visimoney
The rise of fintech has been a success story, with financial technologies transforming the way businesses, consumers, and investors manage their banking and financial services. Industry experts predict that fintech revenue will increase sixfold from $245 billion to $1.5 trillion by 2030, with the sector’s global share of financial services revenue growing from 2% to 7%. Several factors contribute to this projected growth, including the rise of new fintech markets outside of established jurisdictions and the increasing demand for local fintech solutions in emerging markets. The UAE is a clear example of an emerging fintech hub, with the government’s support and investment in infrastructure allowing fintech to flourish. Other emerging hubs, such as Central Asia, can learn from the experiences of established fintech markets and create an environment that supports industry growth. As established fintech hubs enter a period of consolidation, industry growth is likely to occur in these emerging markets.
Key Points:
- The rise of fintech has transformed the banking and financial services industry.
- Fintech revenue is projected to increase sixfold by 2030.
- Emerging fintech hubs outside of established jurisdictions are expected to drive industry growth.
- The demand for local fintech solutions is increasing in emerging markets.
- The UAE is a leading fintech hub with government support and investment in infrastructure.
- Emerging hubs can learn from established markets to create an environment that supports industry growth.
