Public-private investment poises Delaware for fintech prominence
From the Delaware Business Times
Economic Forecast: FinTech
WILMINGTON – Build it and they will come.
That’s the idea behind the $38 million FinTech Center announced by the University of Delaware in November in partnership with Discover Bank and Delaware Technology Park. The project aims to prepare hundreds of new technologically skilled financial services workers beginning in 2021, but the question remains: Will those workers stay in the state for their careers?
Delaware has been a banking center of the United States for nearly 40 years, ever since Gov. Pierre duPont IV signed the Financial Center Development Act in 1981 that axed restrictions on interest rates and gave tax breaks to the nascent credit card sector. Today, names like Chase, Barclay, M&T and WSFS dominate the Wilmington skyline, but in an increasingly modern and competitive marketplace, Delaware is once again competing for C-suite attention.
While major financial hubs like New York City, San Francisco, Boston and Chicago will continue to outpace the First State, other small cities like Cheyenne, Wyoming, are now clamoring for jobs that may once have considered Delaware as well.
That’s one reason state officials are stressing how serious Delaware is in supporting fintech, or financial technology, services.