The present situation of technology and finance

Development course of global financial technology industry

The development of financial technology in the global field can be regarded as the transformation of the traditional banking system by emerging technologies and financial enterprises. With the development of blockchain, cloud computing, intelligent technology and other industries, traditional financial services and means are facing the impact of new technologies, and banks are constantly adapting and integrating emerging technologies in the process of financial technology development, so that financial technology can better provide consumers with continuous and perfect services on a global scale. At present, the development of global financial technology can be divided into three stages:

Global financial technology policy focuses on supervision.

According to the data released by the IMF, inflation in major economies in the United States and Europe exceeded expectations, which led to the tightening of the financial environment, and the negative spillover effect of the Ukrainian crisis further impacted the world economy. In this case, the development of the financial technology industry has grown against the trend in the financial market that has generally shrunk in recent years. The characteristics of digitalization, transparency and convenience make the financial technology industry very consistent with the development trend of the global financial industry under the background of the epidemic.

From the policy environment of financial technology industry in major regions of the world, it can be seen that the main policy guidance direction in the world so far is mainly supervision and regulation. Countries have made clear restrictions on the application of emerging technologies in the financial field, especially artificial intelligence and big data in the fields of privacy security and payment security. This is also the hottest discussion on the development of financial technology in the world in recent years.

The global financial technology industry has formed four business models.

According to the relevant report of BIS, financial technology can be divided into four categories: payment and settlement, deposit and loan, capital raising, investment management and market facilities, among which the first three categories of business have obvious financial attributes, and the last category is financial middle and back office facilities.

Specifically, technology market facilities usually include basic technical support that can be used across industries, such as customer identity authentication and multidimensional data collection and processing, as well as technical infrastructure such as distributed accounts, big data and cloud computing. Most of these businesses belong to the outsourcing category of financial institutions, and are also closely related to the service innovation of industrial digital finance.

The global financial technology industry market scale continues to rise.

According to the data published on Statista website, the income scale of the global financial technology industry has been rising in the past five years. The penetration rate of financial technology in the traditional financial field is constantly expanding around the world, the level of financial technology is constantly improving, the scale of industrial investment and financing is generally increasing, and the growth scale of financial technology in East Asia continues to rise. In 20021year, the global financial technology industry market scale reached146.2 billion US dollars, with a compound growth rate of 12.8% in recent five years. According to preliminary statistics, in 2022, the global financial technology industry market scale will exceed 654.38+060 billion US dollars.

Note: The market size of the global financial technology industry is calculated according to the industry deployment, mainly covering cloud services and financial service technical support (including transfer, personal finance, insurance, loans and wealth management).

In 2028, the market size will exceed 400 billion US dollars.

According to the data provided by Global Research, 2023-2028 will be the stage of rapid development of global financial technology, and the five-year compound growth rate of industry scale is expected to exceed 15%. In 2023, the global industrial scale will reach197.5 billion US dollars, and in 2028, the global financial technology industry market scale will exceed 400 billion US dollars.

For more research and analysis of this industry, please refer to the Analysis Report on Market Foresight and Investment Strategic Planning of China Financial Technology Industry by Forward-looking Industry Research Institute.