As per usual, at the end of each year, every industry is looking forward to figuring out what the future holds, trying to predict trends, and be the first to correctly forecast the developments. And the fintech sector is no stranger to this tradition. Researchers and academics have been pinpointing towards the disruptive role of technology and revolution of financial services (Goldstein, Jiang & Karolyi, 2019). Furthermore, with the support that the blockchain technology promises, new, exciting opportunities arise.
For the US, a country with reported fintech penetration rates below the average, approximately 36% of all personal loans in 2017 were conducted by fintechs (Claessens et al., 2018), moving up from less than 1% in 2010. Two years ago, Alipay, a leading fintech company, processed over 1.05 billion transactions, in a single day, during the Global Shopping Festival. Governmental authorities are also jumping the bandwagon, with numerous countries introducing fintech projects and programmes specifically designed to facilitate financial transactions (Pollari & Ruddenklau, 2019). And what about now? ETH 2.0, AML6, WhatsApp Pay, Google Pay, Wirecard’s fraudulent activities, cloud migration, ETrades, and not to forget the primary head-line disruptor of 2020: Covid-19.
By analyzing current market trends, industry reports, exploring diverse and mixed expert voices from the industry, tackling the academic journals, and browsing through obscure internet information, we selected top predictions for 2021 from fintech. The list below might not contain anything new, but we believe that the featured trends will have an enormous impact on the fintech ecosystem altogether and relevant key parties.
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