International Delaware Magazine

International Delaware Magazine Released by World Trade Center Focuses on FinTech in the First State

The World Trade Center Delaware has released its fourth edition of International Delaware Magazine which focuses on Delaware's growing FinTech industry.

“Little did we know when we first discussed the theme for this issue just how timely this edition would be,” said World Trade Center Delaware President Carla Stone. “The use of IT and e-commerce exploded during the past eight months as people sought to limit contact with others in an effort to prevent the spread of the coronavirus. It is clear that financial technology services, or FinTech, is here to stay and will only grow in the future.”

The foundation for FinTech in Delaware was laid in 1981, when then-Gov. Pierre S. du Pont IV signed the Financial Center Development Act, legislation designed to increase employment in the banking and financial services sector by attracting out-of-state institutions to establish subsidiaries in Delaware. Today, Delaware, despite its tiny population, is one of the world's great financial centers. Over 75% of all FinTech investment in the Philadelphia region is found in Delaware and it has the highest concentration of financial services employment in the entire country according to a study by Delaware Prosperity Partnership. The study, "Delaware in a FinTech Future," reported that Delaware ranks No. 1 per capita for the number of FinTech patents issued over the past ten years in the U.S. and No. 5 overall.

Discover Bank, this issue's presenting sponsor, is making a significant contribution to Delaware's FinTech future. In partnership with the University of Delaware and Delaware Technology Park, Discover Bank is building a new 100,000-square-foot center for FinTech innovation on the university's Science Technology and Advanced Research (STAR) Campus that will combine the prowess of academia, government, and industry to support and grow FinTech's future in Delaware. “We thank Discover and all of our partners who have made this issue of International Delaware possible,” Stone said. “Tens of thousands of readers around the world will learn what we already know: FinTech is the future of commerce and Delaware is its home.”