1、Pulse of Fintech H2 2019 February 2020 message Welcome IanPollari Global Co-Leader of Fintech, KPMG International and Partner, KPMGAustralia AntonRuddenklau Global Co-Leader of Fintech, KPMG International and Partner, KPMG in theUK KPMG Fintech professionals include partners and staff in over 50 fin
2、tech hubs around theworld, working closely withfinancial institutions, digital banks and fintech companies to help them understand the signals of change, identify the growth opportunities,and develop and execute their strategicplans. Welcome to the 2019 end-of-year edition of KPMGs Pulse of Fintech
3、a biannual report highlighting key trends and activities within the fintech market globally and in key jurisdictions around the world. After a massive year of investment in 2018, total global fintech investment remained high in 2019 with over $135.7 billion invested globally across M Asia holds stea
4、dy Both the Americas and Europe set new records for fintech investment in 2019, with the Americas accounting for over $64.2 billion and Europe accounting for $58.1 billion although more than half of Europes investment came from the single Worldpay transaction. While Asia saw a decline in fintech inv
5、estment year over year, results were quite steady compared to historical norms outside of the outlier Q218. Cybersecurity becoming a hot topic for fintechs Fintech-focused cybersecurity investment continued to grow in 2019, driven by the increasing importance of cybersecurity to both traditional fin
6、ancial institutions and fintechs. Part of this relates to the move towards open banking, particularly in the UK and Europe. With data flows opening between different institutions, the ability to protect the data in transit or in the cloud is critical, not to mention protect it within institutions th
7、at are not regulated in the same way as financial institutions. Another driver of cybersecurity investment over the past year has been the need for more effective and customer- centric access controls. Financial institutions are beginning to recognize the importance of providing an exceptional clien
8、t experience. As a result, they are beginning to rethink their cumbersome identity management processes. This drives investment in fintechs offering innovative access management solutions, including biometrics and behavioral analytics. In some jurisdictions, like Europe, the focus on Know Your Custo
9、mer (KYC) and Customer Due Diligence (CDD) is widening to include advanced data management, analytics, and interpretation in order to drive more efficient regulatory compliance procedures and address cybersecurity issues. Regtech sees new record of deals despite drop in total investment The number o
10、f global regtech deals rose to a new high in 2019, despite a drop in total regtech investment. This reflects an increasing interest in regtech with relatively modest deal sizes given it is still a maturing area of fintech. The increasing focus on regtech over the past couple of years has been partly
11、 driven by the implementation of General Data Protection Regulation (GDPR) and the second Payment Services Directive (PSD2) in Europe and, more recently, by the California Consumer Privacy Act (CCPA). The full impact of these regulations has yet to be truly understood, however, with the CCPA coming
12、into force in 2020 and the deadline for e-commerce card-based transactions in the EU to comply with PSD2s strong customer authentication requirement extended to 31 December, 2020. Looking forward to 2020, a number of elements will continue to drive interest and investment in regtech, including more
13、focus on consumer protection and data security, the enrichment of the regulatory landscape in different jurisdictions, digital transformation within financial institutions, and the success stories of regtechs as they begin to scale and grow. Another massive year for global fintech investment, led by
14、 record Q319 GlobalUSAmericasEuropeAsia PacificSpotlight 6#fintechpulse 2020 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. All currency amounts ar
15、e in US$ unless otherwise specified. Data provided by PitchBook unless otherwise specified. Insurtech investment takes a breather The number of global insurtech deals dropped more than 40 percent year over year as global investors focused on making a smaller number of high quality insurtech deals. D
16、espite the large decline in deals volume, global investment in insurtech dipped only 13 percent between 2018 and 2019, in part due to the $3.5 billion acquisition of US-based Assurance IQ by Prudential Financial in October. Insurtech also attracted a significant amount of capital from the VC market,
17、 including several $100 million+ megadeals, such as Root Insurance ($350 million), Next Insurance ($250 million), and Hippo Insurance ($100 million) in the second half of the year. Over 2019, investors in insurtech focused significantly on later-stage companies, a reflection of the larger trend of V
18、C investors focusing on safer bets and proven companies. Partnership models are also growing in the insurtech space. For example, UK based Wrisk is working with RAC to trial a mileage-based care insurance product. As AI solutions become more mature and prevalent, there will likely be an upswing in i
19、nvestments in similar models of on- demand insurance. Regulators globally are working to understand the full ramifications of fintech, although a real regulatory leader in the space has yet to emerge. Heading into 2020, traditional insurers will likely increase their focus on how to work best with f
20、intechs in order to achieve value. There will also be increasing investments in companies able to help insurers deal with big challenges, such as cybersecurity and regtech, or data analytics and data mining. As data analytics becomes more robust, investments in solutions focused on enhancing life in
