世界經(jīng)濟(jì)論壇-全球金融科技的未來：實現(xiàn)彈性和包容性增長（英）-2024.1

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4Images:GettyImagesContentsForeword34ExecutivesummaryIntroduction51

Fintechmarketperformance2

Themajorfactorsimpacting?ntechgrowth3

Fintechperceptionsoftheregulatoryenvironment4

How?ntechsarecreatingamoreinclusive?nancialsystem5

Aneyetothe?ntechfutureConcludingthoughts813212637404145ContributorsEndnotesDisclaimerThisdocumentispublishedbytheWorldEconomicForumasacontributiontoaproject,insightareaorinteraction.The?ndings,interpretationsandconclusionsexpressedhereinarearesultofacollaborativeprocessfacilitatedandendorsedbytheWorldEconomicForumbutwhoseresultsdonotnecessarilyrepresenttheviewsoftheWorldEconomicForum,northeentiretyofitsMembers,Partnersorotherstakeholders.?2024WorldEconomicForum.Allrightsreserved.Nopartofthispublicationmaybereproducedortransmittedinanyformorbyanymeans,includingphotocopyingandrecording,orbyanyinformationstorageandretrievalsystem.TheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth2January2024TheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowthForewordDrewPropsonBryanZhangHead,TechnologyandInnovationinFinancialServices,WorldEconomicForumCo-FounderandExecutiveDirector,

CambridgeCentreforAlternativeFinanceAstheglobal?ntechindustrycontinuestogrowandscale,the?nancialservicesecosystemispresentedwithbothnewopportunitiesandchallenges.Fintechsare

frequentlylookingtorevamptheirbusinessmodelsandoffernewproductsandserviceswhileexpandingintonewmarkets,sometimesamidconsiderableregulatoryandpolicyuncertainties.Concurrently,regulatorsandpolicy-makersaroundtheworldare

increasingtheirattentionto?ntechactivities,andareenhancingtheirabilitytoregulateandsupervisesuchactivities.Theygrapplewiththetaskofsimultaneouslyencouraginginnovation,protectingconsumersandmitigatingemergingrisks.Giventherapidlydeveloping?ntechenvironment,additionalempiricalresearch,withreliabledataandaccessibleoutputs,wouldbeavaluabletoolfor?ntechsandpublicsectordecision-makersalike.embarkingonaroadtomoreresilientandinclusivegrowth.Theresearch?ndingsfocusonsixkeyareas,including?ntechbusinessdemographics,marketperformance,marketgrowthfactors,regulatoryperceptions,customerengagementsand?ntechactivitieswithsocietalaswellaseconomicbene?ts.Theyillustratethatregionalandglobal?ntechsare

capitalizingonstrongconsumerdemandfordigital?nancialservicestomaintaingrowthmomentum,adjustingtheirbusinessmodelsandproductofferingstoadapttothechangingandsometimesverychallengingenvironment,andare

increasinglyexpandingtheprovisionof?nancialservicestounderservedconsumersandbusinesseswhileaddressinggenderandsustainabilityissues.Ofcourse,thepictureisnotallrosy.Someofthe?ntechs?nditdif?culttocopewithsigni?cantchangesinmacroeconomicandfundraisingconditions,andothersare

strugglingtonavigatethecomplexand?uidregulatorylandscape,especiallywhenitcomestolicensing,registrationandproductapprovalprocesses.We

alsodonothavesuf?cientempiricaldatatounderstandwhetherexpandingthecustomerbasecantranslatetoincreasedrevenueand,moreTo

supportthisneed,theWorldEconomicForumandtheCambridgeCentreforAlternativeFinance(CCAF)attheUniversityofCambridgeJudgeBusinessSchooljointlylaunchedtheFutureofGlobalFintechresearchinitiativetocollectmoreempiricaldatatounderstandtheglobalmarkettrends,generateregional?ntechinsightsandassesshow?ntechactivitiesare

