Big Four auditing firm KPMG published this year’s Fintech 100 ranking on November 18. The ranking lists the top 100 fintech firms across the world. In the 2019 list, Bitcoin-related companies dropped but there was a reinforced innovation in the payments industry.
Just as it was the case last year, AntFinancial that is owned and managed by Jack Ma of Alibaba led this ranking. AntFinancial is the company that controls Alipay. Alipay is one of the leading payment systems in China which is valued at a staggering $83 billion.
Among those companies that provide innovation via cryptocurrency and blockchain, JD Finance was the best ranked placed third. It was surpassed by Grab which is an Uber-like rideshare app that also operates as a payment system in Singapore.
Robinhood slipped from the 8th spot in 2018 to 14th place this year. Nonetheless, crypto innovation remains significantly strong as published in the KPMG rankings. The same list featured blockchain-focused OneConnect in 18th place, Relovut was 26th, Coinbase ranked 34th, Liquid took 38th spot, and Banketa came in at number 42.
Commenting on the strong showing by various Chinese companies on the list, a partner ad head of fintech at KPMG China, Chris Wang, explained:
“As fintech development continues to go strong in China, we are seeing 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 same report also named MemaPay, Tokeny, Binance, Silot, and Moin among the emerging companies in the top 100. KPMG further states that Fintech 100 companies raised more than $18 billion in the past year and an excess of $70 billion throughout their lifetimes.
According to the report, these companies are changing the world with their respective innovations. Currently, they serve at least 2.5 billion customers worldwide. Even though the fintech firms have come in as a financial services option, KPMG states otherwise. It states that most of the companies on the Fintech100 list have benefited considerably from open banking.
Through open banking, the companies can access customer banking to create more customized experiences and services. Early fintech innovators that have single product propositions are currently diversifying to cater to customers’ needs. They do so through banking licenses and they are entirely supported by favorable regulatory developments.