We expect to see continued growth not only in developed markets in the US and Europe, but also in developing fintech markets in LatAm, Asia, and Africa, where the inertia and friction is even greater. "Fintech sits within financial services which is a massive, profitable industry, and the opportunity ahead of us to democratize access to these services on a global scale is tremendous. "This report highlights clearly something that, anecdotally, QED has witnessed firsthand: that fintech's story is in Chapter 2, not Chapter 8, and that much of this powerful narrative is still to be written," says Nigel Morris, QED Investors managing partner and coauthor of the report. Incumbents should partner with fintechs to accelerate their own digital journeys." Regulators need to be proactive and lead from the front. All stakeholders must therefore seize the moment. More than half the world's population remains unbanked or underbanked, and technology continues to unlock new use cases in leaps and bounds. "The fintech journey is still in its early stages and will continue to revolutionize the financial services industry as we know it," says Deepak Goyal, BCG managing director and senior partner and co-author of the report. In 2022, fintechs on average lost more than half of their market value, but according to the research, this plunge was merely a short-term correction in an otherwise long-term positive trajectory. It also examines the regulatory environment for fintech companies and the impact of emerging technologies. The report, Global Fintech 2023: Reimagining the Future of Finance, provides a comprehensive overview of fintech's future landscape globally and explores the latest trends and opportunities in the global fintech market. NEW YORK, /PRNewswire/ - Financial technology revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, according to a new report released today by Boston Consulting Group (BCG) and QED Investors. The fintech sector, which currently holds a 2% share of the $12.5 trillion in global financial services revenue, is estimated to grow up to 7%, of which banking fintechs are expected to constitute almost 25% of all banking valuations worldwide by 2030. Asia-Pacific Is Poised to Outpace the US, Becoming the World's Largest Fintech Market by 2030, According to New Report
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