impactingconsumers,small-andmedium-sizedenterprises(SMEs)and?nancialinclusion.importantly,long-termpro?tability.Nonetheless,wehopethatthisstudyoffersusefuldatapointsandapplicableinsightsforvariousstakeholdersintherapidlyevolvingglobal?ntechecosystem.AkeyactivityoftheFutureofGlobalFintechinitiativehasbeenconductingapanelsurveytotakethepulseoftheglobal?ntechindustry.Workingwithacarefullycuratedresearchpanelof227?ntechsacross?veindustryverticalsandsixregions,thissurveyaimstoproduceactionableinsightstoinform?ntechmarketdevelopmentandevidence-basedregulation.Finally,wewouldliketosincerelythankallcollaboratorsinvolvedinthisresearch,particularlytheUKForeign,CommonwealthandDevelopmentOf?ce(FCDO)fortheirsupportandthemanymembersofourglobal?ntechresearchpanelfortheirhelpandperspectives.We

are

delightedtopresentthisjointinsightreportbasedonthesurvey?ndings,whichdepictsaglobal?ntechindustrythathasundergoneswiftandprofoundchangesinthelastfewyearsandisnowTo

ourreaders,weinviteyoutoexploretheseinsightsonthestateofglobal?ntechandhopeyouwillbeencouragedtocontributetotheongoingadvancementoftheindustry.TheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth3Executive

summaryThe?ntechindustrycontinuestodisplayresilienceandsolidgrowth,howevermanylong-termuncertaintiesremain.Buildingonthecollaborativework1bytheenvironment(40%)astwoofthetopthreehinderingfactorsforgrowth.CambridgeCentreforAlternativeFinance(CCAF)andtheWorldEconomicForumtoassesstheimpactofCOVID-19onthe?ntechindustry,thisreportaimstotakethepulseoftherapidlyevolvingglobal?ntechecosystemandprovideinsightstoinformevidence-baseddecision-making.Themajorityof?ntechsre?ectfavourablyabouttheirregulatoryenvironment,with63%ratingitasadequate.Atotalof38%ofsurveyed?ntechsalsocitetheregulatoryenvironmentasamajorsupportingfactorfortheiroperationsandgrowth.However,

asubstantialportion?ndregulatorycompliancechallengingandthelicensingandregistrationprocessestobeproblematic.Taking

apanelresearchapproach,thisempiricalstudysurveyedatotalof227carefullyselected?ntechcompaniesacross?veretail-facingindustryverticals–digitallending,digitalcapitalraising,digitalpayments,digitalbankingandsavings,andinsurtech–andsixregions(Asia-Paci?c,Europe,LatinAmericaandtheCaribbean,MiddleEastandNorthAfrica,theUSandCanada,andSub-SaharanAfrica).Despitethesigni?cantdropinfundingoverthepastyears,thesurveyed?ntechshavedifferentiatedviewsabouttheimpactofthefundraisingenvironmentontheirabilitytogrow.Whilethereport?ndsmore?ntechscitethecurrentfundraisingenvironmentasahindrancetogrowth,34%regard

theirfundraisingenvironmentassupportinggrowth.Key?ndings:Fintechsare

expandingtheprovisionofTheglobal?ntechindustryisdemonstratingstrengthandresilience.As?ntechsemergefromCOVID-19,theirperformanceremainsstrong,withcustomergrowthratesaveragingabove50%acrossindustryverticalsandglobalregions.Fromthesurveydata,itisevidentthatconsumerdemandisthemaindriverofgrowth,withoverhalf(51%)ofallsurveyed?ntechscitingitasamajorfactorsupportingtheirgrowth.Thistrendisconsistentacrossallregions.?nancialservicesandproductstounderservedsegments,andthesesegmentsalsomakeupasizeableproportionoftheirconsumerbaseandtotaltransactionvalues.Whilemostsurveyed?ntechsthatare

targetingunderservedcustomergroupsandofferingtailoredproductsareinemergingmarketsanddevelopingeconomies(EMDEs),?ntechsinbothadvancedeconomies(AEs)andEMDEsare

