Is Fintech Inclusive? WEF & Cambridge University's Verdict

A new edition of the Future of Global Fintech report, co-published by the Cambridge Centre for Alternative Finance (CCAF) at Cambridge Judge Business School and the World Economic Forum, provides an up-to-date snapshot of the fintech sector’s evolving landscape. 

Based on a survey of nearly 250 fintech firms across six regions, the report offers valuable insights for shaping effective strategies and policies to support the industry’s continued development.

Digital finance is at a pivotal juncture

The findings come at a crucial moment. After years of breakneck expansion, the fintech sector is entering a more deliberate and sustainable phase. Today, fintech companies are focused on scaling profitability while deepening their social and economic impact.

“Fintechs’ concerns on macroeconomic conditions and funding environment have eased but still linger on,” says Bryan Zhang, Co-Founder and Executive Director, Cambridge Centre for Alternative Finance. “However, coupled with more favourable regulatory conditions, ample opportunities to collaborate with incumbents and increasing adoption of AI in operations and business models, the growth perspective for fintechs remains promising.”

Insights from the Future of Global Fintech report

While growth in customer acquisition is beginning to moderate, the report highlights remarkable resilience in terms of revenue and profitability. 

The Future of Global Fintech report explores how leading fintech firms are adapting to global economic pressures, including through forming strategic partnerships with traditional financial institutions and increasingly applying AI to streamline operations.

Crucially, it highlights how fintechs are also solidifying their role as drivers of financial inclusion – broadening access for underserved groups, small businesses and women entrepreneurs across the globe. 

A majority of surveyed firms report that micro, small and medium enterprises (MSMEs) (57%), low-income individuals (47%) and women (41%) constitute significant portions of their customer base. These populations, particularly in emerging markets and developing economies (EMDEs), are not only being reached but are also contributing meaningfully to fintechs’ bottom lines.

“Fintechs have embedded accessibility and reach into their business models, positioning themselves as essential players in creating a more equitable global financial system,” says Drew Propson, Head of Tech and Innovation in Financial Services at World Economic Forum. “These findings underscore fintech’s ability to help drive economic expansion, even as the sector adapts to more moderate post-pandemic growth trends.”

Where next for fintech?

The Future of Global Fintech report concludes with a cautiously optimistic outlook. Released as leaders convene for the World Economic Forum’s Annual Meeting of the New Champions 2025 in Tianjin, China, these insights offer a clear, data-backed roadmap for fintech’s next phase: collaborative, inclusive and globally integrated.

While 62% of fintech firms surveyed consider their regulatory environments adequate – and 35% report high levels of regulatory clarity – many still identify gaps in regulatory capacity, coordination and administrative efficiency. These areas remain key opportunities for development as the sector matures.

Encouragingly, collaboration between fintechs and traditional financial institutions is widespread. 84% of respondents report partnerships with incumbents, most commonly via API integrations, underscoring a growing symbiosis between innovative and established players. This trend points toward a more cohesive financial ecosystem, where fintech becomes further embedded in mainstream financial services.

As the industry looks ahead, priorities such as AI adoption, improved regional interoperability and a broadly supportive regulatory and funding environment suggest that fintech is well-positioned to weather future challenges. 

With access to timely, data-driven insights like those in this report, regulators, policymakers and industry leaders are better equipped to foster inclusive, sustainable fintech growth that benefits economies and societies worldwide.

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