Fintech 2024: Gaining or Losing Speed?

Fintech has experienced significant growth since its inception over a decade ago, transforming the way businesses, consumers, and investors manage their banking and financial services. Industry experts predict that fintech revenue will continue to increase, with a projected sixfold growth from $245 billion to $1.5 trillion by 2030. The global share of fintech’s revenue in the financial services sector is also expected to rise from 2% to 7%. One key factor contributing to this growth is the rise of new fintech hubs outside of established jurisdictions. Emerging markets such as the UAE have created an environment that promotes company growth through targeted reforms and regulations, attracting investment and supporting the long-term future of the fintech industry. These emerging markets also cater to the needs of their local populations by offering fintech solutions tailored to their habits and preferences. Additionally, these markets have the advantage of learning from the experiences of established fintech hubs and can introduce policies to support industry growth. With established hubs entering a period of consolidation, emerging fintech hubs are likely to be the driving forces behind the ongoing evolution of fintech. This growth demonstrates that fintech is not just a marriage of financial services and technology, but a movement that is digitally empowering populations around the globe.