USA lifts Robocash Group Fintech World Cup

After Argentina lifted FIFA biggest prize this month, WC fever continues to rage in the fintech industry. Provider of financial technology Robocash Group lays out how the Qatar World Cup would have evolved if it was based on fintech instead of football.

Robocash Group analyzed the level of fintech development in all the countries participating in the FIFA 2022 World Cup. Each of the countries was compared across four main areas of fintech development:

1. The potential of the fintech crowd: Data on the median age of each country
2. Digital inclusion: Daily time spent on the internet (among 16-64-year-old internet users)
3. Consumer fintech penetration: The volume of digital payments (made or received in the last year)
4. Penetration of the fintech offering: Quantitative and qualitative assessments of the fintech industry using an integrated indicator from ‘Global Fintech Index Ecosystem Ranking 2021‘

All values ​​were standardized and set on a 100-point scale. Finally, Robocash combined the total scores for each area and combined them into a final total.

Which countries have the strongest fintech development?

One of the strongest countries fighting for the fintech sector was the United States. Taking all factors into account, the United States emerged with a final score of 585.8.

Had Belgium and Canada’s fintech performance translated to the real game, it would have been extremely close. With Belgium’s fintech score at 459.7 and Canada’s 460.2, a differential of 0.5 was key to Canada’s progress in the faux tournament. Canada’s score also meant it beat Switzerland’s totals.

Robocash Group’s analysis of the tournament participants allocated to both England and Wales were awarded the same score as UK representatives. Due to the real group stage of the tournament containing both countries, both had to be compared. In the end, Robocash gave the win to England, thanks in part to the UK’s fintech capital, London.

The UK was also given the second highest score for its fintech development, with high totals in all categories. Overall, the UK had one of the highest percentiles for the volume of digital payments people made or received.

Apart from the knockout tournament format, the top 5 ranked teams by Robocash were as follows:

1. USA
2. England/ Wales (Great Britain)
3. Australia
4. Canada
5. Belgium

Australia’s position and score comes courtesy of three top-scoring areas. After analysis, Australia had the highest adult income, which helped give it a high score. It also had close to 100 percent penetration of digital payments. Meanwhile, 90 percent of the population in the region was found to be using electronic financial services.