foundtohaveasizeableportionoftheircustomerbasefromthesegroups.Ontheotherhand,macroeconomicfactorsandthefundingenvironmenttogetherstandoutastheprimarychallengesfor?ntechgrowth.Theseviewscomeatatimewhenglobalin?ationandinterestratesarehigh.Thissentimentisre?ectedacrossregions,wheresurveyed?ntechscitemacroeconomicfactors(56%)andthefundingLookingahead,arti?cialintelligence(AI),thedigitaleconomy,embedded?nanceaswellasopenbankingare

theissuesregardedby?ntechsasthemostrelevantforindustrydevelopmentinthenearfuture.AIwastheleader,

with70%of?ntechscitingitasthemostrelevanttopicforthedevelopmentofthe?ntechindustryinthenext?veyears.TheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth4IntroductionBysurveying?ntechsdirectlyandproducingempiricaldata,thisresearch

offersadeeperunderstandingofthe?ntechmarket.Researchobjectiveandrationaleverticals(digitallending,digitalcapitalraising,digitalpayments,digitalbankingandsavings,andinsurtech)acrosssixregions(Asia-Paci?c,Fintechhasseenexponentialgrowth

overthelastfewyears,butitsadoptionhasnotbeenevenacross

theglobe.Given?ntech’s

potentialtowidenaccessto?nanceforconsumersandsmall-andmedium-sizedenterprises(SMEs),itisimportanttoassess?ntechs’industrydemographics,marketperformance,growthdrivers,customersegmentationandtheirperception

ofregulatory,

fundraisingandwidermacroeconomic

environment.Europe,LatinAmericaandtheCaribbean,MiddleEastandNorthAfrica,theUSandCanada,andSub-SaharanAfrica).Atotalof227panel?ntechsrespondedtothissurvey.Datasanitizationandveri?cationConcurrentlywithdatacollection,amulti-stageveri?cationprocesswasexecuted,involvingthescrutinyofsurveyresponsesforanomaliesandinconsistencies.Thedataunderwentcleansingandveri?cationbetween4September2023and27October2023.Theresearchteamthencarriedoutdatacleaningandfurtherveri?cationprocedurestoensurearobustrepresentationof?ntechverticalsandregionsinthesample.Thisstudyaimstoprovideactionableinsightsrelevantfor?nancialregulators,policy-makers,?ntechs,incumbent?nancialinstitutions,investors,multilateralinstitutionsandinternationaldevelopmentagenciesbyusingsurveydatacollectedfromacarefullycuratedglobal?ntechresearchpanel.Onceallthedatawasthoroughlycleanedandcross-veri?ed,each?rmentryreceivedauniqueID.IncompliancewiththeEUGeneralDataProtectionRegulation(GDPR)andthedataprotectionrulesoftheUniversityofCambridge,personaland?rm-levelidenti?erswereremoved,andtherawdatawastransferredtoaseparatedatabase.Allanalyseswereconductedonananonymizeddataset,andresultswerereportedatanaggregatelevel(categorizedbyverticalorgeographicaljurisdiction).Onlydatafromtheanonymizedandsanitizeddatabasewassubjecttoanalysis.Entriesthatcouldnotbeveri?edorreferencedactivitiesthatfelloutsidethetaxonomybeingtestedwereexcludedfromthestudy.MethodologyDatasourceandcollectionThemaindatasetforthisreportwasgatheredviatheFutureofGlobalFintechinsightsurvey,createdbytheCambridgeCentreforAlternativeFinance(CCAF)andtheForum.Administeredasastandaloneonlinesurvey,respondentsansweredupto29questionsbasedontheirchosen?ntechbusinessmodel.Thelogic-basedsurveyenabled?rmstorespondtospeci?cquestionsbasedontheirprimaryvertical,modeltypeandcountryofoperation.To

reachglobal?ntechmarketsandenhanceaccessibility,thesurveywastranslatedfromEnglishintonineotherlanguages(Arabic,BahasaIndonesia,BahasaMalaysia,BrazilianPortuguese,Chinese(Simpli?ed),Spanish(LatinAmerica),Tagalog,

