Home to big names like Bank of America, Barclays US Consumer Bank & Barclays Bank Delaware, Capital One, M&T Bank, Marlette Funding, WSFS Bank and JPMorgan Chase, Delaware is a nationwide leader in fintech, business and financial services. The seminal legislation The Financial Management Act of 1981 kickstarted Delaware’s journey to becoming a hub for the financial services sector. Today, financial services is our state’s largest traded sector, and our trusted and sophisticated professional and business services firms–legal, accounting, consulting, and more–make Delaware an ideal corporate destination.
Internationally, Delaware’s business law court system is one of the most trusted and respected. Its distinctive market-centered model relies on experienced judges to review cases as opposed to potentially uninformed or unpredictable juries. Just one more reason why more than 66% of Fortune 500 companies choose Delaware to incorporate.
In the First State, financial investors, consultants, global headquarters and more benefit from our strategic location, internationally trusted business law system, experienced workforce and uncomplicated business climate. We also punch above our weight in innovative technologies, like artificial intelligence, blockchain, cryptocurrency and machine learning, to ensure Delaware firms remain at the forefront of the business and financial services.
Delaware’s Position in the Global & National Fintech Landscape
“Fintech,” as a term, is relatively new, but a closer look suggests that all financial services companies are becoming fintech companies, including the well-established incumbents as well as early-stage startups. In fact, some are referring to fintech as a standalone new industry.
To get a better understanding of Delaware’s position within the broader national and global fintech landscape and provide the basis for all ongoing conversations about Delaware’s fintech future, Delaware Prosperity Partnership, the First State Fintech Lab (FSFL), and the University of Delaware’s Institute for Public Administration (IPA) have produced a detailed report – Delaware in a Fintech Future
FSFL is a nonprofit dedicated to nurturing and growing the financial technology ecosystem in Delaware by convening and collaborating across industries, disciplines, and demographics.
IPA at the University of Delaware is a research and public service center that addresses the policy, planning, and management needs of its partners through the integration of applied research, professional development, and the education of tomorrow’s leaders.
Below are the findings of the report from FSFL, IPA and DPP:
Delaware is home to a wide range of targeted education and training initiatives, from K–12 programs like Delaware Pathways to a range of postsecondary offerings. It was observed that:
Governments around the country and world are exploring a range of options to encourage fintech investment. More than 40 nations have pursued initiatives to support financial services innovation, from creating new offices designed to interface with fintech companies, to regulatory adjustments, to direct national investments in companies. The CFPB and the CFTC are offering aggressive proposals to modernize regulatory structures for the sector.
To support the fintech industry with the required talent, the public sector, private sector and higher education institutions are entering into creative collaborations. For instance, to meet Amazon’s HQ2 needs, the State of Virginia, Virginia Tech, and a range of additional public and private partners collaborated to create the Virginia Tech Innovation Campus.
Delaware has been a longtime leader in financial services, the result of a supportive, pro-business legal environment and favorable tax legislation.
DuPont, Incyte and ILC Dover are among the companies with headquarters in Delaware.
Today, Delaware is home to a fast-growing number of diverse startups, corporate leaders and professors revolutionizing the world of business and finance.
Home to more than 40 companies in this sub-sector, Delaware is strategically poised for growth in this emerging industry.
NUMBER OF ESTABLISHMENTS, BUSINESS & FINANCIAL SERVICES
NUMBER OF JOBS, BUSINESS & FINANCIAL SERVICES
AVERAGE SALARY, BUSINESS & FINANCIAL SERVICES
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