The report, from BVI Finance, highlights the the world of fintech is a profoundly international one.

A poll of 451 fintech executives around the world finds that an overwhelming majority (94 per cent) of them consider that cross-border growth either critical or important to their success, and almost two-thirds (63 per cent) already operate in an international financial centre.

The survey – The Destination Digital Report – was carried out by BVI Finance, which represents the financial services sector of the British Virgin Islands. 

Access to international markets and banking services is cited as crucial by 33 per cent of global executives, closely followed by attributes such as a stable and business-friendly regulatory environment (32 per cent) and an established professional services network (27 per cent).

“As they plot out their roadmap for growth, where to incorporate their businesses has become critical to how they navigate this complex web, and how they balance credibility and security with the ability to innovate at pace,” Elise Donovan (pictured), CEO, BVI Finance, said. “Given this, it is critical to understand the needs of this new generation of business, and how they are evolving.”

Elise Donovan

Despite their drive for global growth, fintech businesses face a range of difficulties and hurdles as they scale and expand. The survey also found that over a quarter (28 per cent) see access to funding and investment as demanding, while the same number (28 per cent) point to regulatory compliance and changing policies as a major obstacle to business growth. 

The fragmented and ever-changing regulatory landscape, particularly in the digital assets space, means that these businesses require jurisdictions that can manage compliance requirements, such as anti-money laundering and know your client, across multiple markets. Some 24 per cent of fintech executives see this as a significant challenge, the report said.