How has COVID-19 affected the global fintech industry?
Last July, in collaboration with the Cambridge Centre for Alternative Finance at the University of Cambridge and the World Bank Group, the Forum launched a survey to understand the impact of COVID-19 on fintech markets, the response of the global fintech industry to the pandemic, and the most pressing fintech regulatory and policy issues.
Since then, the Global COVID-19 FinTech Market Rapid Assessment Study has gathered empirical data from 1,385 fintech firms that are currently operating in 169 jurisdictions around the world. The study identified global trends, and also reports on fintech verticals and regional impacts.
- Since the onset of the pandemic, fintech firms have seen increased growth, with noticeably (50%) higher growth in countries with stricter lockdown measures
- Some 60% of surveyed firms reported launching a new product or service in response to COVID-19, with a further 32% reporting that they were in the process of doing so
- The participation rates of fintech firms in relief schemes ranged between 7% for NGO-led measures to 13% for government job-retention measures
The report was developed in collaboration with the Cambridge Centre for Alternative Finance at the University of Cambridge Judge Business School and the World Bank Group, and supported by the UK Foreign, Commonwealth and Development Office (FCDO) and the Ministry of Finance of Luxembourg.