The Spanish Federation of Fintech and Insurtech Enterprises (AEFI) has prepared a document proposing the necessary measures to protect this type of company. He believes that according to COVID-19, they have the opportunity to contribute to the economic recovery in Spain. This was reported to Cointelegraph on April 27 by the institution in Spanish.
In a statement, they said: “The Spanish association of fintech and insurtech companies, in constant contact with its partners and the other players in the digital ecosystem and the startup world, has prepared a document proposing the necessary measures to protect this concept will become types of companies that have become a fundamental player in the Spanish economy in recent years and that, due to the nature and business model that enables them to develop, will be able to guide the economic recovery in Spain according to COVID-19 differentiated products and services ”.
“”AEFI is also committed to the unity of all actors in the startup ecosystemLike in the UK, a reference country for the industry, where key companies and associations have come together under the motto “Save Our Startups” to protect the future of these companies, “they added
The AEFI proposes ten measures
Public bank loan programs approved by ICO for FinTech companies (five years) introducing changes to the ICO loan standard to make these companies Spanish SMEs.
Exemption from certain accounting criteria set in the RD of March 18 because fintech and technology-based startups do not have the same quotas as conventional SMEs.
United Kingdom-style public-private co-investment fund for loans that are converted into capital if not repaid, where unlisted companies that have borrowed receive between £ 125,000 and £ 5m at least £ 250,000 GBP in third party holdings in the past five years
Specific equity financing lines through grants and loans for innovations (ENISA, CDTI). Reduce application deadlines to one month and speed up the entry of the amount granted for faster liquidity delivery.
Public co-investment fund with equity crowdfunding platform.
Creation of stability funds through public-private cooperation, which gives access to domestic and foreign private investors, through participatory financing platforms that serve as a source of finance for companies in need of liquidity.
Activation of incentive programs for national and international investors.
Awarding taxes and social security payments to freelancers and technology startups in the second quarter of 2020 when sales are reduced by up to 50%.
Payment of taxes in monthly installments without interest for all SMEs.
Legislative development to push ahead with reforms and projects in the Spanish economy, such as the sandbox.
The amount of fintech has increased worldwide
The strong upward trend in the global fintech market was followed by an increase in the number of new financial technology startups worldwide. This was reported on April 6th in Capital from Spain. In an article in this newspaper, they stated that the entire financial technology industry has seen rapid growth in recent years as a result of increasing use of mobile applications for digital payments and increasing interest in financial technology solutions.
“According to the data collected by Finanso.se, the number of fintech startups has almost doubled in the past year and has reached more than 21,700 companies worldwide,” the publication said. Then they made it clear that more than 40% of fintech startups come from the North American market.
“In 2018, there were more than 12,100 fintech startups worldwide, as Statista data showed. With almost 5,700 new companies this year, North America was the world’s leading region. Europe, the Middle East and Africa followed with almost 3,600 companies. In the same More than 2,800 fintech startups came from the Asia-Pacific region each year, “they said.
“At the end of 2019, the number of fintech startups worldwide rose slightly to over 12,200, and here too, most of the companies came from North America,” they added later.
So statistics show that North America remains the world’s leading region. “Most US banks, venture capital groups and other investors are investing heavily in fintech startups due to the increasing demand from users for fintech solutions. In the past twelve months, the number of US fintech startups has increased by 50% and reached 8,700 in 2020, ”they said.
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