WEF -The Global Covid-19 Fintech Market Impact and Industry Resilience Study （英文）行业资料

TheGlobalCovid-19

FintechMarket

ImpactandIndustry

ResilienceStudy

withthesupportof

PleasecitethisstudyasCCAF,WorldBankandWorldEconomicForum(2022)TheGlobalCovid-19FintechMarketImpactandIndustryResilienceReport,UniversityofCambridge,WorldBankGroupandtheWorldEconomicForum.

TheGlobalCovid-19Fintech

MarketImpactandIndustry

ResilienceStudy

Tableofcontents

Forewords 6

CCAFforeword 6

WorldBankforeword 7

WorldEconomicForumforeword 8

MinistryofFinance-Luxembourgforeword 9

UKForeign,Commonwealth&DevelopmentOfficeforeword 10

Researchteam 11

Contributorsandreviewers 11

Acknowledgements 11

Executivesummary 15

Methodology 15

Keyfindings 15

Chapter1.Introduction 19

1.1Researchobjectivesandrationale 19

1.2Methodology 20

1.3Developingafintechworkingtaxonomy 23

1.4Overviewofsurveyrespondents 24

Chapter2.Aglobaloverviewofthefintechindustry 27

2.1Marketperformanceoftheglobalfintechindustry 27

2.2Marketresilienceandfinancialhealth 31

2.3Marketdynamics 33

2.4Regulation,policy,andgovernmentintervention 38

2.5TheimpactofCovid-19lockdownsonfintechs 40

2.6FintechmarketsbyWorldBankincomegroups 42

Chapter3.Digitallending 45

3.1Selectedverticalhighlights 45

3.2Introduction 45

3.3Marketperformance 48

3.4Institutionalinvestment 53

3.5Clientprofileandpotentialcontributiontofinancialinclusion 55

3.6Marketresilienceandfinancialhealth 56

3.7Marketdynamics 59

3.8PotentialbusinessdisruptorsinaCovid-19environment 64

3.9Regulation,policy,andgovernmentintervention 65

Chapter4.Digitalpayments 71

4.1Selectedverticalhighlights 71

4.2Introduction 71

4.3Marketperformance 74

4.4Clientprofileandpotentialcontributiontofinancialinclusion 79

4.5Marketresilienceandfinancialhealth 81

4.6Marketdynamics 83

4.7PotentialbusinessdisruptorsinaCovid-19environment 89

4.8Regulation,policy,andgovernmentintervention 89

Chapter5.Digitalcapitalraising 96

5.1Selectedverticalhighlights 96

5.2Introduction 96

5.3Marketperformance 98

5.4Institutionalinvestment 104

5.5Clientprofileandpotentialcontributiontofinancialinclusion 105

5.6Marketresilienceandfinancialhealth 106

5.7Marketdynamics 110

5.8PotentialbusinessdisruptorsinaCovid-19environment 115

5.9Regulation,policy,andgovernmentintervention 115

Chapter6.Insurtech 121

6.1Selectedverticalhighlights 121

6.2Introduction 121

6.3Marketperformance 123

6.4Clientprofileandpotentialcontributiontofinancialinclusion 126

6.5Marketresilienceandfinancialhealth 127

6.6Marketdynamics 129

6.7PotentialbusinessdisruptorsinaCovid-19environment 133

6.8Regulation,policy,andgovernmentintervention 134

Chapter7.Marketprovisioning 138

7.1Selectedverticalhighlights 138

7.2Introduction 138

7.3Marketperformance 141

7.4Marketresilienceandfinancialhealth 144

7.5Marketdynamics 146

7.6PotentialbusinessdisruptorsinaCovid-19environment 150

7.7Regulation,policy,andgovernmentintervention 151

Concludingremarks 157

Appendices 159

Appendix1:Definitionoffintechbusinessmodelsbysub-vertical 160

Appendix2:Countryregionclassification 162

Appendix3:Regressionfindingsonunderstandingtheimpactoflockdownstringency,economic

development,andfintechs’participationinCovid-19reliefdistributionschemesontheirtransaction

values 164

Appendix4:Digitallendingvolumes 166

Appendix5:DigitallendingSMEvolumes 168

Appendix6:Digitalcapitalraisingvolumes 170

Appendix7:Digitalpaymentstransactionvalues 173

Appendix8:Insurtechgrosspremiums 176

Appendix9:Topthreecountriesperregionbynumberofrespondents:digitallending 177

Appendix10:Topthreecountriesperregionbynumberofrespondents:digitalpayments 177

Appendix11:Topthreecountriesperregionbynumberofrespondents:digitalcapitalraising 178