ThaiandVietnamese).Thedatacollectionperiodspannedfrom6Juneto20September2023.SampledemographicsOperationalandheadquarterregionsandcountriesThesurveyreceivedresponsesfrom227unique?ntech?rmswithaglobalfootprint.Alargeproportionofthe?ntechsinthesampleoperatedinmultiplejurisdictions(57%),andagoodportionof?rmsoperatedinmultipleregions(24%).Moreover,whenconsideringthenationalincomelevelandstatusofdevelopment,respondentswereevenlydistributed,with51%representingcompaniesoperatinginadvancedeconomies(AEs)andtheremaining49%operatinginemergingmarketsanddevelopingeconomies(EMDEs).Theonlinesurveywasadministeredtothe?ntech?rms

thatare

panelmembers/participantsofthe2FutureofGlobalFintechresearchinitiative(ajointinitiativeofCCAFandtheForum,andapanel-basedapproachforindustry-centricresearch).Thisinvitation-onlyinitiativeconsistsofacarefullyselectedgroupofinnovativeleading?ntech?rmsrepresenting?vekeyretail-facing?ntechbusinessTheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth5FIGURE1

Distributionof?ntechs–byregion8%9%27%Asia-Paci?cEuropeLatinAmericaandtheCaribbeanSub-SaharanAfricaMiddleEastandNorthAfricaUSandCanada15%23%18%ThedemographicsofthepanelcompositionincludesMiddleEastandNorthAfrica(MENA),andtheUSandCanada(9%and8%respectively).allowtheresearchtodrawhighlyrelevantinsightsacross?ntechindustryverticalsandgeographies.Thesurveydatasampleisacollectionofregionalsamples,withatotalof641datapoints,asa?ntech?rmmayhaveseparateandmultipleregionalsubsidiariesandoperatingentities.TheAPACregionhasthelargestproportionofresponses(27%)inthedatasample,perhapsbecauseofitslargepopulationandbeinghometosomeofthefastest-growing?ntechsintheworld.EuropecloselyfollowstheAsia-Paci?c(APAC)

regionat23%.LatinAmericaandtheCaribbean(LAC)andSub-SaharanAfrica(SSA)regionscontributed18%and15%ofthesurveyresponsesrespectively.ThesamplealsoThestudyrevealsthatvibranthubssuchasSingapore,theUK,theUSandIndiahavehostedathrivingclusterof?ntechcorporateheadquarters.Inaddition,amongthecountriessurveyed,themostsigni?cantoperatingcountriesfor?ntechsincludetheUS,theUK,Singapore,MexicoandIndia.Fintechsareincreasinglyexpandingoperationsacrossborders,mainlyinthesameregionastheirheadquarters.However,

therearesomepatternsofUSandUK?ntechsoperatinginSSA,wheredigitalpayments/remittancebusinessmodelshaveastrongpresence.TheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth6Businessmodelsbyinsurtech(17%),whiledigitalcapitalraisinganddigitalbankingandsavingsmadeup14%and12%ofthesurveyresponses,respectively.Thisreportfocuseson?veretail-facing?ntechbusinessverticals.Thedigitalpaymentsverticalisthelargest,comprising30%ofthetotalresponses.Thisbusinessmodelledthegrowthof?ntechformanyyears(accountingforroughly25%ofcumulativeequityfundingsince2000)andwasfurtherboostedduringCOVID-19andisAsthesurveyfocusedonleading?ntechcompaniesglobally,naturallythecompaniesweremorelikelytobemediumtolargeinsize,ratherthansmallormicro.Hence,43%ofthesamplereportedfull-timestaffof250ormore.Alltheothersegmentshadashareof18%orlower,

with7%ofsurveyed?ntechsreportinghavinglessthan10staff.expectedtoremainthelargest?ntechsegmentin2030.

