Analytics – FinTech Ranking https://fintechranking.com All You Should Know About Fintech Thu, 04 May 2023 19:55:55 +0000 en-US hourly 1 https://wordpress.org/?v=5.3.15 https://fintechranking.com/wp-content/uploads/2020/03/ftr_favicon2.ico Analytics – FinTech Ranking https://fintechranking.com 32 32 96937361 Fintech Projected to Become a $1.5 Trillion Industry by 2030 https://fintechranking.com/2023/05/03/fintech-projected-to-become-a-1-5-trillion-industry-by-2030/?utm_source=rss&utm_medium=rss&utm_campaign=fintech-projected-to-become-a-1-5-trillion-industry-by-2030 Wed, 03 May 2023 19:52:00 +0000 http://fintechranking.com/?p=26953 Financial technology revenues are projected to grow sixfold from $245 billion to $1.5 trillion by

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]]> Financial technology revenues are projected to grow sixfold from $245 billion to $1.5 trillion by 2030, according to a new report released today by Boston Consulting Group (BCG) and QED Investors. The fintech sector, which currently holds a 2% share of the $12.5 trillion in global financial services revenue, is estimated to grow up to 7%, of which banking fintechs are expected to constitute almost 25% of all banking valuations worldwide by 2030.

The report, Global Fintech 2023: Reimagining the Future of Finance, provides a comprehensive overview of fintech’s future landscape globally and explores the latest trends and opportunities in the global fintech market. It also examines the regulatory environment for fintech companies and the impact of emerging technologies. In 2022, fintechs on average lost more than half of their market value, but according to the research, this plunge was merely a short-term correction in an otherwise long-term positive trajectory.

Read more: BCG

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]]> 26953 U.S. Treasury publishes DeFi-focused illicit finance risk assessment https://fintechranking.com/2023/04/06/u-s-treasury-publishes-defi-focused-illicit-finance-risk-assessment/?utm_source=rss&utm_medium=rss&utm_campaign=u-s-treasury-publishes-defi-focused-illicit-finance-risk-assessment Thu, 06 Apr 2023 23:46:56 +0000 http://fintechranking.com/?p=26717 The U.S. Treasury Department on Thursday published its first illicit finance risk assessment report focused

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]]> The U.S. Treasury Department on Thursday published its first illicit finance risk assessment report focused specifically on decentralized finance, or DeFi. 

The 42-page report states that “actors like the Democratic People’s Republic of Korea (DPRK), cybercriminals, ransomware attackers, thieves, and scammers are using DeFi services to transfer and launder their illicit proceeds” and notably contends that DeFi services that would be subject to the Bank Secrecy Act “fail to comply with AML/CFT obligations, a vulnerability that illicit actors exploit.”

Read more: The Block

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]]> 26717 Majority of bitcoin retail investors lost money in the last seven years: BIS https://fintechranking.com/2023/02/20/majority-of-bitcoin-retail-investors-lost-money-in-the-last-seven-years-bis/?utm_source=rss&utm_medium=rss&utm_campaign=majority-of-bitcoin-retail-investors-lost-money-in-the-last-seven-years-bis Tue, 21 Feb 2023 02:51:51 +0000 http://fintechranking.com/?p=26479 The major crypto debacles of 2022 caused a spike in retail crypto trading, new data

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]]> The major crypto debacles of 2022 caused a spike in retail crypto trading, new data from the Bank for International Settlements suggests. However, the data suggests that large investors sold their assets at the expense of smaller investors attempting to diversify their assets following moments of crisis.

“These patterns highlight the need for better investor protection in the crypto space,” the report from BIS, an institution that financial regulators use as a resource to inform their own thinking, concludes. The Swiss-based bank for central banks reiterated previous calls for global coordination in regulating digital assets, and warns against increased exposure to the global financial system. 

Read more: The Block

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]]> 26479 2022 Biggest Year Ever For Crypto Hacking with $3.8 Billion Stolen https://fintechranking.com/2023/02/01/2022-biggest-year-ever-for-crypto-hacking-with-3-8-billion-stolen/?utm_source=rss&utm_medium=rss&utm_campaign=2022-biggest-year-ever-for-crypto-hacking-with-3-8-billion-stolen Thu, 02 Feb 2023 02:19:00 +0000 http://fintechranking.com/?p=26341 According to Chainalysis, 2022 was the biggest year ever for crypto hacking, with $3.8 billion

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]]> According to Chainalysis, 2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen from cryptocurrency businesses. The two biggest trends? 82% of all cryptocurrency stolen was hacked from DeFi services, and North Korean-linked hackers shattered their own records for theft, stealing an estimated $1.7 billion worth of cryptocurrency across several hacks we’ve attributed to them.

Read more: Chainalysis

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]]> 26341 Tide banking valued at $650m, after securing $100m in funding https://fintechranking.com/2021/07/12/tide-banking-valued-at-650m-after-securing-100m-in-funding/?utm_source=rss&utm_medium=rss&utm_campaign=tide-banking-valued-at-650m-after-securing-100m-in-funding Mon, 12 Jul 2021 17:14:00 +0000 http://fintechranking.com/?p=24288 Tide Banking, the UK fintech startup, has raised over $100m in Series C funding, bringing

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]]> Tide Banking, the UK fintech startup, has raised over $100m in Series C funding, bringing its valuation to over $650m (£468m), City A.M. reports.

The four-year-old startup has raised a total of $200m to date including the latest funding.

