New study launched to investigate COVID-19’s impact on global fintech

The Cambridge Centre for Alternative Finance (CCAF), part of the University of Cambridge Judge Business School, is partnering with the World Bank Group and the World Economic Forum to launch a global Covid-19 fintech market rapid assessment survey.

The aim of the online survey is to assess the performance of the global fintech market and ascertain what kind of regulatory and policy responses might be most appropriate across different fintech market segments and geographical markets. The survey is directed at firms in fintech and digital financial services (DFS) markets and will run from June 15 through July 30.

Working with more than 150 global fintech associations and ecosystem partners, the rapid assessment survey aims to reach 15,000+ fintech firms in over 190 jurisdictions. The empirical data collected will be used to understand Covid-19’s impact on the fintech markets, how the global fintech industry has responded and some of the immediate regulatory and policy implications.

“Fintech and digital financial services play a vital role in extending the reach of, and widening the access to, financial services – especially for millions of underbanked or unbanked people,” explains Ana Fiorella Carvajal, Lead Financial Sector Expert, World Bank Group.

“There is an urgent need to undertake this rapid assessment study to see how public and private sectors can work together to ensure the continued delivery of digital financial services to some of the poorest and most vulnerable population in the world.”

Based on the findings, the CCAF, the World Bank and the World Economic Forum will jointly publish the Global Covid-19 Fintech Market Rapid Assessment Report by the third quarter of this year.

“This survey is a collective effort to bring the global fintech ecosystem together to share their insights, express their views and voice their concerns in light of Covid-19,” said Bryan Zhang, the Executive Director of the CCAF. “In turn, the rapid assessment survey findings will inform market participants, regulators and policymakers to take swift, appropriate and evidence-based actions.”

“By participating in the survey, firms will help shed light on the global fintech industry to understand emergent market trends, crystalise Covid-19 related challenges and opportunities, as well as fathoming how an increasingly digitalised financial services sector can play a pivotal role in driving economy recovery and growth,” says Matthew Blake, the Head of Financial and Monetary System Initiatives and a Member of the Executive Committee at the World Economic Forum.