Thesecondlargestbusinessmodelinthe3datasamplewasdigitallending(27%),followedFIGURE2

Distributionof?ntechs–bybusinessmodel12%30%DigitalpaymentsDigitallending14

%InsurtechDigitalcapitalraisingDigitalbankingandsavings17%27%TheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth7Fintechmarketperformance1The?ntechindustrycontinuestogrow

intermsofnumberofcustomers,highlightingsustainedinterestin?ntechservices.TheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth8Overallcustomergrowth2022,theindustryexhibitedconsistentlystrongcustomergrowth,withanaveragegrowthrateofover50%,highlightingsustainedinterestin?ntechservices.However,

therewasaslightdipinannualgrowthratesfrom55%to52%between2020-21and2021-22(seeFigure3),potentiallyre?ectingthestrongadoptionof?ntechservicesduringtheCOVID-19periodandsuggestingatemporaryshiftincustomerbehaviourasthepandemicwounddown.Thisdipalsohighlightschallengesincertain?ntechmarketsegments,namelydigitalcapitalraising,inapost-pandemiceconomy,wheretheglobalventurecapitalindustryhasseensomesigni?cantebbsand?ows.The?ntechindustryhascontinuedtogrowintermsofnumberofcustomerspost-COVID-19,sustainingthegrowthmomentumexperiencedbeforeandduringthepandemic.Thecustomergrowthrateisareliableindicatoroftwopotentialmaintrendsforthe?ntechindustry:improvedaccesstodigital?nancialservicesandincreasedconsumerinterestanddemandfor?ntechservices.Duringthepandemic,theglobal?ntechindustrydemonstratedresilience,withthefastestgrowthinjurisdictionswithmorestringentlockdownmeasures.

From2020to4FIGURE3

Rateofcustomergrowth2020-2021and2021-2022–bybusinessmodel76%66%57%55%55%53%53%52%52%49%48%32%GlobalaverageDigitalbankingandsavingsDigitalcapitalraisingDigitallending2021-22DigitalpaymentsInsurtech2020-21Insurtechexperiencedremarkablecustomer

growthbetween2020-2021,

withanimpressive

76%rate,

whichFigure3

demonstratesthatrobustyear-on-year(YoY)

customergrowthrateswere

experiencedacrossindustryverticals,exceptfordigitalcapitalraising,whichexperienceda

signi?cantdecreaselinkedtothechallengingcapital-raisingenvironmentandlikelyexacerbatedbyrisinginterestratesandin?ationinthesecondhalfof2022.Thisislikelyalsoa

re?ectionofthelargerdecreaseinglobal?ntechfunding,whichdipped40%YoY

in2022,more

thanoverallglobalventure76%rate,whichdeclinedto66%in2021-22.Thisdeclinewasdrivenby?ntechsinEMDEs,whileinsurtechsinAEsfollowedtheoveralltrendwithonlya

slightdrop

ingrowthrate.ThisislikelyexplainedbythedisproportionateeffectofCOVID-19oninsurtechandinsuranceingeneralinEMDEs,suchasexperiencinghighervalueclaims,highernumbersofclaimsanda

greaternumberofinsurancepolicylapses.6declinedto66%in2021-22.fundingdid(35%).5Thecustomergrowthratefordigitalpaymentsgrew

slightlyin2021-22from

53%to57%,whichmaybeanindicationofthecontinuedgrowthInsurtechexperiencedremarkablecustomergrowthbetween2020-2021,withanimpressivecatalysedduringtheCOVID-19pandemic.7TheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth9FIGURE4

Rateofcustomergrowth2020-21and2021-22–byregion66%65%64%64%56%57%53%54%

54%51%42%42%3366%%APACEuropeLACMENAUSandCanadaSSA2020-212021-22MechanismsforacquiringcustomersTherewasrobustcustomergrowthacrossallregionswithratesexceeding50%,exceptSSA,whichhadthelowestgrowthratesat42%andthen36%(seeFigure4).Possiblereasonsforthisdisparityincludechallengesrelatedtoinfrastructure(bothagentnetworksanddigitalinfrastructure)thatmayhaveintensi?edduringtheCOVID-19period.The