Appendix12:Topthreecountriesperregionbynumberofrespondents:insurtech 178

Appendix13:Topthreecountriesperregionbynumberofrespondents:enterprisetechnology

provisioning 179

Appendix14:Fintechfirmsthatparticipatedinthestudy 180

Endnotes 195

6

ForewordsCCAFforeword

Theyear2020wasapivotalpointforhowfinancialserviceswereaccessedandused.TheCovid-19pandemicnecessitatedanacceleratedshifttowardremotefinancialservices,provingbothchallengingandrewardingforthefintechindustry.Thus,2020becameacrucialbaseformuchneededtime-seriesresearchtoinformbestpractices,andgovernmentalandregulatoryinterventions.

Againstthisbackground,theCCAFtogetherwiththeWorldBankGroupandtheWorldEconomicForumpublishedthefirsteditionofourseriesontheimpactofCovid-19,TheGlobalCovid-19FinTechMarketRapidAssessmentStudy,inDecember2020.Thestudywasdesignedtoquicklyassessandinterprettheshort-termimpactsofCovid-19onanalreadyrapidlyevolvingfintechecosystem.WecomparedtheimpactofCovid-19onfintechfirmsinthefirsthalfof2020tothesameperiodin2019.TheanalysisprovidedasnapshotofhowCovid-19hadimpactedmarketdynamics,keyperformanceindicators,productsandserviceofferings,andhowfintechfirmscopedwiththeinitialmarketshocksandoperationalchallenges.Thestudyalsohighlightedtheregulatoryinterventionsthatwerereceivedandneededforfintechfirmstothrive.

TheRapidAssessmentStudyfoundthatfintechshadcontinuedtogrowthroughoutthepandemic,albeitunevenlyacrossverticalsandgeographies.Indeed,fintechsinadvancedeconomiesappearedtohavebeenmoreresilientthanthoseinemerginganddevelopingeconomies.Attheverticallevel,digitallendingplatformsappearedtobemoreseverelyaffectedbythepandemicthanothers.

AstheCovid-19pandemiccontinuedtoaffecttheglobaleconomicenvironment,itbecamenecessarytoreassessthesituationandwhetherthefindingsfromthefirststudyhighlightedtopolicymakerswerestillvalid.Tothisend,oursecondeditionoftheCovid-19series,TheGlobalCovid-19FintechMarketImpactandIndustryResiliencyStudy,buildsonTheRapidAssessmentStudybyassessingthemedium-to-longer-termimpactofCovid-19onthefintechindustryandincludesissuesnotcoveredintheoriginalstudy,inparticular,thecustomerbaseofthesefirmsandtheirpotentialimpactonfinancialinclusion.Itcapturedfull-yeartransactionandqualitativeempiricaldatafor2019and2020.Thejointresearchteamsuccessfullysurveyed1,448fintechfirms,headquarteredin105jurisdictions,andoperatingin192countries,representingthelargestpaneldataavailableintheindustry.

Overall,theresultsfromthisstudyshowthattheglobalfintechindustryhasbeenmoreresilienttothepandemicthaninitiallyreportedinTheRapidAssessmentStudy,albeitwithimportantdifferencesatacountryandverticallevel.Globally,allverticalsgrewatafasterpacethanreportedinourpreviousstudy,exceptdataanalytics.ThegrowthwasunderpinnedbyhigheractivityinfintechmarketsoperatinginadvancedeconomiesandinjurisdictionswithmorestringentCovid-19lockdownmeasurescomparedtothoseinemerginganddevelopingeconomiesandlowerlockdownstringencyjurisdictions,confirmingthefindingsfromTheRapidAssessmentStudy.AnadditionaltrendrevealedinthisstudywasthatfirmsthathadactedasdistributionpartnersofgovernmentCovid-19reliefpackagessawhigherlevelsofactivity.

