison with two leading FinTech hubs in Europe* #ECOSYSTEM - COMPARING WITH LEADERS
- 11. #THE SILICON FOREST Stockholmis second only to Silicon Valley, when it comes to regions with the most billion dollar-valued companies per capita. SOURCE: (2016) CHASING THE UNICORN, A STUDY OF STOCKHOLM MISTY MEADOWS, STOCKHOLM SCHOOL OF ECONOMICS
- 12. REGTECH BEHAVIOSEC 1959 Bankgirot founded 1985 Financial and credit market deregulation 1960 1970 1980 1990 2000 2005 2010 2015 2017 2018+ 1967 World first online ATM in Sweden 2003 Launch of Bank ID 02. 2017 Launch of the Stockholm FinTech Hub 06. 2017 Klarna receives a banking license 2012 Launch of Swish 2005 Klarna founded 1998 Merger between STHLM Stock Exchange and OM Stockholm # STOCKHOLM FINTECH TIMELINE 2015 P2P Trustbuddy files for bankrupcy SOURCE: GROMEK M. (2018), STOCKHOLM FINTECH REPORT. AN OVERVIEW OF THE FINTECH SECTOR IN THE GREATER STOCKHOLM REGION 05.2018 iZettle bought by PayPal for $2.2B
- 13. WAKEUP CALL ! 33%OF ALL LTD INVESTMENTS FOR THE ENTIRE COUNTRY #INVESTMENT - PER CALENDAR YEAR
- 14. WAKEUP CALL ! 33%OF ALL LTD INVESTMENTS FOR THE ENTIRE COUNTRY #INVESTMENT - PER CALENDAR YEAR CA. 2 BLN EUR PAID BY PAYPAL
- 15. 0 10 20 30 40 50 Item 1 Item2 Item 3 Item 4 Item 5 PAYMENTS EQUITY COMPLEXITY VALUE ROBOADVISORY LENDING INT. TRANSFER WEALTH MANAGEMENT BLOCKCHAIN BASED INSTECH REGTECH GDPR & PSD2 BLOCKCHAIN BEYOND BANKING #COMPLEXITY VS. VALUE
- 16. #BIGGEST DISCLOSED INVESTMENTS SOURCE: GROMEKM. (2018), STOCKHOLM FINTECH REPORT. AN OVERVIEW OF THE FINTECH SECTOR IN THE GREATER STOCKHOLM REGION Klarna € 49.9 Million* KnC Miner € 16 Million (in bankruptcy) CUMULATIVE DATA, BASED ON NORDIC TECH LIST *KLARNA HAS RECEIVED 31.9 MILLION EURO IN INVESTMENT IN JUNE 2016 BUT THE INVESTOR REMAINS UNDISCLOSED, 18M FROM VISA HAS BEEN DISCLOSED AFTER CLOSURE OF THE DATA COLLECTION
- 17. #BIGGEST INVESTORS IN2016-2017 SOURCE: GROMEK M. (2018), STOCKHOLM FINTECH REPORT. AN OVERVIEW OF THE FINTECH SECTOR IN THE GREATER STOCKHOLM REGION
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- 19. FinTech companies donot necessarily provide new services but instead focus on providing solutions from traditional providers more efficiently. SOURCE: GROMEK M. (2018), STOCKHOLM FINTECH REPORT. AN OVERVIEW OF THE FINTECH SECTOR IN THE GREATER STOCKHOLM REGION
- 20. SOURCE: OPPORTUNITIES AWAIT:HOW INSURTECH IS RESHAPING INSURANCE, GLOBAL FINTECH SURVEY, PWC, JUNE 2016 SOURCE: GROMEK M. (2018), STOCKHOLM FINTECH REPORT. AN OVERVIEW OF THE FINTECH SECTOR IN TEH GREATER STOCKHOLM REGION #MAPPING STOCKHOLM B2C FINTECH SCENE
- 21. SOURCE: OPPORTUNITIES AWAIT:HOW INSURTECH IS RESHAPING INSURANCE, GLOBAL FINTECH SURVEY, PWC, JUNE 2016 SOURCE: GROMEK M. (2018), STOCKHOLM FINTECH REPORT. AN OVERVIEW OF THE FINTECH SECTOR IN TEH GREATER STOCKHOLM REGION #MAPPING STOCKHOLM B2B FINTECH SCENE
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- 24. Policy - clear,proportionate and well-considered regulation must be enacted. From my experience, good regulation does not inhibit growth, regulation secures that everybody is playing by the same rules. #SMART REGULATIONS PER BOULAND, MINISTER OF FINANCE
- 25. The true valuecreation is identified within the ecosystem of indirect relationships. SOURCE: (2016) CHASING THE UNICORN, A STUDY OF STOCKHOLM MISTY MEADOWS, STOCKHOLM SCHOOL OF ECONOMICS #SECRET SAUCE OF STOCKHOLM: INFORMAL NETWORKS
- 26. #STOCKHOLM FINTECH HUB SOURCE:STOCKHOLM FINTECH HUBS OFFICIAL PRESENTATION AS OF FEBRUARY 9TH 2017
- 27. #STOCKHOLM FINTECH HUB SOURCE:STOCKHOLM FINTECH HUBS OFFICIAL PRESENTATION AS OF FEBRUARY 9TH 2017 BANKRUPTCY APPLICATION 16TH OF MAY 2018
- 28. #OUR FINTECH JOURNEY # Activeinvolvement of research # Regular meetups # Coworking space dedicated exclusively to FintTech # Involvement of Public authorities and banks # Venture Capital dedicated exclusively to FinTech # FinTech startups accelerators # Academic training on FinTech # Public funding for FinTech companies, research and R&D # Regional FintTech agenda # National FintTech agenda SOURCE: GROMEK M. (2018), STOCKHOLM FINTECH REPORT. AN OVERVIEW OF THE FINTECH SECTOR IN THE GREATER STOCKHOLM REGION
- 29. # Building aFinTech ecosystem is a long-term project in which government, business, and other stakeholders should be involved - it is time to break the silos of 'it's not me' # Key factors: space for informal networks, industry roundtables, accelerators and hackatons. # FinTech is the solution, but what is the problem that should be resolved? Where should Iceland be in 2020 and 2022? #SHORT SUMMARY: # presentation is already on SlideShare.com # watch the development of Swedish House of Innovation # stay connected - reach out for contacts and support #STAY CONNECTED:
- 30. #BEYOND 2018 The realityof our dedicated FinTech support (oversimplified) by 2018 Not a castle yet :) Let's do this! We don't know what we are building yet :)
- 31. THANK YOU SHARING OBSERVATIONS& QUICK FIXES MICHAL GROMEK RESEARCHER ON FINTECH SWEDISH HOUSE OF INNOVATION FOSSHOTEL REYKJAVIK MAY 25TH, 2018 WELCOME FINTECH Credit: http://www.freepik.com https://www.flaticon.com/ http://creativecommons.org/licenses/by/3.0/