Germany, Italy, France and Russia ‘top targets for fintech firms’
GERMANY, Italy, France and Russia are the main marketing targets for fintech companies based in English-speaking countries, analysis suggests.
One Hour Translation, an online translation agency, looked at 29,000 translation projects from English that were completed for fintech companies between 2010 and 2017.
The 10 leading target languages for translation projects from English were German (eight per cent of the projects), Italian, French and Russian (each comprising seven per cent), Polish and Turkish (six per cent each), Spanish and Arabic (five per cent each), and Greek and Chinese Mandarin (four per cent each).
The projects came from payments and remittances companies, blockchain and bitcoin companies, digital banks, robo-advisers, personal finance companies, insurtech, regtech and alternative finance firms.
Read more: Record-breaking year for fintech investment
The findings align with data from the Federal Ministry of Finance in Germany which suggests Germany has the second largest fintech market in Europe after Britain, with 433 companies. It is expected to be worth €58bn (£51.3bn) by 2020.
Meanwhile, the value of transactions in the fintech industry in Italy reached $30bn in 2017 and is forecast to grow to $55.3bn by 2021, according to statista.com.
The same website shows the value of transactions in France reached $83bn in 2017 and is expected to increase to $145bn over the next four years.
The rate of penetration of fintech in Russian cities with a population of at least one million residents is 43 per cent – third in the world after China (62 per cent) and India (52 per cent), Ernst & Young’s FinTech Adoption Index shows.