Fintech and Financial Crime in Georgia: A Hub for Innovation and Growth
Georgia has emerged as a hotspot for fintech activity, with 70% of all US transactions handled by payment processing firms based in the state. The region’s “Transaction Alley” is home to over 200 companies offering banking, blockchain, information security, and data analytics services.
Why Georgia?
Companies like Deluxe, Bakkt, BitPay, and Cardlytics have set up shop in Georgia, drawn by the state’s diverse and tech-savvy workforce, lower cost of living, and business-friendly environment. As Barry C. McCarthy, President and CEO of Deluxe, notes: “Metro Atlanta is a global fintech and payments industry capital… We are pleased to tap into the deep fintech talent pool, industry coalitions, business-friendly environment, and supportive university system in the region.”
Fintech Talent Pipeline
Georgia’s fintech talent pipeline is robust, with over 42,000 Georgians working in the sector, a growth rate of 7% in the last two years. The state has more than 80 accredited public and private colleges and universities, including:
- Georgia Institute of Technology’s Financial Service Innovation Lab
- Georgia State University’s FinTech Lab
Fintech Education and Training
To ensure a strong pipeline of fintech talent, the Georgia FinTech Academy was established in 2019, a collaboration between the region’s fintech industry and the University System of Georgia. The academy provides specialized educational experiences in:
- Banking
- Information security
- Data analytics
- Financial technologies
- Payments
The academy has a physical hub at Georgia State University’s Robinson College of Business.
Infrastructure and Connectivity
Georgia’s robust infrastructure also makes it an attractive location for fintech companies. Two of the country’s largest fiber routes intersect in metro Atlanta, and every major international and North American fiber provider has a core interconnection point in the city. The state is ranked 5th in the nation for internet access by U.S. News & World Report, and the Hartsfield-Jackson Atlanta International Airport offers direct flights to over 150 US cities and 50 countries.
Energy and Sustainability
Georgia’s utility companies supply low-cost, reliable, and environmentally friendly energy for the state’s business and residents. The state’s current energy mix is comprised of 35% carbon-neutral and renewable energy options.
Challenges Ahead: Financial Crime and Regulatory Compliance
Despite its many advantages, Georgia’s fintech industry is not without its challenges. As with any growing sector, there are concerns about financial crime and regulatory compliance. However, with the right strategies in place, Georgia can continue to thrive as a hub for innovation and growth in the fintech industry.
By addressing these challenges head-on, Georgia can ensure that its fintech industry continues to grow and flourish, attracting even more companies and talent to the state.