20. Results of the correlation analysis: Adequate clarity in regulatory approach had a positive correlation to cross-border expansion of 0.05207. Strong clarity in regulatory approach had a positive correlation to cross-border expansion of 0.1095. 21. In the first study, regulatory authorities and licensing and registration processes were rated at 27% and 28%, respectively. 22. In the first study, 72% of fintechs rated licensing and registration processes positively (21% strong and 51% adequate) against 77% in this edition (22% strong and 55% adequate). 23. Cambridge Centre for Alternative Finance (CCAF). (2024). The Global State of Open Banking and Open Finance Report. https://www.jbs.cam.ac.uk/faculty-research/centres/alternative-finance/publications/the-global-state-of-open-banking- and-open-finance-report/. 24. It is generally accepted that financial inclusion, in its entirety, is defined as access to, and use of, quality, affordable financial products and services that lead to greater financial well-being. 25. Organisation for Economic Co-operation and Development. (2023). These are the places in the world where internet access is still an issue – and why. https://www.weforum.org/stories/2023/09/broadband-no-luxury-basic- necessity/#:~:text=The%20EDISON%20Alliance%20says%20internet,80%25%20in%20the%20developed%20world. 26. Cambridge Centre for Alternative Finance (CCAF). (2020). A Global AI in Financial Services Survey. https://www.jbs.cam. ac.uk/wp-content/uploads/2020/08/2020-ccaf-ai-in-financial-services-survey.pdf. 27. Open banking enables people to share their payment account transaction data with trusted third-party providers (TPPs). In some cases, they can also instruct TPPs to initiate payments from those accounts to help them manage their finances better by, for example, by accessing credit, doing so at a lower cost or providing more flexible and cost-effective payment services. Cambridge Centre for Alternative Finance (CCAF). (2024). The Global State of Open Banking and Open Finance Report. https://www.jbs.cam.ac.uk/wp-content/uploads/2024/11/2024-ccaf-the-global-state-of-open-banking-and- open-finance.pdf. 28. Open finance expands the data-sharing and action-initiation principles of open banking to cover a wider range of financial products and product providers. Cambridge Centre for Alternative Finance (CCAF). (2024). The Global State of Open Banking and Open Finance Report. https://www.jbs.cam.ac.uk/wp-content/uploads/2024/11/2024-ccaf-the-global- state-of-open-banking-and-open-finance.pdf. 29. DPI is defined as foundational and reusable digital platforms and building blocks – such as digital ID, digital payments and data sharing – that support the development and delivery of trustworthy, digitally-enabled services across the public and private sectors. World Bank & Inter-American Development Bank (IADB). (2024). Unlocking The Potential Of Digital Public Infrastructure (DPI) In Latin America And The Caribbean (LAC): A Region-specific Perspective. https://documents1. worldbank.org/curated/en/099072524161522274/pdf/P1786161f166e904318ce516dc8d17f524b.pdf. The Future of Global Fintech: From Rapid Expansion to Sustainable Growth 56

Future of Global Fintech Second Edition 2025