FactSet, a provider of integrated financial information and analytical applications, announced on Tuesday the launch of the FactSet Global FinTech Index, which has been licensed to Nikko Asset Management as the benchmark for the Global Fintech Equity Fund.
The company stated that its Global FinTech Index is designed to track the performance of companies engaged in financial technologies that facilitate the transition of businesses and consumers to a digital economy. Companies selected for the Index are notably focused on developing data, analytics, software, hardware, and consulting services to deliver solutions for payment processing, money transfer, lending and borrowing, and banking and investment. Jeremy Zhou, head of indexing at FactSet, explained:
“Our goal is to lead innovation and deliver indexes that address difficult-to-access dimensions of the capital market. The granularity of the FactSet Revere Business Industry Classification System (FactSet RBICS) helps investors to better understand and invest in evolving market areas like FinTech, which spans multiple industries often in niche areas that might be difficult to discover. With RBICS we are able to develop a relevant benchmark by identifying 17 FinTech-targeted industries out of RBICS’ more than 1,400 industry levels.”
FactSet added that the Index is equal-weighted and is calculated in both price and total return versions available in U.S. dollar. The base date is January 5, 2011, with a base value of 100. The Index is rebalanced semi-annually in January and July.
