WEF_The_Global_Covid19_FinTech_Market_Rapid_Assessment_Study_2020.pdf

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The Global
Covid-19 FinTech
Market Rapid
Assessment Study
with the support of
This study was partially funded by the UK Foreign, Commonwealth and Development Office (FCDO) through the
Cambridge Alternative Finance Collaboration Network (CAFCN) Programme implemented by the Cambridge Centre
for Alternative Finance (CCAF) at the University of Cambridge Judge Business School.
The financial contribution provided by the World Bank Group towards this study was partially funded by the Ministry
of Finance of Luxembourg, which has contributed to the funding as a donor for the World Bank Group’s Joint Capital
Markets (JCAP) Program.
Please cite this study as CCAF, World Bank and World Economic Forum (2020)
The Global Covid-19 FinTech Market
Rapid Assessment Report,
University of Cambridge, World Bank Group and the World Economic Forum.
The Global Covid-19 FinTech
Market Rapid Assessment Study
Table of Contents
Forewords ..............................................................................................................................7
CCAF Foreword ................................................................................................................................................ 7
World Bank Foreword .................................................................................................................................... 8
World Economic Forum Foreword ........................................................................................................... 9
UK Foreign, Commonwealth and Development Office Minister Foreword ..................... 10
Research Team ..................................................................................................................11
Contributors and Reviewers .................................................................................................................... 11
Acknowledgements....................................................................................................................................... 11
Acronyms ............................................................................................................................15
Executive Summary .......................................................................................................16
FinTech market performance in general during Covid-19 .......................................................... 16
FinTechs’ Responses to Covid-19 .......................................................................................................... 17
FinTech operations and fundraising challenges during Covid-19............................................ 18
Regulatory responses and support for FinTechs during Covid-19 ......................................... 18
Chapter 1. Introduction .................................................................................................21
Research Objectives ..................................................................................................................................... 21
Rationale for Study: Existing evidence of the impact of Covid-19 in FinTech ................... 21
Methodology .................................................................................................................................................... 22
Developing a Working Taxonomy for FinTech ................................................................................. 24
Overview of Survey Respondents ......................................................................................................... 25
Chapter 2. Global overview of the FinTech industry ....................................28
Market performance of the global FinTech industry in light of Covid-19 ........................... 28
FinTech Changes in Policies, Products and Services as a Response to Covid-19............ 29
Participation in Covid-19 Relief Measure(s) as a delivery partner ........................................ 32
Regulatory Responses and Policy Needs during Covid-19 ....................................................... 33
Financial Position and Operational Challenges to the Global FinTech Industry ............. 35
The impact of Covid-19 lockdowns on FinTechs ............................................................................36
Lockdown Stringency Impact on Operational Indicators ........................................................... 37
FinTech markets by World Bank income groups ............................................................................. 39
Chapter 3. Impact of Covid-19 on selected FinTech Verticals .................. 45
Digital Lending ................................................................................................................................................ 45
Overview of Respondents ................................................................................................................ 45
Market Performance Indicators ..................................................................................................... 47
Change in Investor Activity .............................................................................................................. 49
Changes to Existing Products and Services .............................................................................50
New Products and Services ............................................................................................................ 50
Participation in Covid-19 Relief Measures ................................................................................ 51
Regulatory Responses or Innovations ......................................................................................... 51
Operational and Risk Indicators .................................................................................................... 52
Digital Payments ........................................................................................................................................... 53
Overview of Respondents ................................................................................................................ 53
Market Performance Indicators ..................................................................................................... 55
Changes to Existing Products and Services ............................................................................. 56
New Products and Services ............................................................................................................. 57
Participation in Covid-19 Relief Measures ............................................................................... 58
Regulatory Responses or Innovations ......................................................................................... 58
Operational and Risk Indicators ..................................................................................................... 59
Digital Capital Raising .................................................................................................................................. 60
Overview of Respondents ................................................................................................................ 61
Market Performance Indicators ..................................................................................................... 62
Change in Investor Activity .............................................................................................................. 63
Changes to Existing Products and Services ............................................................................64
New Products and Services ............................................................................................................. 65
Regulatory Responses or Innovations ......................................................................................... 65
Operational and Risk Indicators .................................................................................................... 66
InsurTech ........................................................................................................................................................... 67
Overview of Respondents ................................................................................................................ 67
Market Performance Indicators ..................................................................................................... 68
Changes to Existing Products and Services ............................................................................. 70
New Products and Services ............................................................................................................. 70
Regulatory Responses or Innovations ......................................................................................... 71
Operational and Risk Indicators ..................................................................................................... 71
Market Provisioning ..................................................................................................................................... 72
Overview of Respondents ................................................................................................................ 72
Market Performance Indicators ..................................................................................................... 74
Changes to Existing Products and Services ............................................................................. 75
Regulatory Responses or Innovations ........................................................................................ 76
Operational and Risk Indicators ....................................................................................................77
Chapter 4. Impact of Covid-19 on selected regions ...................................... 80
Sub-Saharan Africa ......................................................................................................................................80
Overview of SSA Respondents .......................................................................................................80
Market Performance Indicators for Top 3 Verticals ............................................................. 81
Regulatory Responses or Innovations (Top 5)......................................................................... 81
Government Interventions (Top 5) ............................................................................................... 82
The Asia-Pacific Region ............................................................................................................................... 82
Overview of APAC Respondents................................................................................................... 83
Market Performance Indicators for Top 3 Verticals ............................................................ 83
Participation in Covid-19 Relief Measures ...............................................................................84
Regulatory Responses or Innovations (Top 5).........................................................................84
Government Interventions (Top 5) ...............................................................................................84
North America................................................................................................................................................. 84
Overview of North America Respondents .............................................................................. 85
Market Performance Indicators for Top 3 Verticals ............................................................ 85
Regulatory Responses or Innovations (Top 5).........................................................................86
Government Interventions (Top 5) ............................................................................................... 86
Europe & the United Kingdom................................................................................................................. 87
Overview of Europe (excluding UK) Respondents ................................................................ 87
Market Performance Indicators for Top 3 Verticals ............................................................ 88
Regulatory Responses or Innovations (Top 5).........................................................................88
Government Interventions (Top 5) ...............................................................................................88

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