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Germany's fintech market size to reach 148 bln euros in 2035: study

Xinhua, November 22, 2016 Adjust font size:

The market volume of Germany's financial technology (fintech) industry is projected to reach 148 billion euros (157 billion U.S. dollars) in 2035, local media reported Monday quoting a study commissioned by the finance ministry.

There was a total of 346 German fintech firms with a market size of 2.2 billion euros by 2015, said the study that analyzed the industry's data from 2007 to 2015.

"Germany is one of the most attractive countries for fintech firms. The industry's growth rate is impressive," said Jens Spahn, parliamentary state secretary at the finance ministry.

Fintech is still small compared to traditional banking in terms of market size, but has great market potential. Regulation and technology are crucial to the young industry's growth, according to the study. (1 euro=1.06 U.S. dollar) Endit