How can Atlanta maintain bragging rights as the world’s ‘Fintech Capital’?

June 14th, 2022

Atlanta skyline — For years, Atlanta has been known as the world's Fintech Capital. But as tech changes, can that continue? (Emil Moffatt/ WABE News)

Leaders from the financial technology industry are meeting in Atlanta this week at the Fintech South conference.

For decades, the city has been a leading hub for financial transactions. But how did that come to be? And how can the city maintain that status?

Atlanta has been described as the “Fintech Capital of the World.” Other times, it’s been called “transaction alley.”

Larry Williams, president and CEO of the Technology Association of Georgia, says it’s a reputation that’s been earned over decades.

“We didn’t get there overnight, we didn’t just put a stake in the ground yesterday and declare it,” said Williams. “We helped build the apparatus and build the ingenuity that got us here today and got the world to where it is today, quite frankly.”

The Technology Association of Georgia produces Fintech South.

By some estimates, more than two-thirds of financial transactions across the world pass through Atlanta. Williams says as technology has changed, the fintech scene here has continued to evolve.

“Having a great business climate, having the infrastructure in the big pipes and the broadband to be able to facilitate it,” said Williams. “But also it goes back to checks. Remember checks? And how we were the big check processing center. And as checks evolved and there’s more ACH payments and more digitization of our financial transactions, we were really at the forefront.”

But in an era of smartphone payments, fierce competition for tech talent and the emergence of cryptocurrency, can Atlanta continue to be a leader?

Williams says it begins with collaborations between tech companies and schools.

“There’s so many great examples of things that are going on. Apple is really driving a lot of this with the HBCUs along with Microsoft and many others,” said Williams. “What’s going on at Georgia Tech with CREATE-X. You know, the most student-driven companies in the country are coming out of Georgia Tech.”

Tech CEOs often cite Georgia’s skilled and diverse workforce as among the top reasons companies choose to locate in the state. They also cite a lower cost of living than other options.

But as more companies and tech employees move to Georgia, does Williams fear losing that competitive edge when it comes to affordability?

“I think for the horizon that we can see, we’re going to continue to maintain that,” Williams said. “One thing about Georgia is people have choices. You can have a great urban lifestyle if you want to be in Midtown or Buckhead or downtown. But if you want to spread out, you can do that as well.”