全球金融科技的未来：从快速扩张到可持续增长（第二版）

DisclaimerThis document is published by theWorld Economic Forum as a contributionto a project, insight area or interaction.The findings, interpretations andconclusions expressed herein are a resultof a collaborative process facilitated andendorsed by the World Economic Forumbut whose results do not necessarilyrepresent the views of the World EconomicForum, nor the entirety of its Members,Partners or other stakeholders.©2025 World Economic Forum. All rightsreserved. No part of this publication maybe reproduced or transmitted in any formor by any means, including photocopyingand recording, or by any informationstorage and retrieval system.ContentsForewordExecutive summaryIntroduction1Market performance2Growth enablers and inhibitors3Regulatory perceptions4Financial inclusion5AI adoption6Looking to the futureConclusionContributorsEndnotes 34591322293645495055The Future of Global Fintech:From Rapid Expansion to Sustainable Growth ForewordThe Future of Global Fintech research initiativewas launched with the primary goal of collectingempirical data on how the global fintech industryis evolving and seizing new opportunities whilenavigating challenges associated with the rapidlyshifting financial services landscape. As thisdynamic and often disruptive sector continues toreshape financial services, it challenges regulatorsand policy-makers to keep pace. The industryrequires adaptability and coordination to cultivateinnovation, support market competition and ensureconsumer protection.In response to these challenges, the WorldEconomic Forum and the Cambridge Centre forAlternative Finance (CCAF) have partnered onceagain to produce the second edition of this globalstudy. This edition offers key benchmarks andcomparative insights on market performanceindicators while also exploring how firms reachunderserved customer segments and unlockmarket potential through financially inclusiveproducts. It further captures evolving perceptionsaround regulatory and supervisory frameworks, andhow these influence the growth and development offintech businesses.This research draws on data from 240 fintech firmsspanning six industry verticals and six geographicalregions. With respondents headquartered in59 jurisdictions and operating in 109 countries,the findings offer a comprehensive and diversesnapshot of the global fintech industry.Between 2020 and 2023, consumer demandfor fintech services remained strong, drivingDrew PropsonHead, Technologyand Innovation inFinancial Services,World Economic ForumThe Future of Global Fintech:From Rapid Expansion to Sustainable Growth sustainable growth across the sector. During thisperiod, fintech firms not only expanded but alsodeveloped customer-centric value propositionsaimed at enhancing financial inclusion, particularlyfor underserved populations in emerging marketsand developing economies. Yet, the sector facedits share of challenges, especially macroeconomicinstability and persistent uncertainties surroundingregulatory and supervisory frameworks.This edition also explores the expanding role ofartificial intelligence (AI) within fintech, a topic firstidentified in the inaugural study as the most relevantissue shaping the industry’s future. It examines howfirms integrate AI across various business functions,the subsequent impact on performance and theassociated risks (including concerns around bias,deepfakes and the cost of adoption). The findingsreveal that firms are actively investing in AI toenhance customer experience, improve operationalefficiency and drive cost savings.We hope that the insights presented in this studyhelp stakeholders better understand the evolvingdynamics of the fintech industry. Our aim is toshed light on both opportunities and challengesacross key areas – particularly regulation,technology and digital public infrastructure,and their role in expanding financial accessand advancing financial inclusion.Finally, we extend our sincere thanks to theUK Foreign, Commonwealth and DevelopmentOffice (FCDO) for their support and to all surveyparticipants and collaborators involved in thisresearch for their contributions and perspectives.Bryan ZhangCo-Founder and ExecutiveDirector, Cambridge Centrefor Alternative Finance 3 Executive summaryThis second edition of the Future of Global Fintechreport aims to provide a clear view of the currentfintech landscape. It builds on the first edition1aswell as earlier studies on the impact of COVID-19on the fintech industry.2Its insights are designedto support evidence-based decision-making bypublic- and private-sector leaders across thefintech ecosystem.This empirical study surveyed a total of 240 carefullyselected fintech companies across six key retail-facing fintech business verticals (digital lending,digital capital raising, digital payments, digitalbanking and savings, insurtech and wealthtech) andsix regions (Asia-Pacific, Europe, Latin America andthe Caribbean, Middle East and North Africa, theUS and Canada, and Sub-Saharan Africa).Key