The World Economic Forum Annual Meeting 2024 began in Davos on January 15 evening with an opening concert honouring the Sahara desert and Amazon rainforest- amidst growing concerns among world leaders about climate change, conflict, and misinformation.
The World Economic Forum released the report during its Annual Meeting 2024 in Davos, stating that fintechs are increasingly expanding operations across borders, primarily in the same region as their headquarters.
According to a report published in The Hindu, it added "The study reveals that vibrant hubs such as Singapore, the UK, the US, and India have hosted a thriving cluster of fintech corporate headquarters.
"Among the countries surveyed, the most significant operating countries for fintech hubs include the US, the UK, Singapore, Mexico, and India, India is one of the most significant operating countries for hosting a thriving cluster or fintech headquarters, according to a WEF study released on Thursday.
Photo Credit: Reuters/WEF
Further, according to the report, the global fintech industry remains robust, with customer growth rates averaging more than 50% across industry verticals and regions.
Consumer demand is the primary driver of growth, and fintechs are providing tailored financial services and products to traditionally underserved segments of the population, the report stated.
According to the report, the global fintech industry is demonstrating strength and resilience as it continues to expand financial services offerings to traditionally underserved consumers and businesses, despite an uncertain economic environment.
The report 'The Future of Global Fintech: Towards Resilient and Inclusive Growth' was developed in collaboration with the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School and is based on a global survey of over 200 fintech companies from five retail-facing industries.
To assess the rapidly evolving fintech ecosystem, it covered six regions: Asia-Pacific, Europe, Latin America and the Caribbean, the Middle East and North Africa, the United States and Canada, and Sub-Saharan Africa.
According to the report, the majority of financial technology companies view their regulatory environment positively, with 63% rating it adequate. Furthermore, 38% of surveyed fintechs cited the regulatory environment as a major driver of their operations and growth. However, a significant portion of fintechs found regulatory compliance difficult, as well as the licencing and registration processes, indicating a potential area for policymakers and regulators to improve.
(Inputs from agencies)
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