Amazon Launches its Financial Services Competency for FinTech Startups

Amazon Web Services (AWS) is ramping up efforts to help FinTech startups by launching its own Financial Services Competency, recognizing technology companies that work in the financial sector, according to a report by Business Insider.

Any Amazon partner company is welcome to apply to the competency, which will see the applicant put through a series of stages before being awarded with a certificate. It is this certificate that will give a FinTech startup the confidence to say that they are as good as any consultancy such as the Accenture Innovation Lab.

At a recent re:Invent conference in Las Vegas, AWS said that it was a good way for startups to build their business, which has attracted a huge following.

It said:

More than 10,000 new partners have joined the Amazon Partner Network in the past 12 months, offering customers an ever-expanding selection of software solutions hosted on, or integrated with, AWS.

Amazon have also launched their Internet of Things Competency, which provides companies that utilize technology that focuses on smart cities, energy, healthcare, and automotive issues, with a platform to work from.

The Growth of FinTech

Financial Technology, or FinTech, is growing at a fast rate around the world.

From London to Singapore, countries are battling it out to make it to the top spot as the global hub for startups.

London is currently number one, but Singapore is hot on London’s tail to take the lead.

In a bid, however, to boost blockchain and FinTech startups in Europe, the European Commission recently announced the unveiling of a new initiative to provide many of Europe’s FinTech and blockchain innovators with more opportunities of becoming world leaders in the sector.

It is hoped that by doing so more startups will have a greater chance of succeeding past the first few years, which is when many young firms in the industry tend to fail.

Australia is another country that is increasing its investment in FinTech.

Recently, the FinTech firms in the country were recognized as world leaders after nine companies were listed in the annual FinTech 100 list.

While Australia may have joined the party late, so to speak, that hasn’t stopped it from making up for lost time by fully embracing the FinTech sector. It is hoped that by doing so the country can maximize on the benefits that it will provide in the near future putting it among the top locations for startups to reside.