毕马威-2020下半年金融科技报告（英文）-2021.3-72页_2mb

Fintech Summary: H2'20 and 2021 Outlook

Core Content

The Pulse of Fintech H2'20 report provides an overview of global fintech investment trends, highlighting a significant rebound in activity following the initial slowdown caused by the global pandemic. It covers key segments such as payments, insurtech, regtech, wealthtech, blockchain/cryptocurrency, and cybersecurity, and includes insights from industry leaders and experts.

Global Investment Trends

• Global Fintech Investment in 2020: Total investment reached $105.3 billion with 2,861 deals.
• H2'20 Rebound: Investment in H2'20 rose to $71.9 billion, more than double the H1'20 total.
• VC Investment Surge: Fintech VC investment hit $42.3 billion in 2020, the second-highest ever, with the US leading the way.
• Top Deals in H2'20: The US accounted for nine of the top ten M&A deals, including the $22 billion acquisition of TD Ameritrade by Charles Schwab.
• Unicorn Growth: Several new fintech unicorns emerged in 2020, including STC Pay (Saudi Arabia) and dLocal (Uruguay), highlighting the global expansion of the fintech ecosystem.

Key Fintech Segments

Payments

• Dominant Segment: Payments attracted the most investment, with notable deals like Klarna ($650 million), Revolut ($580 million), and Chime ($533.8 million).
• B2B Payments Growth: B2B payments gained traction as companies sought to streamline processes and manage liquidity.
• Embedded Finance: This trend is expected to grow in 2021, with big tech platforms offering integrated financial services.

Insurtech

• Stable Investment: Insurtech investment remained steady at $14.5 billion in 2020, despite a drop in deal volume.
• VC Funding: Large VC rounds in the US and China helped maintain investment levels, with Next Insurance ($250 million) and Hippo Insurance ($500 million) being key examples.
• Corporate Involvement: Incumbent insurance firms increased their focus on digital transformation, with Alphabet’s Verily launching Coefficient Insurance.

Regtech

• Record Funding: Regtech investment reached $10.6 billion, surpassing previous highs.
• Regulatory Focus: The pandemic heightened the need for efficient risk management, with Vertafore’s $5.3 billion acquisition being a major driver.
• ESG Integration: The European Banking Authority (EBA) emphasized the importance of ESG factors in regulation, which is expected to shape future investment.

Wealthtech

• Slower Growth: Wealthtech investment dropped to $350 million in 2020 due to limited VC focus on early-stage companies.
• B2B Shift: Wealthtech firms increasingly focused on B2B services to provide tools and data for wealth managers.
• Consolidation: Expect more consolidation as smaller players seek to achieve scale or be acquired.

Blockchain & Cryptocurrency

• Stable Growth: Blockchain investment totaled $2.8 billion in 2020, with Chainalysis becoming a unicorn.
• Stablecoins: Gained traction, especially with JPMorgan Coin, and are expected to drive cross-border payment innovations.
• Regulatory Developments: Frameworks were introduced in Hong Kong, Singapore, and Abu Dhabi, signaling the industry’s move toward mainstream adoption.

Cybersecurity

• Investment Surge: Cybersecurity investment quadrupled to $2 billion in 2020, driven by the need for secure remote work environments.
• Cloud Adoption: Many firms moved to cloud-based solutions, with WIX raising $100 million in December.
• M&A Activity: Major acquisitions like Mastercard’s $985 million purchase of Finicity indicate growing interest in cybersecurity and fraud prevention.

Key Insights for 2021

• Payments: Expected to see increased M&A and a stronger focus on banking-as-a-service and buy now, pay later models.
• Insurtech: More IPOs and SPAC exits are anticipated, along with increased embedded insurance partnerships.
• Regtech: Regulatory focus on ESG, KYC, and transparency will drive innovation. Companies that can model new risks like climate change will gain traction.
• Wealthtech: Operational resilience and real asset accessibility will be key areas, with continued consolidation among smaller firms.
• Blockchain: Central bank digital currencies (CBDCs) and institutional investor interest are expected to rise, along with compliance and security-focused solutions.
• Cybersecurity: AI, machine learning, and data analytics will be central to future growth, with a focus on behavioral analytics and cloud security.

Featured Interview: Bill Borden, Microsoft

• Digital Transformation: Borden notes the rapid acceleration of digital transformation in financial services due to the pandemic.
• Collaboration: Microsoft is collaborating with clients and partners to drive innovation and adapt to changing consumer expectations.
• Future Outlook: The industry is moving towards more agile and scalable solutions, with a focus on cloud-based technologies and security innovations.

Regional Analysis

• Americas: Strong M&A activity and continued investment in digital banking and cybersecurity.
• EMEA: Notable regulatory developments and growth in insurtech and regtech.
• ASPAC: Emerging fintech hubs, particularly in Central and North Asia and South America, with China and India showing strong VC activity.

Conclusion

The fintech sector showed resilience in 2020, with a significant rebound in H2'20. As the industry moves into 2021, the focus is on scaling, digital transformation, and regulatory compliance. The increasing role of corporate investment, VC funding, and strategic M&A will continue to shape the fintech landscape, with payments, blockchain, and cybersecurity leading the charge.