Financial Services: Trends and Startups 2019
Next Global Tech 50
We have prepared a series of research reports on the new generation of companies across several sectors around the globe. Our coverage includes 11 industries that have been affected the most by cutting-edge technology and are likely to shape the international economic landscape of tomorrow. This series is to be presented during the World Innovators Meet 2019, an annual event that gathers global leaders from a variety of fields at the heart of Beijing.
EqualOcean makes an attempt to analyze the current trends in the financial industry from a third-party perspective. At the same time, we come up with a list of 50 companies that, in our opinion, have a good chance to rewrite the rules of the global financial technology (fintech) game. Here’re some highlights:
At present, the concepts of fintech 3.0 and fintech 4.0 are developing together. Fintech 3.0 focuses on guiding users' needs, while fintech 4.0 aims to solve the pain points and long-term development problems in the financial industry;
From the technological perspective, the global fintech market reached USD 5.53 billion in 2018 and is expected to climb to USD 20.45 billion by 2023, growing at a 29.9% Compound Average Growth Rate (CAGR) over the next five years;
The insurance technology (insurtech) industry is growing at a fast pace. In the first half of 2019, the global insurtech market reached USD 2.86 billion. New ecosystems and cutting-edge technology are reshaping value chains in the sector, creating fresh opportunities for businesses in three aspects: omnichannel coordination, product innovation and technology upgrade;
Open banking is a global industrial trend, which is, in a nutshell, a new way for banks to obtain customers. Through cooperation with external platforms, they embed their products into the partner ecosystem and expand the service menu. There are four types of global open banking models: self-construction, investment, cooperation and alliance;
Every forth Small and Medium-sized Enterprise (SME) in the world has adopted fintech. In China, the adoption rate has reached 61%. B2B fintech is recently booming as fields like B2B payments, supply chain finance, enterprise group insurance customization are on the upswing; In the past, competition was the core driving force for innovation; now, cooperation is also becoming a development engine; in fintech its presence is especially strong. ‘Openness’ and ‘ecosystem’ will be the key concepts in the future development of the industry.
The innovation in fintech has led to the emergence of new business models and a large number of start-ups. With the increasing market acceptance and technology maturity, the competition between fintech enterprises is increasingly fierce. According to CB insights, there are 48 fintech unicorns in the world, as of August 8, 2019. Who is going to be the next on this list?
Looking for fintech enterprises with the most potential to grow and disrupt, EO Company has compiled the ‘Next Global Tech 50: Fintech’ list. Our criteria include: leveraging and developing fintech; clear future vision on the future industry development; funding obtained from well-known venture capitalists over the last twelve months; market valuation of more than USD 100 million.