- CCAF, World Bank, World Economic Forum champion study
Targeting 15,000 fintech firms worldwide, the Cambridge Centre for Alternative Finance (CCAF) announced it has partnered with the World Bank Group and the World Economic Forum to survey industry players and compile data about Covid-19’s impact on the marketplace.
With coronavirus impacting financial markets worldwide, questions have been raised about whether sectors such as digital banking, digital payments, digital lending, insurtech and wealthtech will continue to thrive, and whether their relevance will increase or diminish.
The survey will gather data from fintechs around the world to understand which are best able to adapt and which are under threat.
The survey will also probe Covid-19 experiences, exploring which fintechs stepped up and were able to serve customers at critical moments in the crisis.
The CCAF, World Bank and the World Economic Forum plan to answer critical questions about the future of fintech in a post-Covid world in a comprehensive report, slated to be released in Q3 2020.
The report’s partners are working with over 150 ecosystem leaders – including central banks, regulators and monetary authorities – to reach fintechs in over 190 countries and territories.
Finextra Research is joining other industry players – including Money2020, LendIt FinTech, Innovate Finance, GSMA and Crowdfund Insider to help get the message to fintechs worldwide.
Bryan Zhang, the executive director of the CCAF, highlights that bringing the global fintech ecosystem together will create a greater impact.
“Global challenges require global solutions, 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. In turn, the rapid assessment survey findings will inform market participants, regulators and policymakers to take swift, appropriate and evidence-based actions,” Zhang says.
Matthew Blake, head of Financial and Monetary System Initiatives at the World Economic Forum, adds: “By participating in the survey, firms will help shed light on the global fintech industry to understand emergent market trends, crystalize 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.”
Ana Fiorella Carvajal, lead financial sector expert, World Bank Group also explains: “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.
“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.”
Steve Ellis, CEO and co-founder, Finextra, adds: “Covid-19 caused us all to refresh and re-assess. It is important to get a snapshot of how fintech succeeded or failed during the crisis, across different geographies; and how we are set up for the future.
“Fintech can play a key role in building a better future, increasing financial resilience and inclusion. These are topics close to our heart here at Finextra.
“We are only too pleased to partner in this initiative, and we hope our members and readers will give their valuable input too.”