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Riding the Fintech Wave: A Global Snapshot of 2024

Fintech trends for 2024

2024 is gearing up to be a standout year for fintech worldwide, as multiple innovative trends shape the industry across Singapore, Australia, and the UK. 

Here's a deep dive into the insights and valuable takeaways that our partners, De’Angello Harris, Will McCahey and Tom Evison have collected from their fintech events across the globe.

 

🇸🇬 De'Angello's Insights from the Singapore Fintech Festival 

Finance X Corporates: Accelerating Ventures: Major corporations like Amazon, Mastercard, and PWC are disguising accelerators as venture builders. Fintechs can seize the chance to collaborate with these giants, potentially birthing the next generation of unicorns.

Unlocking Financial Inclusion with Web3: The integration of Web3 elements, including blockchain, cryptocurrencies, smart contracts, and oracles, is set to drive financial inclusion to unprecedented heights. 

Global Expansion Opportunities: Government support and regulatory encouragement are pivotal for fintech exploration. Fintechs aiming to scale into new markets should leverage support from incumbents, regulators, and foreign delegations.

Embracing Sustainability: ESG-focused fintech startups are at the forefront, integrating environmental, social, and governance factors into financial decision-making.

AI Revolutionises Fintech: Artificial Intelligence remains a game-changer, empowering businesses to KYC faster, assess credit risk effectively, and provide personalised financial advice.

 

🇦🇺 Will's Insights from Fintech Trade Mission (To Singapore & Australia) in Melbourne

Long-Term Sustainability: Australia's fintech landscape faces challenges amid a high-rate environment and inflationary pressures, pushing investors to proritise sustainability over rapid growth.

Australian Fintechs Remain Resilient: With 78% fintechs post-revenue, showcasing maturity and growth. 

A Market To Expand Into As A Fintech: With the country's major banks, high GDP per capita, and favorable business laws make Australia a key financial centre. Regulators in Australia are stringent yet innovative, emphasizing global standards and fostering transparency.

Robust Support Continues: Industry bodies like FinTech Australia, Austrade, and Blockchain Australia, along with incubators and accelerators, provide an ideal location for the growth and expansion of Australian fintechs.

 

🇬🇧 Tom's Insights from Fintech North in the UK

2024 Challenges and Opportunities: Challenges and growth opportunities for fintechs include Consumer Duty regulations and ISO20022 standards, shaping the industry's landscape.

Trust and Cybersecurity in NeoBanking: NeoBanks grapple with growing fraud threats, emphasising the importance of safeguarding consumer data and prioritising cybersecurity.

The UK's Strong Fintech Ecosystem: The UK's fintech ecosystem remains robust, with active groups like FinTech North, Innovate Finance, CFIT, and Rise by Barclays fostering growth and open innovation.

AI Buzz: Balancing Risk and Reward: The AI revolutionising continues here too, highlighting the need for a robust strategy to leverage AI/ML capabilities while addressing data-related risks.

Green Finance Initiatives: Initiatives present a potential revenue goldmine and growth opportunities, aligning with consumer preferences and impending environmental regulations.

 

Scaling your Fintech in 2024

Fintech leaders can capitalise on the evolving landscapes across advantageous regions. Gaining impact when scaling as a fintech requires the appropriate seniority at the right time. 

Timing is critical, as is the skillset and experience to drive the execution and strategy, to be across: 

  • Government & regulations
  • Banks and industry partners
  • PR and brand awareness
  • Founder and Executive-level stakeholder management

We are Think & Grow, a global growth consultancy. We help founders and leaders unveil new opportunities and expand into new local and global markets to achieve sustainable growth.

We get to know your business on a deep level to provide you with: Advisory, Strategy and Execution to scale your fintech. With over 15 years of helping businesses such as GoCardless, Stripe, Xero, Zepto, Airwallex, Square, and Afterpay grow and scale. 

Get in touch with us to find out how we can help you: https://www.thinkandgrowinc.com/contact 








ARTICLE by De'Angello Harris, Partner, 5 March 2024

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