While Husain wouldn’t pick winners among the cities vying to be the world’s leading fintech hub, he acknowledged the greater level of governmental support in cities such as Dubai and Singapore.
“The thing in the U.S. and in Europe is (that) there is not so much involvement from the government. A lot of this support is through the investment ecosystem: the private equity firms, the venture capital firms that support the start-up community,” Husain said.
“But in places like Dubai and Singapore, you see the government playing a helpful role in supporting the start-up community because the VCs haven’t come there yet.”
Husain also added that given how many of fintech-related issues at the ground level tend to be local or regional-specific, multiple fintech hubs could be the name of the game.
“(T)he world is large … So you do need these hubs. You cannot have one hub, being the (global) leader.”