ATLANTA (Oct. 24, 2016) – Hundreds of representatives from Georgia’s FinTech industry have made the pilgrimage to Las Vegas to attend this year’s annual Money20/20. Here at the show floor, Georgia is well represented as a national capital of FinTech.
The world’s largest payments and financial services innovation event hosted more than 20 Georgia-based companies to exhibit, and more than two dozen of Atlanta’s industry leaders spoke on panel sessions from Sunday, Oct. 23 to Tuesday, Oct. 25.
Las Vegas’ The Venetian was the scene of this year’s convention, and guests from all corners visited to discuss and learn more about the expanding industry, of which Georgia and Atlanta are proven leaders. The Georgia delegation, led by FinTech Atlanta, spoke at a total of 13 educational sessions on topics ranging from machine learning to checkless checking to lending-as-a-service.
FinTech Atlanta is a coalition of more than 100 organizations, including Fortune 500 companies, startups, universities, and industry associations, all working to cement Atlanta as the recognized global capital of financial technology. The group strives to fund and energize efforts to recruit, retain, and expand businesses and jobs across the FinTech ecosystem in metro Atlanta. It was formally organized last year as a result of the success the region has had with the Mobility Task Force.
A handful of regional and international leaders gathered for a panel discussion Sunday on the intersection of the industry with regional government. The panel, entitled “The Role of Local Governments in Building a Thriving FinTech Ecosystem,” uncovered how effective public-private partnerships can support FinTech companies, attract new investment, and create an environment for local growth with global impact. Panelists included Metro Atlanta Chamber (MAC) President & CEO Hala Moddelmog, First Data Executive Vice President Barry McCarthy, Vice Consul for U.K. Department for International Trade Chonchol Gupta, and TruRating CEO and Founder Georgina Nelson. The Wall Street Journal’s Rachel Witkowski moderated.
Over the past five years, the shifting legislative landscape combined with evolving technology and consumer expectations brought the previously behind the scenes FinServ/FinTech industry into the spotlight. Metro Atlanta essentially created the payments industry, and today, more than 50 percent of the United States’ FinTech companies are based in the region, including giants such as First Data, NCR, Worldpay, and Equifax. As a result of this density, 70 percent of all debit, credit and gift card transactions that occur in America flow through Atlanta, now dubbed the “Transaction Alley.”