USandCanadaandMENAregionsemergedasfrontrunners,showcasingthemostsubstantialgrowthrateswithintheindustry.ThisislikelydrivenbytheincreasingdigitizationofbusinessesandstructuredregulationsregardingdigitalpaymentEvenifnativelydigital,?ntech?rmshavereliedonadiversearrayofchannelsandtoolstogrowtheircustomerbase.AsillustratedinFigure5,?ntechsmostlyrelyondigitalchannelssuchassocialmediaandwebsitestoacquirecustomers.Thissignalsasigni?cantshiftawayfromphysicalpresenceandtraditionaladvertising,yetonlineandof?inereferralsarestillapreferredmechanismformany?ntechs.methods,bankingandcredits.8FIGURE5

MechanismsforacquiringcustomersSocialmedia70%Referrals(wordofmouth/customers)68%65%WebsitePartnershipwithlocal?nancialinstitutions46%27%20%13%10%Traditionaladvertising(TV,radio/podcasts,billboards)Text

messagesorinteractivevoiceresponsecallsLocaladvertisingagent(s)PhysicalagencyorbankbranchTheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth

10A

substantialnumberof?ntechs

preferredpartnershipswithlocal?nancialEventhoughthetopmechanismsareconsistentacrossregions,verticalandeconomicdevelopment,uniquepreferencesexist.FintechsinSSAandMENAtendtofavourlocaladvertisingagents,whileSSAalsonotedtheextensiveuseoftextmessagesorinteractivevoicecalls(alongwithAPAC)

andtraditionaladvertisingaswaysofacquiringnewcustomers.ThisislikelyduetolowerdigitalOneexplanationofthisinsightisthatlocal?nancialinstitutionsalreadyhaveapprovedregulatorystatusandanexistingcustomerbase,makingthemattractivepartnersfor?ntechstoacquirenewcustomers.institutions

toacquire

customers,especially

in

SSA,MENA

and

APAC.MainchallengesinscalingservicestonewcustomerspenetrationandconnectivitychallengesintheSSAregion.9Asubstantialnumberof?ntechspreferredpartnershipswithlocal?nancialinstitutionstoacquirecustomers,especiallyinSSA,MENAandAPAC.

Thisissimilartopreviousbenchmarkingstudies,10

wheremany?ntechshadreferralagreementswithlocal?nancialinstitutionsorpartnerstorefertheircustomerstothem.Asmuchas?ntechisdemonstratingstrongcustomergrowth,thegrowthsloweddownin2021-2022.Thegrowthaheadremainsinnewanduntappedcustomersegments.Itisusefultofocusonwhat?ntechs?ndmostchallenginginscalingservicestonewcustomersegments.FIGURE6

MostchallengingfactorsinscalingservicestoadditionalornewcustomersegmentsConsumereducation51%43%34%32%26%26%HighlycompetitivemarketHighcompliancerequirementsPricingBusinesscapitalLackofenablingregulationSocio-culturalfactors26%25%Lackofconsumertrustin?nancialsystemDigitalpenetration22%Poorenablingenvironment14%14%Poordigital?nancialinfrastructureDataprotectionlegislation10%10%OpenbankingframeworkConsumereducation(digitaland?nancialeducation)wasconsideredtobethemostsegments.Thisre?ectsthelargenumberof?ntechsthathaveenteredthemarketoverthepastdecade,stimulatedbyhighratesofventurefundingandthetrendofmarketconsolidationindigitallendinginmanymarkets.prominenthurdleinscalingservicestoadditionalornewcustomersegments(seeFigure6).Thiswasconsistentacrossregions,verticalsandlevelsofeconomicdevelopment.Thisuniversalrecognitionbytheindustryshowsthat?ntechstakeconsumereducationseriouslyandseeitascriticaltoFigure6showsthatcomplianceisakeychallengefor?ntechcompanies.Fintechsfoundcompliancetobethethird-mostchallengingfactor,

