Financial Insights has published its annual Global FinTech 100 list, which suggests that European players are falling behind Asian and North American companies. Reuters was the only European company to make the top 10 list this year.
“Many European vendors failed to match the pace of new business growth clearly evident in the financial sector that went the way of their international competitors,” says Peter Farley, European MD at Financial Insights. “However, with buoyant emerging markets and a high expected demand throughout Europe, vendors should be encouraged to leverage their local positions to drive growth and steer their global strategies in order to optimise the opportunities presented to them. I have no doubt that in 2007 we will see a marked resurgence by the European financial technology companies as they enable more flexible and component-based offerings for a market primed for IT investment.”
The Middle East, Africa and Eastern Europe were presented good market opportunities this year, with a growing customer demand and a maturing market these regions saw significant technology investment.