Why are English-speaking fintech companies targeting Germany, Italy, France and Russia?

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Fintech companies in UK looking to Germany and Russia

The markets in Germany, Italy, France, and Russia have, in recent years, been top marketing priorities for FinTech companies from English-speaking countries according to online translation agency, One Hour Translation.

One Hour Translation examined a sample of 29,000 translation projects, collectively containing more than 50 million words, all handled by the company for FinTech companies between 2010 and 2017.

One Hour Translation’s analysis revealed that the ten leading target languages for translation projects from English since 2010 have been German (8% of the projects), Italian, French and Russian (each comprising 7%), Polish and Turkish (6% each), Spanish and Arabic (5% each), and then Greek and Chinese Mandarin (4% each).

Fintech sectors that created the demand for translations were companies from the fields of payments and remittances.

These include blockchain and bitcoin companies, digital banks, robo-advisors and personal finance companies.

One Hour Translation estimates that the sector of technologies for payments and remittances engenders most of the global marketing activity for FinTech companies from English-speaking countries, as 80% of the FinTech translation projects since 2010 were carried out for companies from that sector.

A study conducted for the Federal Ministry of Finance in Germany last year indicated that after Britain, Germany holds the second largest FinTech market in Europe, with 433 companies, expected to be worth 58 billion Euros by 2020.

The Italian market also generates massive FinTech activity. The website statista.com reports that the value of the transactions in the FinTech industry in Italy in 2017 reached a total of $30 billion.

The focus by marketing companies on Russian markets is not coincidental, either. Ernst & Young’s FinTech Adoption Index from last year indicates that the rate of penetration of FinTech in Russian cities with populations of at least 1 million residents is 43% —third in the world after China (62%) and India (52%).

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