March 6, 2020
In the last few years, a robust domestic FinTech ecosystem has been taking shape in Vienna with notable FinTech startups in various sectors, including Payments, Investing, Insurance, and Accounting, to list a few.
This momentum was reflected by the increasing number of FinTech-related inquiries received by the Austrian Financial Market Authority (AFM). In the year 2016, the AFM set up a “FinTech Point of Contact” as a one-stop-shop for young and innovative FinTech companies to get simple and straightforward clarifications on issues pertaining to regulation and supervision about their business model. Coupled with a business environment with favorable factors in terms of business infrastructure, internet speed, commuting time, availability of co-working spaces, and various measures from the Austrian government, the FinTech ecosystem in Austria is growing day by day.
Another key contributing factor that is fuelling this growth is the partnership and cooperation between the incumbent financial players and the FinTech companies. The perception that the challenger FinTech companies would not only disrupt the financial market but also push the incumbents to oblivion is fading away as the exi ...