Wehopethattheinsightsfromthisstudyareavaluableadditiontoallfintechecosystemplayers.Ouraimistocontributetothefintechcommunitybyillustratingthechallengesandopportunitiesoffintechandhowdigitalfinancialservicescanplayanincreasinglykeyroleinmitigatingtheimpactoffuturecrises,broadeningaccesstofinance,andcontributingtofinancialinclusion.

BryanZhang

Co-FounderandExecutiveDirector

CambridgeCentreforAlternativeFinance

TaniaZiegler

LeadinGlobalBenchmarking

CambridgeCentreforAlternativeFinance

WorldBankforeword

TheGlobalCovid-19FintechMarketImpactandIndustryResilienceStudy

7

Digitalizationisnotonlychangingfinancialsectorinfrastructurebutisalsohelpingtocreatenewproductsandwaystoservecustomers’needs.Fintechfirmsareakeypartofthistransformation,drivinginnovation,introducingcompetitiontothesector,andpotentiallyexpandingaccesstofinancialservices.Giventheirrole,theWorldBankGroupconsidereditcriticaltohavemoreinformationabouttheimpacttheCovid-19pandemichadondifferenttypesoffintechfirmsandacrossregions,bothintermsoftheevolutionoftheservicestheyprovidetocustomers,aswellastheirfinancialsituationandprospects.

Thisglobalsurveyisoneofthemostcomprehensivereviewsoffintechfirmstodate,drawingfromapanelof1,448firms,operatingin192countries.Thesurveyedfirmsprovideawiderangeoffinancialservicesfrompayments,lendingandcapitalraisingtosupportingservices,suchascreditdataanalytics.

Theresultsarereassuring,intermsoftheoverallresilienceoffintechfirmsandtheirabilitytoadapttheirservicesduringthepandemic,addresscustomers’needs,andserveasdistributionpartnersofgovernmentreliefprograms,albeitwithimportantdivergencesacrossbusinessmodelsandcountries.Furthermore,thefindingsareindicativeofapositivecontributionoffintechfirmstofinancialinclusion,giventhatasignificantproportionoftheircustomersaregroupsthathavefacedchallengesinaccessingfinancialservices,suchaswomen,low-incomehouseholds,andSMEs.Thisisanareawherefurtherresearchandanalysesareneededtomakeadefinitiveconclusion.However,thedatathatthissurveyprovidesisastrideforward.Previously,therewasnocross-countryinformationonthissubject.

Nevertheless,theresultsalsoconfirmthatEMDEsstillhavealongwaytogotorealizethefullpotentialoffintech.Inparticular,sometypesofservices,suchaslending,arestillconcentratedinlargerEMDEsandothers,suchascapitalraisingandinsurance,areatamuchearlierstage.Whileotherfactorsplayarole,manyEMDEsstillneedtoworkontheimplementationofappropriateregulatoryframeworkstoallowtheprovisionofservicesviafintechinamannerthatstrikestherightbalancebetweeninnovationandconsumerprotection,marketintegrity,andfinancialstability.Thisisinlinewithfindingsfromthesurvey,wherebyfirmsoperatinginEMDEsexpressedlowerlevelsofsatisfactionwiththeregulatorysupportavailable.The

FintechandtheFutureofFinance

ReportanditsaccompanyingNoteon

Regulation

andSupervisionofFintech:ConsiderationsforEMDEPolicymakers

providefurtherguidanceastohowauthoritiesofEMDEsantacklethischallenge,aswellasensurethatappropriatemonitoringarrangementsareinplacetoensurepropermanagementofrisks.

TheWorldBankGroupappreciatesthepartnershipdevelopedwiththeCambridgeCentreforAlternativeFinanceandtheWorldEconomicForum,whichhavebeeninstrumentalinachievingthislevelofparticipationfromthefintechindustry.ItalsoappreciatesthesupportoftheMinistryofFinanceofLuxembourg,whichprovidedthefundingforthisstudyasadonortotheWorldBankGroup’sJointCapitalMarkets(

J-CAP

)Program.