The injection of cash will allow the company to grow its market share, and expand internationally, said Tide in an official statement. 

Read more: City A.M.

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]]> 24288 McKinsey: Joining the next generation of digital banks in Asia https://fintechranking.com/2021/01/28/mckinsey-joining-the-next-generation-of-digital-banks-in-asia/?utm_source=rss&utm_medium=rss&utm_campaign=mckinsey-joining-the-next-generation-of-digital-banks-in-asia Thu, 28 Jan 2021 12:28:07 +0000 http://fintechranking.com/?p=23436 As in many regions, digital banking in Asia is competitive, and many startups have failed

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]]> As in many regions, digital banking in Asia is competitive, and many startups have failed to scale sufficiently, or have scaled but not made a profit. In aggregate, however, Asian digital banking has been a success. Japan’s Jibun bank, the first Asian digital pure play (launched in 2008), reached profitability less than five years after launch. China’s WeBank and XW Bank and South Korea’s KakaoBank produced positive returns two years after launch. All five Chinese digital banks were profitable in 2019, with WeBank and XW bank posting ROEs of about 28 percent and 30 percent respectively, compared with a national average for all banks of roughly 11 percent.

Successful digital banks in Asia often operate under a consortia business model that contrasts to the vertical approach seen in Europe and the United States. In China, for example, both WeBank and MYBank are consortia, led by Tencent and Alibaba’s Ant Financial, respectively.

Read more: McKinsey

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]]> 23436 Neobanks are Key Players in South and Latin America Fintech Sector https://fintechranking.com/2021/01/27/neobanks-are-key-players-in-south-and-latin-america-fintech-sector/?utm_source=rss&utm_medium=rss&utm_campaign=neobanks-are-key-players-in-south-and-latin-america-fintech-sector Wed, 27 Jan 2021 03:27:00 +0000 http://fintechranking.com/?p=23418 The digital banking sector in South America has been growing steadily, with now over 30 neobanks in

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]]> The digital banking sector in South America has been growing steadily, with now over 30 neobanks in the region. Digital banking platforms currently serve more than 50 million consumers out of the region’s (approximately) 430 million residents, according to the latest data from Dutch Fintech consultancy company Fincog.

However, neobanks haven’t established a meaningful presence in certain countries such as Bolivia, Ecuador, French Guinea, Guyana, Paraguay, Suriname, and Venezuela. These nations, which have been struggling economically, have not yet welcomed their first major, native neobank, the research from Fincog confirms.

Read more: Crowdfund Insider

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]]> 23418 Singapore Fintech Report 2021 https://fintechranking.com/2021/01/18/singapore-fintech-report-2021/?utm_source=rss&utm_medium=rss&utm_campaign=singapore-fintech-report-2021 Mon, 18 Jan 2021 08:58:19 +0000 http://fintechranking.com/?p=23379 The Singapore Fintech Report 2021, produced by Fintech News Singapore in partnership with Alibaba Cloud,

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]]> The Singapore Fintech Report 2021, produced by Fintech News Singapore in partnership with Alibaba Cloud, looks at the state of the fintech industry in Singapore, highlighting the key developments made in 2020 that are set to shape the industry for the year to come.

The report indicated that 2020 was a fruitful year for Singapore’s fintech startups which continued to grow and attract funding. Fintech investment in Singapore reached US$346 million in 2020, representing 6.2% of all that was raised in Asia.

Read more: Fintech News Singapore

Download the report

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]]> 23379 The global boom in digital banks: What the data tells us https://fintechranking.com/2020/12/22/the-global-boom-in-digital-banks-what-the-data-tells-us/?utm_source=rss&utm_medium=rss&utm_campaign=the-global-boom-in-digital-banks-what-the-data-tells-us Tue, 22 Dec 2020 07:43:28 +0000 http://fintechranking.com/?p=23284 by ISABEL WOODFORD for Sifted The number of neobanks worldwide has tripled since 2017, climbing from 100 to

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]]> by ISABEL WOODFORD for Sifted

  • The number of neobanks worldwide has tripled since 2017, climbing from 100 to nearly 300 worldwide. That means, over the last three years, a neobank launched every five days somewhere in the world (!), according to Exton, a consultancy firm which manages a global database of consumer banking apps.
  • Europe spawned the first wave of neobanks, and now counts over 100 live apps and 50m accounts, according to Exton’s database.
  • Broadly speaking, neobanks make money in three ways: payment transaction fees, premium subscriptions, and commissions from third party services. But this hasn’t proven a smooth model for profitability.
  • The lockdown exposed digital banks’ reliance on interchange fees and travel for revenue.

Read more: Sifted

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]]> 23284 UK consumers question sustainability of challenger banks https://fintechranking.com/2020/12/07/uk-consumers-question-sustainability-of-challenger-banks/?utm_source=rss&utm_medium=rss&utm_campaign=uk-consumers-question-sustainability-of-challenger-banks Mon, 07 Dec 2020 11:39:00 +0000 http://fintechranking.com/?p=23167 Accenture’s Global Banking Study reveals 45 per cent of consumers believed that neobanks would exist

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]]> Accenture’s Global Banking Study reveals 45 per cent of consumers believed that neobanks would exist in 12 months’ time. Additionally, just a tenth placed “a lot” of trust in the fintechs to look after their data, compared to 41 per cent for traditional banks. 

Most worryingly for the UK’s fintechs, 20 per cent responded “not at all” when asked if they trusted neobanks to look after their financial wellbeing. 

Read more: City A.M.

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