Thursday, December 22, 2022

Who would win the FinTech World Cup-2022?

Wazzup Pilipinas!?

Following the group distribution of countries in the 2022 FIFA World Cup, Robocash Group analysts estimated that the USA, Canada and Australia would be the winning top-3 countries if the current World Cup in Qatar was not centred around football, but FinTech.

The purpose of the study is to analyse the level of fintech development across several countries - the finalists of the FIFA 2022 World Cup.

Group B’s Wales, while strong, would not stand against England to move further in the bracket if they had to compete on equal ground. English FinTech is still much more developed than in Wales (at least thanks to London being the global fintech hub). Therefore, England moves forward.

Even still, England goes only as far as the quarter-finals. While it had no issue comfortably overwhelming Qatar on its home turf in 1/8, it couldn't compete with the USA in the quarter-finals. The strong Belgium also falters from the victory path in the quarter-finals. It all came down to the penalty shoot-out, where Canada, the leader of the group, once again emerged superior (+0.5 points in the FinTech index).

One of the notable 1/8 matches is Brazil vs. South Korea, which mirrors the football championship in its outcome. Just like the FIFA World Cup 2022, the Brazilians end up moving forward.

Australia, however, turned out to be quite the “dark horse” of the tournament, successfully gaining great momentum! Its top three scoring “linemen” —highest adult income, close to 100% penetration of digital payments, and 90% use of online financial services. Together they secured Australia’s path forward out of the group, as well as strong victories against Mexico, Denmark, and Switzerland. The country ended up in a well-deserved third place!

The final match flies purely American colours. Thanks to a lucky tournament layout, only the fourth strongest team of the tournament takes silver in the championship. This is Canada’s limit: it has little ground to stand against the US, with an impressive level of development of the national FinTech ecosystem.

In the end, the USA, Canada and Australia shar

e the glory. This would be the winning top-3 countries of the Fintech World Cup. As modelled by Robocash Group, based on statistics for the years 2021-2022.


The 2022 World Cup participants were compared across four main areas of FinTech development, assessed quantitatively and qualitatively:
The potential of the fintech audience. The country data on the median age provided by, with exception of Tunisia and Uruguay ( The qualitative assessment is based on the median wealth per adult, as per the Global Wealth Databook 2022 by Credit Suisse.

Digital inclusion. Daily time spent using the internet (among 16-64-year-old Internet users). For countries with missing data (Cameroon, Costa Rica, Croatia, Ecuador, Ghana, Iran, Morocco, Qatar, Senegal, Serbia, Tunisia, Uruguay), country averages with available data are used. Sourced from Data Reportal.
Consumer fintech penetration. The volume of Digital payments (made or received in the past year, 2021, 15+) from The World Bank’s Findex. The Use of online financial services (16-64, Data Reportal). Missing data (Cameroon, Costa Rica, Croatia, Ecuador, Ghana, Iran, Qatar, Senegal, Serbia, Tunisia, Uruguay) are also averaged.
Penetration of the fintech offer. Both quantitative and qualitative assessments of the fintech industry use an already integrated indicator from The Global Fintech Index Ecosystem Ranking 2021 by Findexable (points). Costa Rica, Morocco, Qatar, Senegal, Serbia use average values, same as previous cases.All values were standardised and put on a 100-point scale. The final results can be found by the link to Table, Data Sheet.

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