JeanPesme

GlobalDirector,Finance

Finance,CompetitivenessandInnovationGlobalPractice

WorldBankGroup

WorldEconomicForumforeword

8

Fintechfirmshavegrownintheirimportancetotheglobalfinancialsysteminrecentyears,havingdemonstratedsuccessesintheprovisionofaffordablefinancialproductsandservices,andintheincreasedqualityandreachoftheseproductsandservices.TheuncertaintiesthattheonsetoftheCovid-19pandemicbroughttothefintechindustrythen,bothintermsofchallengesandopportunities,heldthepotentialforsignificantimpact.Withthisinmind,theWorldEconomicForumjoinedtheCambridgeCentreforAlternativeFinanceandtheWorldBankGroupinacollectiveefforttogatherdataandbetterunderstandtheeffectsofthepandemiconfintechfirms.

Theinitialsurveyandreportfromourcollaboration,TheGlobalCovid-19FinTechMarketRapidAssessmentStudy,publishedinDecember2020,examinedtheshort-termimpactofthepandemiconthefintechindustry.Thiscurrentreport,TheGlobalCovid-19FintechImpactandIndustryResilienceStudy,complementsthefirst,offeringalonger-termviewanddeepeningourknowledgeofmarketeffects.Ofparticularsignificanceisthegranularityofthefindingsandglobalbreadthofthisstudy.With1,448fintechfirmsparticipating,operatingin192jurisdictions,wehaverobustinformationfromwhichtogainanuancedunderstandingofareasleastandmostimpactedacrossregionsandindustryverticals.

Fromahigh-levelperspective,itisencouragingtoseethatindustryresilienceprovedstrongerthanoriginallyreportedduringthepandemic.Theflexibilityandinnovationoftenassociatedwithfintechshaveappearedtohelpthemnavigatethechangingmarketconditionsandtherecovery’svariousphases.Thisresiliencewillbeessentialtomanagingadditionalobstaclesasnewlocalandglobalchallengesinevitablyarise.

Itisequallypromisingtoobservemutuallybeneficialpublic-privatecooperationtakingplace,beitthroughregulatorysupportmechanismsorpartnershipsforreliefpackagedistribution.Studyfindingshavealsoindicated,however,thatgreaterpublic-privatecollaborationisstillneeded.TheWorldEconomicForumlooksforwardtosupportingthesefindingsandservingasaplatformforincreasedcooperationacrossindustry,policymakersandregulatorsasrecoveryfromthepandemiccontinues.

TheForumisgratefulfortheopportunitytocollaboratewiththeCambridgeCentreforAlternativeFinanceandtheWorldBankGroup,andisappreciativeofthemanyorganizationsthathavecontributedtothisresearch.Wehopethatthestudyresultswillbevaluableforallstakeholdersandthatfindingsfurtherencourageresponsibleinnovationinfinancialservices

DrewPropson

HeadofTechnologyandInnovationinFinancialServices

WorldEconomicForum

MinistryofFinance-Luxembourgforeword

TheGlobalCovid-19FintechMarketImpactandIndustryResilienceStudy

9

TheMinistryofFinanceofLuxembourgispleasedtohavebeenabletoassistinthistimelyandjointlyproducedreportbytheWorldBankGroup,theCambridgeCentreforAlternativeFinance,andtheWorldEconomicForum,asapartofoursupporttotheWorldBankGroup’sJointCapitalMarketProgram

(J-CAP).OurworkwithJ-CAPisbuiltonourexperienceinLuxembourgthatcapitalmarketsplayafundamentalroleineconomicgrowthandfinancialstabilityindevelopedanddevelopingeconomiesbyallocatinglocalcurrencyandlong-termcapitaltoprojectsthathelpcreatejobs.

ThisstudyalsobuildsonthejointknowledgeworkwehavesupportedtodatewithJ-CAP,stemmingfromourbeliefthatadeeperunderstandingofthewaycapitalmarketsfunction–andthesharingofsuchinsightsandlessons–canhelpgovernmentauthoritiesinemergingmarketsanddevelopingeconomiesaddressthechallengeofcapitalmarketdevelopmentfromastrongerandmoreconsistentfooting.Thisworkhasresultedinamajorknowledge-sharingeventinWestAfricaonlocalcapitalmarketdevelopment,aministerialguidetodevelopinglocalcapitalmarkets,aswellasareportontheimpactoflistingstate-ownedenterprises,amongothers.

