Fintech

The global Fintech market size is worth $1,009.10 billion

Published

7 months ago

22 June, 2024

New York, United States, June 22, 2024 (GLOBE NEWSWIRE) — Global fintech market size will grow from $271.99 billion in 2023 to $1,009.10 billion by 2033, at a compound annual growth rate (CAGR) of 14.01% during 2024. the forecast period.

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The fintech market refers to the connection between financial services and technology. It includes the use of innovative technologies and digital solutions to provide financial products, services and processes. Fintech companies push expansions into applications such as mobile apps, artificial intelligence, blockchain, data analytics and cloud computing to deploy and advance diverse financial industry capabilities. Fintech companies provide various financial technology facilities, tools or solutions to other businesses (B2B) as a service. The development of innovative fintech solutions has been made possible by advances in artificial intellect, blockchain, cloud computing and big data analytics. Fintech business is on the rise as a result of these advancements, which improve the convenience, security and efficiency of financial services. When it comes to financial services and transactions, customers are increasingly dependent on digital platforms. Peer-to-peer lending platforms, robo-advisors and mobile payment apps are examples of fintech sectors that have gained increased popularity due to customers’ need for easy-to-use, personalized and manageable financial solutions. However, the guidelines that govern fintech industries are often complicated and active and can differ significantly from state to state. Meeting these requirements can be private and time-consuming, especially for new and smaller industries. As fintech industries collect private financial data, hackers are attracted to it. To defend against fraud, data breaches, and other security risks, it is imperative to maintain robust cybersecurity measures.

Browse key industry insights spread across 230 pages with 110 market data tables, figures and charts from the report on “Global fintech market Analysis of the size, share and impact of COVID-19, by technology (AI, Blockchain, RPA and others), by application (fraud monitoring, KYC verification and compliance and regulatory support), by end use (banks, institutions financial, corporate insurance and others) and by region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), analysis and forecasts 2023 – 2033.”

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The blockchain segment is expected to hold the largest share of the global fintech market during the forecast time period.
Based on technology, the global fintech market is divided into AI, blockchain, RPA, and others. Among them, the blockchain segment is expected to hold the largest share of the global fintech market during the forecast time period. This is attributed to the fact that blockchain provides an extremely secure and absolute ledger, making it extremely difficult for illegal parties to alter or tamper with company information. This improves security in financial transactions, mitigating the risk of fraud and data breaches.

The fraud monitoring segment is expected to hold the largest share of the global fintech market during the forecast time period.
Based on application, the global fintech market is segmented into fraud monitoring, KYC verification, and regulatory compliance and support. Among these, the fraud monitoring segment is expected to hold the largest share of the global fintech market during the forecast time period. This is attributed to fintech solutions that provide real-time monitoring of financial transactions, allowing instant exposure of dubious events or differences. These facilities use innovative analytics and machine learning algorithms to recognize patterns and trends related to fraudulent activity, optimizing the accuracy of fraud detection.

The banking segment is expected to hold the largest share of the fintech market during the estimated period.
Based on end user, the global fintech market is segmented into banks, financial institutions, insurance companies, and others. Among these, the banking segment is expected to hold the largest share of the fintech market during the estimated period. This is attributed to banks’ ability to integrate new customs quickly and easily, reducing the time and energy essential for account opening. Furthermore, market players are suggestively collaborating with banks skilled in financial technology to provide modern digital payment solutions, including mobile wallets and contactless payments, which contribute to the development of the segment.

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North America is expected to hold the largest share of the global fintech market over the forecast period.

North America is expected to hold the largest share of the global fintech market over the forecast period. This is attributed to North America, especially Silicon Valley, which is a global center for fintech innovation. Financial technology stimulates this environment to regulate constant innovation in financial services. Increasing demand for customization, regulatory compliance, cross-selling opportunities, and fintech industry trends are some of the crucial factors driving the market growth in the region. North America is home to some of the world’s most important financial centers, with New York and Silicon Valley providing a bustling fintech ecosystem. This region boasts a powerful infrastructure, innovative technological capabilities and a highly innovative financial sector, making it an ideal environment for fintech innovation and development.

Asia Pacific is expected to grow at the fastest pace in the global fintech market during the forecast time period. This is attributed to fintech services’ amplified access to financial products and services, especially in underserved and unbanked areas of the Asia-Pacific region. Popular countries in the region, such as China, South Korea, Japan and India, are mobility-focused markets, and financial technology services offer high mobile saturation, making financial services more accessible. Asia-Pacific is characterized by profitable and vigorous growth and growing demand in the fintech market, which is obsessed with several key drivers.

Competitive analysis:

The report offers appropriate analysis of major organizations/companies involved in the global market along with comparative evaluation based mainly on their product offerings, business overviews, geographical presence, business strategies, segment market share and SWOT analysis. The report also provides an elaborate analysis focusing on current news and developments of companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances and more. This allows for the assessment of overall competition within the market. Major vendors in the global Fintech market include PayPal Holdings, Inc., Block, Inc., Mastercard Incorporated, Envestnet, Inc., Upstart Holdings, Inc., Rapyd Financial Network Ltd., Solid Financial Technologies, Inc., Railsbank Technology Ltd. , Synctera Inc., Braintree, Adyen, Plaid Inc., Neo Mena Technologies Ltd., Finastra and others.

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Recent developments

In March 2023MANGOPAY and PayPal have extended their long-term strategic partnership to offer markets immediate access to PayPal’s international payment capabilities.

