Friday, June 9, 2023
Respondents were based in Brazil, Canada, China/Hong Kong, Germany, India, Mexico, Singapore, the United Kingdom and United States, stated Matt Sloan, head of business development at Discover.
"As a payments network, it's exciting to see both fintechs and venture capitalists lean into partnerships with networks as a way to provide new and seamless payments experiences for their audiences," he said. "By partnering together, we can work to find solutions and enhance the payments ecosystem."
Sloan further noted that 93 percent of executives surveyed said the current economic climate has increased their reliance on payments networks, with 34 percent of respondents anticipating "significant growth" and 43 percent anticipating "moderate growth" in 2023. In addition, he said, 55 percent of venture capitalists expect to see strong growth outlook in financial services and 47 percent have the same expectations for fintech.
Jordan McKee, director of payments research & advisory at 451 Research, concluded the survey data reflects a high level of confidence among fintechs in general.
"This is an interesting moment in time for fintechs and this year's study revealed they're more confident than ever in their growth potential," he said. "As fintechs embrace emerging technologies and strategically partner with payments networks, the industry will become stronger and create a better, more seamless experience for customers worldwide."
Sloan agreed that the global fintech ecosystem is on a strong growth trajectory, stating, "In order to help organizations reach their true potential, Discover Global Network is committed to being a trusted partner for fintechs, helping to expand their global reach through our unique set of payment capabilities and solutions."
Chief among survey findings were strength in open banking and the importance of strategic partnerships, researchers noted, especially among fintechs and payments networks, which have proven to be a valuable asset in both consumer-facing commerce and B2B solutions. McKee, who shared additional details about the survey with Sloan at Money 20/20 Europe on June 6, 2023, said he will take a deeper dive into survey data with Discover representatives in a virtual webinar on July 11, titled, "The Future of Payments, A Look at Fintech and Emerging Trends." During the webinar, Discover will discuss the evolving fintech ecosystem in EMEA and provide perspectives on emerging payments, he noted.
"This webinar will discuss how fintechs and consumers view emerging technologies and the ways in which fintechs are looking to partner with payments companies to drive their strategies forward," Discover representatives stated. "It will provide perspective on the evolving fintech ecosystem in EMEA, the growth of the market, investment trends, and adoption of emerging use cases like open banking, cryptocurrency, connected commerce, and real-time payments."
A detailed infographic highlighting survey data is available at insights.discoverglobalnetwork.com/insights/fintech-global-landscape
To register for the July 11, 2023, webinar visit event.on24.com/wcc/r/4234240/F0E17B7E1F4394ACE61B791DFB0764A2?partnerref=DiscoverM2020EU 
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