ThisreportprovidesacloserandtimelyviewofthefinancialtechnologysectorandtheimpactoftheCovid-19pandemic.Insodoing,itoffersinsightsthatcanbeusedtoguidemeaningfulinterventions,whetherbypolicyreforms,financing,orotherassistancebyJ-CAP,theWorldBankGrouporothers.Inthisregard,forexample,thereporthasadvancedtheunderstandingoffintechfirms’abilitytoreachandfinanceindividualsandsmallbusinesses(includingwomen-ledbusinesses),vialeveragingtechnology.

Now,welookforwardtothesefindingsbeingputtousebytheWorldBankGroup,J-CAPandothers,toenhancetheroleoffintechfirmsinexpandingaccesstolocalfinancialservices.

ArsèneJacoby

DirectorforMultilateralAffairs,DevelopmentAid,andCompliance,

MinistryofFinanceLuxembourg

UKForeign,Commonwealth&DevelopmentOfficeforeword

10

TheUKisproudtopartnerwiththeCambridgeCentreforAlternativeFinance(CCAF)andsupporttheirGlobalCovid-19FintechMarketImpactandIndustryResiliencyStudy,jointlyproducedwiththeWorldBankGroupandWorldEconomicForum.Thisstudycapturesimportantinsightsandlessonslearntfromthefintechindustry’sresponsetothepandemicwhichcanhelpshapeitsfutureimpact.

TheUKishometoathrivingfintechsector.Aswellasstimulatingjobcreation,fintechcanimprovethefunctioning,transparencyandeffectivenessoffinancialservices,inturnenablingeconomicgrowth.Fintechhasenableddevelopingandemergingmarketstoleapfrogtraditionalbankingmodelstoincreasethereachoffinancialservicestopreviouslyunderservedfirmsandpeople,makingarealdifferencetotheirlives.

TheCovid-19pandemicwashugelydisruptivetomarketsandlivelihoods.Whilethefintechsectorwasnotimmune,thisstudyhighlightstheresponsivenessandinnovationoftheindustryinadjustingtochangedmarketdynamicsandoperationalchallenges,aswellasrelatedregulatoryandpolicyshifts.Fintechalsoplayedanimportantroleinthepandemicresponse,servingalargeproportionofnewcustomersandenablingpeopletoaccesscrucialfinancialservicesduringatimeofunprecedentedeconomicuncertainty.

TheUKiscommittedtosupportingthegrowthoffintechbothdomesticallyandinternationally.Advancingenablingandproportionalfintechregulation,supportedbyevidenceandcollaboration,isacriticalingredientfornovelprovidersandservices,aswellassafeguardingconsumers.

Therichanalysisinthisstudyprovidesfintechecosystemplayerstheopportunitytotakestockofdifferentexperiencesandreflectonlessonslearnedduringthepandemic.Thevalueofstrongdataanalysisandtargeteddesignshinethrough.

Thisstudyprovidesfoundationalevidenceforthedevelopmentoffuturepolicyandregulation.Iamconfidentthisstudywillinspirefurtherworkbythesectortoensurethebenefitsoffintechreachthefinanciallyexcludedandhelpaccelerateeconomicgrowth.

VickyFordMP

MinisterforAfrica,LatinAmericaandtheCaribbean

Foreign,Commonwealth&DevelopmentOffice

11

Researchteam

TaniaZiegler(CCAF),AnaFiorellaCarvajal(WorldBank),DrewPropson(WorldEconomicForum),NehaKekre(CCAF),HarishNatarajan(WorldBank),KrishnamurthySuresh(CCAF),DanaSalman(CCAF),FelipeFerrideCamargoPaes(CCAF),StanleyMutinda(CCAF),CharlesWanga(CCAF),ZhifuXie(CCAF),BryanZhang(CCAF),GuillermoAlfonsoGaliciaRabadan(WorldBank),NilimaChhabilalRamteke(WorldBank),CeciliaLópezCloss(CCAF),LeylaMammadova(CCAF),NafisAlam(MonashUniversity,Malaysia),CatalinaVelandia(CCAF),KshitishGhate(CCAF),NicoLauridsen(CCAF)andVidulaRajain(CCAF).

