The Global COVID-19 FinTech Market Rapid Assessment Study

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.

125 Pages Posted: 2 Mar 2021

See all articles by Tania Ziegler

Tania Ziegler

University of Cambridge - Cambridge Centre for Alternative Finance

Bryan Zheng Zhang

Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge

Ana Carvajal

World Bank

Mary Emma Barton

World Economic Forum

Herman Smit

University of Cambridge - Cambridge Centre for Alternative Finance

Karsten Wenzlaff

University of Hamburg - Faculty of Business, Economics, and Social Sciences; University of Cambridge - Cambridge Centre for Alternative Finance; European Centre for Alternative Finance

Harish Natarajan

World Bank

Felipe Ferri de Camargo Paes

University of Cambridge - Cambridge Centre for Alternative Finance

Krishnamurthy Suresh

University of Cambridge, Judge Business School, Cambridge Centre for Alternative Finance, Students

Hannah Forbes

University of Cambridge - Cambridge Centre for Alternative Finance

Neha Kekre

University of Cambridge - Cambridge Centre for Alternative Finance

Charles Wanga

University of Cambridge - Cambridge Centre for Alternative Finance

Guillermo Alfonso Galicia Rabadan

World Bank

Nilima Chhabilal Ramteke

World Bank

Cecilia López Closs

University of Cambridge - Cambridge Centre for Alternative Finance

Leyla Mammadova

University of Cambridge, Judge Business School, Cambridge Centre for Alternative Finance, Students

Alexander Reviakin

University of Cambridge - Cambridge Centre for Alternative Finance

Rui Hao

University of Cambridge - Cambridge Centre for Alternative Finance

Nafis Alam

Asia Pacific University of Technology and Innovation

Pawee Jenweeranon

Independent

Rose Njuguna

University of Cambridge - Cambridge Centre for Alternative Finance

Grigory McKain

University of Cambridge, Judge Business School, Cambridge Centre for Alternative Finance, Students

Nadeenut Suvanprakorn

University of Cambridge - Cambridge Centre for Alternative Finance

Altantsetseg Ganbold

University of Cambridge - Cambridge Centre for Alternative Finance

Chris Knaup

University of Cambridge - Cambridge Centre for Alternative Finance

Chung Liang Khong

University of Cambridge - Cambridge Centre for Alternative Finance

Hunter Sims

Cambridge Centre for Alternative Finance

Date Written: December 3, 2020

Abstract

This global study seeks to assess how financial technology firms (FinTechs) have been impacted by COVID-19, and how they are responding to the resultant challenges and opportunities. The study is a joint initiative of the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School, the World Bank Group and the World Economic Forum. This research was supported by the UK Foreign, Commonwealth & Development Office, and the Ministry of Finance of Luxembourg.

COVID-19 has profoundly impacted financial systems across the world, including the provision of digital financial services and the functioning of FinTech markets. Recent anecdotal evidence suggests that the socio-economic shocks associated with the global pandemic have severely disrupted some FinTech sectors, created opportunities to others and introduced a state of flux for many.

As consumers and MSMEs increasingly look to digital financial channels and instruments for payments and remittances, saving or insurance solutions, as well as capital raising amid more stringent lockdown measures, there is an urgent need to gather empirical data from the FinTech markets. This can support evidence-based decision-making by the industry, investors, business communities, regulators, governments, multilateral institutions and other key stakeholders.

This is the context in which the Cambridge Centre for Alternative Finance (CCAF) partnered with the World Bank Group and the World Economic Forum to conceptualize, design and deliver the Global COVID-19 FinTech Market Rapid Assessment Report. This market assessment report endeavors to answer a series of pertinent questions on how Covid-19 has impacted the global FinTech industry.

Keywords: COVID-19, FinTech, alternative finance, digital financial services, digital payments, digital lending, financial innovation, access to finance

Suggested Citation

Ziegler, Tania and Zhang, Bryan Zheng and Carvajal, Ana and Barton, Mary Emma and Smit, Herman and Wenzlaff, Karsten and Natarajan, Harish and Paes, Felipe Ferri de Camargo and Suresh, Krishnamurthy and Forbes, Hannah and Kekre, Neha and Wanga, Charles and Rabadan, Guillermo Alfonso Galicia and Ramteke, Nilima Chhabilal and Closs, Cecilia López and Mammadova, Leyla and Reviakin, Alexander and Hao, Rui and Alam, Nafis and Jenweeranon, Pawee and Njuguna, Rose and McKain, Grigory and Suvanprakorn, Nadeenut and Ganbold, Altantsetseg and Knaup, Chris and Khong, Chung Liang and Sims, Hunter, The Global COVID-19 FinTech Market Rapid Assessment Study (December 3, 2020). 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., Available at SSRN: https://ssrn.com/abstract=3770789

Tania Ziegler (Contact Author)

University of Cambridge - Cambridge Centre for Alternative Finance ( email )

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Bryan Zheng Zhang

Cambridge Centre for Alternative Finance, Cambridge Judge Business School, University of Cambridge ( email )

Trumpington Street
Cambridge, CB2 1AG
United Kingdom

HOME PAGE: http://www.jbs.cam.ac.uk/ccaf

Ana Carvajal

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Mary Emma Barton

World Economic Forum

CH - 1223 Cologny/Geneva
United States

Herman Smit

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Karsten Wenzlaff

University of Hamburg - Faculty of Business, Economics, and Social Sciences ( email )

Von-Melle-Park 9
Hamburg, 20146
Germany

University of Cambridge - Cambridge Centre for Alternative Finance ( email )

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

European Centre for Alternative Finance ( email )

Vredenburg 138
Utrecht, 3511 BG
Netherlands

Harish Natarajan

World Bank ( email )

1818 H Street, NW
Washington, DC 20433
United States

Felipe Ferri de Camargo Paes

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Krishnamurthy Suresh

University of Cambridge, Judge Business School, Cambridge Centre for Alternative Finance, Students

Cambridge
United States

Hannah Forbes

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Neha Kekre

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Charles Wanga

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Guillermo Alfonso Galicia Rabadan

World Bank

1818 H Street, NW
Washington, DC 20433
United States

Nilima Chhabilal Ramteke

World Bank

1818 H Street, NW
Washington, DC 20433
United States

Cecilia López Closs

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Leyla Mammadova

University of Cambridge, Judge Business School, Cambridge Centre for Alternative Finance, Students ( email )

Cambridge
United States

Alexander Reviakin

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Rui Hao

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Nafis Alam

Asia Pacific University of Technology and Innovation

Technology Park Malaysia
Bukit Jalil
Kuala Lumpur, Kuala Lumpur 51700
Malaysia

Pawee Jenweeranon

Independent ( email )

Rose Njuguna

University of Cambridge - Cambridge Centre for Alternative Finance ( email )

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Grigory McKain

University of Cambridge, Judge Business School, Cambridge Centre for Alternative Finance, Students ( email )

Cambridge
United States

Nadeenut Suvanprakorn

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Altantsetseg Ganbold

University of Cambridge - Cambridge Centre for Alternative Finance ( email )

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Chris Knaup

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Chung Liang Khong

University of Cambridge - Cambridge Centre for Alternative Finance

10 Trumpington Street
Cambridge, CB21QA
United Kingdom

Hunter Sims

Cambridge Centre for Alternative Finance ( email )

Trinity Ln
Cambridge, CB2 1TN
United Kingdom

HOME PAGE: http://https://www.jbs.cam.ac.uk/faculty-research/centres

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