The Global COVID-19 Fintech Market Impact and Industry Resilience Study

The global fintech industry demonstrated significant resilience during the pandemic, with retail-facing transaction values increasing by 47% from USD358 billion in 2019 to USD526 billion in 2020. Growth was most pronounced in advanced economies (AEs) and jurisdictions with high lockdown stringency. While digital payments and lending remained the largest segments, the sector faced operational challenges, including increased unsuccessful transactions and liquidity risks, particularly in emerging markets and developing economies (EMDEs). The study highlights a positive trend toward financial inclusion, with a substantial proportion of clients being women, low-income households, and SMEs. Regulatory support for remote onboarding and cybersecurity was widely used, though firms in EMDEs reported lower satisfaction with overall regulatory responses.

• Retail-facing fintech platforms saw a 47% increase in gross transaction values, rising from USD358 billion in 2019 to USD526 billion in 2020.
• Digital payments were the largest fintech segment by transaction value, accounting for 63% of all retail-facing fintechs, followed by digital lending at 20%.
• Fintechs in advanced economies (AEs) generally outperformed those in emerging markets and developing economies (EMDEs) in terms of transaction values and growth rates for most verticals except payments.
• The industry showed a positive contribution to financial inclusion, with 55% of digital payment clients globally being from low-income populations, rising to 73% for firms in EMDEs.
• Digital lending experienced a recovery in the second half of 2020, with total loan origination (excluding China) increasing by 19% from USD87 billion in 2019 to USD104 billion in 2020.
• Digital capital raising grew by 33%, with total funds raised increasing from USD9.86 billion in 2019 to USD13.14 billion in 2020, largely driven by non-investment-based models.
• Insurtech gross premiums increased by 29%, growing from USD190 million in 2019 to USD245 million in 2020.
• Market provisioning firms saw a 117% increase in the number of transactions processed, rising from 538 million in 2019 to 1.14 billion in 2020.
• Cybersecurity and fraud prevention were the top priorities for service changes, with over one-third of fintechs enhancing these features in 2020.
• Regulatory support for remote onboarding and e-KYC was the most utilized core regulatory mechanism across the industry.
• Approximately 20% of fintech firms acted as delivery or implementation partners for government-backed Covid-19 relief schemes, a significant increase from the 9% reported in the Rapid Assessment Study.
• Firms in jurisdictions with high lockdown stringency reported higher growth in transaction values and greater increases in current valuations and capital reserves.
• Operational challenges were more severe in EMDEs, where firms reported higher instances of unsuccessful transactions and partner downtime.
• Fintechs reported an increase in all cost categories except fixed costs, which decreased due to reduced demand for office space during lockdowns.
• There was a significant divergence in regulatory satisfaction, with 60% of firms in AEs satisfied with regulatory responses compared to 64% of firms in EMDEs who were unsatisfied.

APA

World Economic Forum (2022). The Global COVID-19 Fintech Market Impact and Industry Resilience Study. https://www3.weforum.org/docs/WEF_Global_Covid19_FinTech_Market_Study_2022.pdf

Chicago

World Economic Forum. The Global COVID-19 Fintech Market Impact and Industry Resilience Study. 2022. https://www3.weforum.org/docs/WEF_Global_Covid19_FinTech_Market_Study_2022.pdf.

Wikipedia

{{cite report |author=World Economic Forum |title=The Global COVID-19 Fintech Market Impact and Industry Resilience Study |date=2022 |url=https://www3.weforum.org/docs/WEF_Global_Covid19_FinTech_Market_Study_2022.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{worldeconomicforum2022global, author = {{World Economic Forum}}, title = {{The Global COVID-19 Fintech Market Impact and Industry Resilience Study}}, institution = {World Economic Forum}, year = {2022}, url = {https://www3.weforum.org/docs/WEF_Global_Covid19_FinTech_Market_Study_2022.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }