Frankfurt is all set to be a major obstacle in Berlin’s plan of being the biggest Fintech hub of Europe and Germany as the city has already set its si
Frankfurt is all set to be a major obstacle in Berlin’s plan of being the biggest Fintech hub of Europe and Germany as the city has already set its sight on challenging and winning Berlin’s place in the podium.
Frankfurt has recently launched a project called TechQuartier that brings 120 founders of the Fintech companies to collaborate and exchange ideas. According to the German news portal, The Local, the project is likely to focus on how the banking industry in the city is attempting to catch up in the growing sector.
Berlin’s position as a Fintech Hub
According to a specific report, since the year 2012, about 734 million euros have been funded to the Fintech companies that are located in Berlin. This is five times more than the funds which Munich receives.
On top of that, the city also has more than 179 Fintech firms that are more than the firms located in Frankfurt, Hamburg and Munich combined.
One reason why people go for Berlin as a Fintech hub is simply because of the affordability of the city. This very factor makes it tad more attractive and simple for talented individuals to visit the city and try their luck. This is more relevant for the young talents who are now just starting out and are looking out to take the benefits of affordable housing plans.
Bitcoins will now be accepted by a Berlin University
Last month, a state accredited private business university in Berlin, ESMT announced that it will be accepting bitcoins as a legitimate currency for every kind of payment including the tuition fee. This was the first educational institution of Germany to do so.
It has been reported that this university has hailed bitcoin as one of the most excellent blockchain applications.
Germany’s position as a Fintech Hub
Being a contender of the top spot of Fintech hubs, germany has actually demonstrated the fact that it is aware of what it is doing primarily to get the attention of London, New York and Singapore.
In May, a crime research project focusing on Bitcoin financial was funded by Germany and Austria. This project concentrated on the organized level of financial crimes that were committed with the help of virtual currencies.
Additionally, there was also a recent collaboration between ATB Financial, a Canadian financial institution, SAP, a software multinational company of Germany, Ripple Labs, a block chain stratup and Reisebank AG a leading German Bank. Together, these companies demonstrated the correct use of blockchain technology which meant international payment taking only as less as twenty seconds instead of the very many working days as needed on a general basis.