highlightingtheresourcesspentonnavigatingcomplexregulatoryenvironmentsandensuringcompliance.Notably,?ntech?rmsspecializingindigitalpaymentsexpressedevengreaterconcernsaboutcompliance.expandingtheuptakeanduseof?ntechproducts.Ahighlycompetitivemarketemergedasthesecond-mostrankedhurdle.Digitallending?ntechs,inparticular,

ratedthisastheirbiggesthurdlewhenexpandingtonewcustomerTheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth

11FIGURE7

Mostchallengingfactorsinscalingservicestoadditionalornewcustomersegments–topfactorsbyregionConsumereducationHighlycompetitivemarketHighcompliancerequirementsHighlycompetitivemarketHighcompliancerequirementsConsumereducationSocio-culturalfactorsConsumereducationSocio-culturalfactorsHighlycompetitivemarketPricing59%45%36%52%35%31%31%58%39%37%37%52%49%44%45%33%33%33%HighcompliancerequirementsPricingConsumereducationHighlycompetitivemarketPricingConsumereducationHighcompliancerequirementsConsumereducation71%48%Lackofconsumertrustin?nancialsystemDigitalpenetration46%The?ndingspresentedinFigure7revealregionalvariationsinthechallengesfacedby?ntechswhenitcomestoexpandingtheirservicestonewcustomers.InAPAC,

?ntechsstrictlyadheretotheglobaltrend.Theyidentifyconsumereducationastheirmostprevalentchallenge(59%),followedbyahighlycompetitivemarketandhighcompliancerequirements.divergeintheirsecondandthirdmostsigni?cantchallenge,citingalackoftrustamongconsumersinthe?nancialsystem(48%),closelyfollowedbyconcernsaboutdigitalpenetration(46%).Thesechallengesarecloselytiedtotheuniquecharacteristicsofeachregion’s

market.Conversely,European-,USandCanada-,andMENA-based?ntechsdeviatefromtheglobaltrend.EuropeanandUSandCanada?ntechsshareacommontrend,withahighlycompetitivemarketbeingcitedmostfrequentlyby?ntechsinthoseregions,at52%and45%,respectively.WhereasinMENA,?ntechscitedhighcompliancerequirementsastheirforemostchallenge(52%),followedbypricing(49%).InLAC,whileacknowledgingconsumereducationasthebiggestchallenge(58%),?ntechshereuniquelypointtosocio-culturalfactorsasthesecondmostsigni?cantchallenge(39%).Similarly,inSSA,?ntechsalignwiththeglobaltrendinnotingconsumereducationasthebiggestchallenge,withtheregionnotablyrankingitthehighestat71%.However,theyTheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth

12Themajorfactorsimpacting?ntechgrowth2Consumerdemandisdriving?ntechgrowth,whilemacroeconomicfactorsare

aconcerningheadwind.TheFutureofGlobalFintech:Towards

ResilientandInclusiveGrowth

13Macroeconomicfactorsarefoundto

bethemost

signi?canthindranceWhilethereisageneralunderstandingofwhatstimulatesorimpedes?ntechgrowth,thereisalackofempiricalresearchfromthepointofviewof?ntechsthemselvestohighlightwhatthey?ndtobethemajorfactorsimpactingtheirgrowth.Thischapter’s

?ndingsre?ectsurveyresponsesof?ntechswhenaskedtorankthetopthreefactorsthat(a)support,and(b)hindertheirabilitytogrow.majorhinderingfactors,notedby56%,47%and40%ofrespondents,respectively.Asanticipated,macroeconomicfactorsarefoundtobethemostsigni?canthindranceto?ntechs’growthandareinfrequentlycitedasasupportingfactor.

Thisc