Market segment
This study forecasts revenue at the global, regional and country levels from 2020 to 2033. Spherical Insights has segmented the global Fintech market based on the below segments:

Global Fintech market, by technology

Global Fintech Market, by Application

Fraud monitoring
KYC verification
Regulatory compliance and support

Global Fintech market, by end use

Banks
Financial institutions
Insurance companies
Others

Global Fintech Market, Regional

North America
Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
South America
- Brazil
- Argentina
- Rest of South America
Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East and Africa

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Fintech

Lloyds and Nationwide invest in Scottish fintech AI Aveni

Published

6 months ago

29 July, 2024

FinCrypto Staff

Lloyds and Nationwide invest in Scottish AI fintech Aveni

Lloyds Banking Group and Nationwide have joined an £11m Series A funding round in Scottish artificial intelligence fintech Aveni.

The investment is led by Puma Private Equity with additional participation from Par Equity.

Aveni creates AI products specifically designed to streamline workflows in the financial services industry by analyzing documents and meetings across a range of operational functions, with a focus on financial advisory services and consumer compliance.

The cash injection will help fund the development of a new product, FinLLM, a large-scale language model created specifically for the financial sector in partnership with Lloyds and Nationwide.

Joseph Twigg, CEO of Aveni, explains: “The financial services industry doesn’t need AI models that can quote Shakespeare, it needs AI models that offer transparency, trust and, most importantly, fairness. The way to achieve this is to develop small, highly tuned language models, trained on financial services data, vetted by financial services experts for specific financial services use cases.

“FinLLM’s goal is to set a new standard for the controlled, responsible and ethical adoption of generative AI, outperforming all other generic models in our selected financial services use cases.”

Robin Scher, head of fintech investment at Lloyds Banking Group, says the development programme offers a “massive opportunity” for the financial services industry by streamlining operations and improving customer experience.

“We look forward to supporting Aveni’s growth as we invest in their vision of developing FinLLM together with partners. Our collaboration aims to establish Aveni as a forerunner in AI adoption in the industry, while maintaining a focus on responsible use and customer centricity,” he said.

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Fintech

Fairexpay: Risk consultancy White Matter Advisory acquires 90% stake in fintech Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

Treasury Risk Consulting Firm White Matter Alert On Monday he announced the acquisition of a 90% stake in the fintech startup Fair payment for an undisclosed amount. The acquisition will help White Matter Advisory expand its portfolio in the area of cross-border remittance and fundraising services, a statement said. White Matter Advisory, which operates under the name SaveDesk (White Matter Advisory India Pvt Ltd), is engaged in the treasury risk advisory business. It oversees funds under management (FUM) totaling $8 billion, offering advisory services to a wide range of clients.

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White Matter Advisory, based in Bangalore, helps companies navigate the complexities of treasury and risk management.

Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalised Remittance Scheme (LRS) Regulatory Sandbox, boasts features such as best-in-class exchange rates, 24-hour processing times and full security compliance.

“With this acquisition, White Matter Advisory will leverage Fairexpay’s advanced technology platform and regulatory approvals to enhance its services to its clients,” the release reads.

The integration of Fairexpay’s capabilities should provide White Matter Advisory with a competitive advantage in the cross-border remittance and fundraising market, he added.

The release also states that by integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

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Fintech

Rakuten Delays FinTech Business Reorganization to 2025

Published

6 months ago

29 July, 2024

FinCrypto Staff

Rakuten (Japan:4755) has released an update.

Rakuten Group, Inc. and Rakuten Bank, Ltd. announced a delay in the reorganization of Rakuten’s FinTech Business, moving the target date from October 2024 to January 2025. The delay is to allow for a more comprehensive review, taking into account regulatory, shareholder interests and the group’s optimal structure for growth. There are no anticipated changes to Rakuten Bank’s reorganization objectives, structure or listing status outside of the revised timeline.

For more insights on JP:4755 stock, check out TipRanks Stock Analysis Page.

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Fintech

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

Published

6 months ago

29 July, 2024

FinCrypto Staff

White Matter Advisory Acquires 90% Stake in Fintech Startup Fairexpay

You are reading Entrepreneur India, an international franchise of Entrepreneur Media.

White Matter Advisory, which operates under the name SaveDesk in India, has announced that it is acquiring a 90% stake in fintech startup Fairexpay for an undisclosed amount.

This strategic move aims to strengthen White Matter Advisory’s portfolio in cross-border remittance and fundraising services.

By integrating Fairexpay’s advanced technology, White Matter Advisory aims to offer seamless and convenient cross-border payment solutions, providing customers with secure options for international money transfers.

White Matter Advisory, known for its treasury risk advisory services, manages funds under management (FUM) totaling USD 8 billion.

Founded by Bhaskar Saravana, Saurabh Jain, Kranthi Reddy and Piuesh Daga, White Matter Advisory helps companies effectively manage the complexities of treasury and risk management.

The SaveDesk platform offering includes a SaaS-based FX market data platform with real-time feeds for over 100 currencies, bank cost optimization services, customized treasury risk management solutions, and compliance guidance for the Foreign Exchange Management Act (FEMA) and other trade regulations.

Fairexpay is a global aggregation platform offering competitive currency exchange rates from numerous exchange partners worldwide. Catering to both private and corporate customers, Fairexpay provides seamless money transfer solutions for education, travel and immigration, as well as simplifying cross-border payments via API and white-label solutions for businesses. Key features include competitive currency exchange rates, 24-hour processing times, extensive currency coverage of over 30 currencies in more than 200 countries, and secure, RBI-compliant transactions.

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