WEF_The_Future_of_Global_Fintech_2024

Title: The Future of Global Fintech: Towards Resilient and Inclusive GrowthPublisher: Cambridge Centre for Alternative Finance, Judge Business School, World Economic ForumDate: January 2024

Key Highlights:

• The fintech industry thrives amid regulatory uncertainty, adapting business models and experiencing strong growth post-COVID-19.

• A survey of 227 fintech firms revealed:

  • Average customer growth exceeding 50%.

  • Consumer demand is the primary growth driver (51%).

  • Challenges include macroeconomic factors (56%) and funding issues (40%).

  • 63% rated the regulatory environment as adequate but faced compliance hurdles.

• The study aims to explore fintech's potential in enhancing financial access, particularly for consumers and SMEs.

• Digital payments and digital lending represent significant shares of the current market, with an emphasis on customer acquisition through digital marketing and partnerships.

• Initiatives for supporting fintech growth include sustainable finance schemes, regulatory improvements, and enhancing consumer education.

• Inclusivity initiatives led by fintechs are expanding financial access to underserved communities, enhancing overall transaction values in these segments.

• Future trends emphasize the role of AI and the digital economy in shaping fintech growth strategies.

• Challenges persist in the regulatory landscape, particularly in licensing and inter-agency coordination, affecting operational effectiveness.

Conclusion:

• The article provides valuable insights into the evolving landscape of global fintech, highlighting growth opportunities, challenges, and the critical role of inclusivity and sustainability in future developments.