世界经济论坛-全球金融科技的未来：从快速扩张到可持续增长——第二版（英）

The Future of Global Fintech: From Rapid Expansion to Sustainable Growth Second EditionI N S I G H T R E P O R TJ U N E 2 0 2 5Images: Getty ImagesDisclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders.© 2025 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system.ContentsForeword 3Executive summary 4Introduction 51 Market performance 92 Growth enablers and inhibitors 133 Regulatory perceptions 224 Financial inclusion 295 AI adoption 366 Looking to the future 45Conclusion 49Contributors 50Endnotes 55The Future of Global Fintech: From Rapid Expansion to Sustainable Growth2ForewordThe Future of Global Fintech research initiative was launched with the primary goal of collecting empirical data on how the global fintech industry is evolving and seizing new opportunities while navigating challenges associated with the rapidly shifting financial services landscape. As this dynamic and often disruptive sector continues to reshape financial services, it challenges regulators and policy-makers to keep pace. The industry requires adaptability and coordination to cultivate innovation, support market competition and ensure consumer protection.In response to these challenges, the World Economic Forum and the Cambridge Centre for Alternative Finance (CCAF) have partnered once again to produce the second edition of this global study. This edition offers key benchmarks and comparative insights on market performance indicators while also exploring how firms reach underserved customer segments and unlock market potential through financially inclusive products. It further captures evolving perceptions around regulatory and supervisory frameworks, and how these influence the growth and development of fintech businesses. This research draws on data from 240 fintech firms spanning six industry verticals and six geographical regions. With respondents headquartered in 59 jurisdictions and operating in 109 countries, the findings offer a comprehensive and diverse snapshot of the global fintech industry.Between 2020 and 2023, consumer demand for fintech services remained strong, driving sustainable growth across the sector. During this period, fintech firms not only expanded but also developed customer-centric value propositions aimed at enhancing financial inclusion, particularly for underserved populations in emerging markets and developing economies. Yet, the sector faced its share of challenges, especially macroeconomic instabil