Video: five essentials cities need for building a fintech hub

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Kent Mackenzie walks us through his formula for a successful Fintech city after years spent observing emerging hubs around the world.

Fintech cities around the world are thriving on the strength of their own legend, but a pattern of strategies connects them across timezones.

Two years into his collaboration with Fintech Scotland, Deloitte’s Head of Analytics and Fintech in Scotland, Kent Mackenzie, began thinking over a blueprint for successful Fintech ecosystems.

“When we started out on the journey with Fintech Scotland,” he said, “there were a number of things that really started to come to life when you think about what’s important when you’re thinking about building a Fintech hub or a Fintech ecosystem in a city.”

Kent began noticing a pattern connecting international financial sectors - from Frankfurt to Toronto and Edinburgh to Chicago.

Read more: The “digital disrupters” reinventing the way we bank

As he began receiving requests from cities and communities around the world to stand them up as Fintech cities, he gained further insight into how a Fintech cities blueprint might look.

Kent ascertained that a formula for a flourishing Fintech hub does exist and he was able to narrow it down to a handful of objectives: “There are essentially five things that are really important to think about as you build a Fintech hub or a Fintech city.”

Stop being good

Create your own legend

Brave the brutal truth

Scale at the frontier

Go further together

In the video above, Kent explains how collaboration, ingenuity and ambition are building the foundations of the new Fintech cities of tomorrow.