Contributorsandreviewers

AndersonCaputoSilva(WorldBank),MaheshUttamchandani(WorldBank),RaghuRau(CCAF),ErikFeyen(WorldBank),JonFrost(BIS),PaweeJenweeranon(ThammasatUniversity),NafisAlam(MonashUniversity,Malaysia),MaheshUttamchandani(WorldBank),HermanSmit(CCAF),TatianaDidier(WorldBank),ZhenkaiRan(CCAF),KarstenWenzlaff(CCAF),DmitryVasilyev(IMF),SharmistaAppaya(WorldBank),JeffreyAnderson(WorldBank)andRotemShneor(UIA).

Acknowledgements

OnbehalfoftheCambridgeCentreforAlternativeFinance,theWorldBankGroupandtheWorldEconomicForum,theresearchteamwouldliketothanktheMinistryofFinanceofLuxembourgformakingthisreportpossible,viatheirsupporttotheknowledgemanagementprojectoftheWBG’sJointCapitalMarketsProgram(J-CAP).WewouldalsoliketoexpressgratitudetotheUKForeign,CommonwealthandDevelopmentOffice(FCDO)foritscontinuedsupportoftheCCAFanditsresearchendeavors.

TheCCAF,WorldBankGroupandWorldEconomicForumresearchteamwouldliketothankthefollowingindividualsfortheirhelpandsupportinmakingthisstudypossible(innoparticularorder):PeterRenton(LendIt),AndrewDix(CrowdfundInsider),JanineHirt(InnovateFinance),MikeCarter(InnovateFinance),SophieWawro(Money2020),SteveEllis(Finextra),DoubellChamberlain(Cenfri),MaxCuvellier(GSMA),NikaNaghavi(GSMA),DiegoHerrera(IDB),GabrielaAndrade(IDB),SameerGulati(DIT),TomHerbstein(DIT),MalikKhanKotadia(GIFT),LeahCallon-Butler(GIFT),SebastianResano(GIFT),GarryReeder(AmericanFintechCouncil),ElizabethHoward(AfricaCrowdfundingAssociation),RotemShneor(UIA),RonaldKleverlaan(CrowdfundingHub/ECAF),AnaOdorovic(CCAF),CraigAsano(NCFACanada),MaelisCarraro(CatalystFund),SusanneChishti(FinTechCircle),LawrenceWintermeyer(Global

DigitalFinance),MercySimorangkir(AFTECH),TakeshiKito(JapanFinTechAssociation),NameerKhan(MENAFinTechAssociation),ShivaniAgarwal(InternetandMobileAssociationofIndia),ShadabTaiyabi(SingaporeFinTechAssociation),LitoVillanueva(FintechAlliance.ph),AaronBlock(ExpandResearch-BCG),StijnvanderKrogt(UniversidadParaguayoAlemana),BenitaMargon(Findexable),MarinaDimova(Women’sWorldBanking),GabrielleInzirillo(PlugandPlay),TalSchwartz(CanadianLendersAssociation),GarySchwartz(CanadianLendersAssociation),TomHill(EY),MariaOliverRoman(CFTE),NiallBarton(InsurTechUK),SubasRoy(InternationalRegTechAssocation),GeorgeKesselman(GlobalInsurTechAlliance),AngelSierra(FinTechChile),AugustoSantos(PortugalFinTech),MatthewPinter(CrowdfundingInstituteofAustralia),SimonClegg(NewZealandCrowdfundingAssociation),JanKorte(FinTechHamburg),FernandoE.HernandezCasco(ComisionNacionaldeBancosySeguros),NataliaPinzon(AsociacionFinTechGuatemala),MarianoF.Biocca(CamaraArgentinadeFinTech),JorgeReyes(EcuadorFinTech),JuanCarolsZamalloa(FinTechPeru),BrianTang(HongKongFinTechAssociation),AlessandroLerro(ItalianEquityCrowdfundingAssociation),SegunAina(FinTechAssociationofNigeria),ChonladetKhemarattana(ThaiFinTechAssociation),ErickRinconCardenas(ColombiaFinTech/AlianzaIbero-America),KartikVarma(TechStars),DanielaRochaGil(ColombiaFinTech),CinthiaFacciuto(CamaraFinTechParaguay),FranciscoMere(FinTech