The World Economic Forum’s Global COVID-19 FinTech Market Rapid Assessment Study has gathered empirical data from 1,385 FinTech firms that are currently operating in 169 jurisdictions globally with the aim of helping to understand: the impact of the global pandemic on the FinTech markets, the response of the FinTech industry to the challenges of COVID-19, the most pressing FinTech regulatory and policy issues.
Since the onset of the pandemic, the fintech industry has seen increased growth. In 2020, firms saw an average rise of 13% compared to 11% growth in previous years. The expansion of transactions was noticeably higher in countries with strict COVID-19 lockdown measures, where growth was 50% higher compared to firms who were operating in countries with looser lockdown measures.
This 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.