Future of Global Fintech Second Edition 2025

Endnotes 1. World Economic Forum & Cambridge Centre for Alternative Finance (CCAF). (2024). The Future of Global Fintech: Towards Resilient and Inclusive Growth. https://www.weforum.org/publications/the-future-of-global-fintech-towards-resilient-and- inclusive-growth/. 2. World Economic Forum, Cambridge Centre for Alternative Finance (CCAF) & World Bank. (2020). The Global COVID-19 Fintech Market Rapid Assessment Study. https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/ publications/2020-global-covid-19-fintech-market-rapid-assessment-study/; World Economic Forum, Cambridge Centre for Alternative Finance (CCAF), & World Bank. (2022). The Global COVID-19 Fintech Market Impact and Industry Resilience Study. https://www3.weforum.org/docs/WEF_Global_Covid19_FinTech_Market_Study_2022.pdf. 3. This study focused on fintech firms, defined as digital entities offering or facilitating financial services online. Traditional financial firms and major tech firms were excluded from the study. The latter were omitted as their primary business activity is not financial services provision. Notably, larger technology companies often deliver financial services indirectly through collaborations with financial firms, including fintechs. 4. The current edition of this study now includes wealthtech, given its growing prevalence within the fintech ecosystem and distinction from other verticals. 5. McKinsey & Company. (2023). Fintechs: A new paradigm of growth . https://www.mckinsey.com/industries/financial- services/our-insights/fintechs-a-new-paradigm-of-growth. 6. International Data Corporation. (2024). Global Digitalization Index 2024. https://www-file.huawei.com/-/media/corp2020/ gdi/pdf/gdi-2024-en.pdf?la=en. 7. Results of regression analysis: –Partnerships with local financial institutions: highly significant with P-value [0, 0.001] and a positive correlation coefficient of 0.1492. –MSME products: significant with P-value [0.001, 0.01] and a positive correlation coefficient of 0.11044. 8. McKinsey & Company. (2022). Fintech in Africa: The end of the beginning. https://www.mckinsey.com/~/media/mckinsey/ industries/financial%20services/our%20insights/fintech%20in%20africa%20the%20end%20of%20the%20beginning/ fintech-in-africa-the-end-of-the-beginning.pdf. 9. Globenewswire. (2024). Insurtech Market Set to Hit USD 336.5 billion by 2032. https://www.globenewswire.com/news- release/2024/02/08/2825940/0/en/Insurtech-Market-Set-to-Hit-USD-336-5-billion-by-2032-Riding-on-a-Strong-41-0- CAGR-Market-us.html. 10. In the first study, macroeconomic factors and the digital and financial literacy of users were noted as hinderances by 56% and 34% of fintechs, respectively. 11. Innovate Finance. (2025). FinTech Investment Landscape 2024. https://www.innovatefinance.com/capital/fintech- investment-landscape-2024/. 12. CB Insights. (2025). State of Fintech Q1’25 Report. https://www.cbinsights.com/reports/CB-Insights_Fintech- Report-Q1-2025.pdf. 13. World Bank. (2021). Business Regulatory Environment. https://www.worldbank.org/en/topic/investment-climate/brief/ business-regulatory-environment. 14. Long definition: Business regulatory environment assesses the extent to which the legal, regulator, and policy environments help or hinder private businesses in investing, creating jobs and becoming more productive. World Bank. (n.d.). DataBank: Metadata Glossary. https://databank.worldbank.org/metadataglossary/country-policy-and-institutional- assessment/series/IQ.CPA.BREG.XQ. 15. In the first study, the overall perception of the regulatory environment for the “adequate and appropriate for my platform activities” was 63%. 16. In the first study, 24% of fintechs operating in MENA reported that the regulatory environment was excessive and overly restrictive to their activities, versus 19% in this edition. 17. In the first study, 14% of fintechs operating in LAC reported that the regulatory environment was excessive and overly restrictive to their activities, versus 20% in this edition. 18. Cambridge Centre for Alternative Finance (CCAF). (2021). FinTech Regulation in Sub-Saharan Africa. https://www.jbs.cam. ac.uk/faculty-research/centres/alternative-finance/publications/fintech-regulation-in-sub-saharan-africa/. 19. Results of the regression analysis: –Regulatory adequacy impact on customer growth. Adequate and appropriate for my firm: Significant with p-value [0.01, 0.05] and a positive correlation coefficient of 0.095662. –Regulatory adequacy impact on customer growth in EMDEs. Adequate and appropriate for my firm: Significant with p-value [0.01, 0.05] and a positive correlation coefficient of 0.159401. –Regulatory adequacy impact on change in revenue in EMDEs. Adequate and appropriate for my firm: Significant with a p-value [0.01, 0.05] and a positive correlation coefficient of 0.176787. The Future of Global Fintech: From Rapid Expansion to Sustainable Growth 55