Growing Spanish Fintech Sector Creating New Client Pool For Law Firms

Fintech companies from around Europe see opportunities for expansion in the Spanish market as customers ditch traditional banks, which are being forced to close branches and cut jobs

Spain is seeing growth in its financial technology, or 'fintech', sector, with various local banks and financial institutions setting up fintech-focused ventures, with start-ups from other countries also eyeing the Spanish market.

According to Pablo García Mexía, of counsel at Ashurst, the emergence of fintech has two significant ramifications. The first, and most wide-reaching, is the application of digital technology in the banking sector. This is something that has been happening for a while as the banks have had to quickly adopt new technology to better handle transactions. The second significant impact is the emergence of a new sector of companies, or start-ups, that are entering the financial sector to compete against banks.