Foreword The Future of Global Fintech research initiative was launched with the primary goal of collecting empirical data on how the global fintech industry is evolving and seizing new opportunities while navigating challenges associated with the rapidly shifting financial services landscape. As this dynamic and often disruptive sector continues to reshape financial services, it challenges regulators and policy-makers to keep pace. The industry requires adaptability and coordination to cultivate innovation, support market competition and ensure consumer protection. In response to these challenges, the World Economic Forum and the Cambridge Centre for Alternative Finance (CCAF) have partnered once again to produce the second edition of this global study. This edition offers key benchmarks and comparative insights on market performance indicators while also exploring how firms reach underserved customer segments and unlock market potential through financially inclusive products. It further captures evolving perceptions around regulatory and supervisory frameworks, and how these influence the growth and development of fintech businesses. This research draws on data from 240 fintech firms spanning six industry verticals and six geographical regions. With respondents headquartered in 59 jurisdictions and operating in 109 countries, the findings offer a comprehensive and diverse snapshot of the global fintech industry. Between 2020 and 2023, consumer demand for fintech services remained strong, driving sustainable growth across the sector. During this period, fintech firms not only expanded but also developed customer-centric value propositions aimed at enhancing financial inclusion, particularly for underserved populations in emerging markets and developing economies. Yet, the sector faced its share of challenges, especially macroeconomic instability and persistent uncertainties surrounding regulatory and supervisory frameworks. This edition also explores the expanding role of artificial intelligence (AI) within fintech, a topic first identified in the inaugural study as the most relevant issue shaping the industry’s future. It examines how firms integrate AI across various business functions, the subsequent impact on performance and the associated risks (including concerns around bias, deepfakes and the cost of adoption). The findings reveal that firms are actively investing in AI to enhance customer experience, improve operational efficiency and drive cost savings. We hope that the insights presented in this study help stakeholders better understand the evolving dynamics of the fintech industry. Our aim is to shed light on both opportunities and challenges across key areas – particularly regulation, technology and digital public infrastructure, and their role in expanding financial access and advancing financial inclusion. Finally, we extend our sincere thanks to the UK Foreign, Commonwealth and Development Office (FCDO) for their support and to all survey participants and collaborators involved in this research for their contributions and perspectives.Drew Propson Head, Technology and Innovation in Financial Services, World Economic ForumBryan Zhang Co-Founder and Executive Director, Cambridge Centre for Alternative Finance The Future of Global Fintech: From Rapid Expansion to Sustainable Growth June 2025 The Future of Global Fintech: From Rapid Expansion to Sustainable Growth 3

Future of Global Fintech Second Edition 2025