21、surance products could also increase. On-demand insurance is also well positioned for investment growth, particularly in the small business space to address the needs of independent and gig economy workers. Proptech sees another strong year of investment Proptech, which broadly includes innovative t
22、echnology solutions focused on real estate asset and property management, experienced another banner year in 2019, with $2.6 billion of global investment. Over the past year, there are more real estate firms globally focusing on identifying innovation and proptech opportunities and incorporating dig
23、ital solutions within their primary business processes. Data and data management was a major focus for proptech investment during 2019 given that data is essential for improving efficiencies and for making even better strategic decisions. AI and automation were also key areas of investor interest as
24、 it relates to monitoring and optimizing assets. In a number of jurisdictions, proptech is used as a mechanism to address sustainability issues and better manage the carbon footprint of an asset. More real estate and property management companies are expected to embrace proptech. This will likely st
25、art with companies defining their digital strategy and roadmap, and figuring out the best mechanisms to collect and manage their data. It also requires a cultural change within the organizations and significant investment in competences and capabilities of new and existing employees. Over time, inve
26、stment in proptech will likely continue to grow as traditional real estate market players begin realizing the value associated with such solutions. Another massive year for global fintech investment, led by record Q319 (contd) “Were going to see incumbents around the world seriously re-consider thei
27、r technology stacks and how future-proof they are. This is going to include looking at their core banking and origination systems in the context of their overall strategy so that they can readily compete with digital banks and emerging partnerships involving big techs and other scale providers.” Ian
28、 Pollari Global Co-Leader of Fintech KPMG International GlobalUSAmericasEuropeAsia PacificSpotlight 7#fintechpulse 2020 KPMG International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG netw
29、ork are affiliated. All currency amounts are in US$ unless otherwise specified. Data provided by PitchBook unless otherwise specified. Wealthtech continues to find traction with investors In 2019, wealthtech continued to be a growing area of interest for fintech investors around the world. The year
30、saw an evolution in funding, with many wealthtech investors focusing less on early stage companies with interesting ideas and more on those companies in their portfolios looking for follow-on investments. Data management and analysis was a key focus for investment this year, with companies looking f
31、or more effective ways to assess and report on real-time data. The shifting needs of customers has driven the focus of wealthtech investment. Financial advisors put increasing pressure on asset managers to create very specific products and investment solutions focused on the needs of niche groups of
32、 clients such as customers interested in making sustainable investments. Number of blockchain deals drop significantly from 2018 high; investment still significant Despite a drop in deals volume, blockchain continued to be a hot topic in most regions of the world. Facebooks announcement of its Libra
33、 cryptocurrency raised a significant amount of discussion in June. The Libra announcement followed an announcement of a digital coin for payments by JPMorgan in February. The Peoples Bank of Chinas announcement of accelerated research and experimentation on digital currency and electronic payments h
34、ave helped breathe new life into the space. Blockchain interest was not limited to coin announcements. Late in 2019, blockchain-based cryptocurrency trading platform AliExchange was acquired by FoPay for $2.1 billion. Distributed ledger technologies related to the improvement of business processes a
35、lso started to mature in areas like supply chain management and trade financing. Blockchain continues to hold significant transformative potential. As it matures, its applicability will widen, with applicability ranging broadly from shelf-life management of goods to audit processes and regulatory re
36、porting. Given this potential, investment in the blockchain space is expected to remain robust well into 2020. Trends to watch globally Fintech investment is well-positioned to grow in 2020, particularly with the growing proliferation of fintech hubs globally, not to mention the ever-widening scope
37、of fintech offerings. While the payments space is expected to remain very hot, other areas of fintech are also expected to grow including B2B-focused solutions and AI-driven solutions. Another massive year for global fintech investment, led by record Q319 (contd) “Many of the digital banks in the UK
38、 and Europe have international aspirations. Theyre looking to other markets in order to scale and grow. As they move outside the UK, theyre followed by a number of European infrastructure providers core banking platform providers looking to provide software-as-a-service models in those same jurisdic
39、tions. Its an exciting time for growth in fintech.” Anton Ruddenklau Global Co-Leader of Fintech KPMG International GlobalUSAmericasEuropeAsia PacificSpotlight All currency amounts are in US$ unless otherwise specified. Data provided by PitchBook unless otherwise specified. 8#fintechpulse 2020 KPMG
40、International Cooperative (“KPMG International”). KPMG International provides no client services and is a Swiss entity with which the independent member firms of the KPMG network are affiliated. Top 10 predictions for 2020 The global fintech ecosystem continued to mature over the course of 2019. Wit
41、h major developments on the horizon, such as the increasing focus on open data opportunities, more regulatory clarity in a number of jurisdictions, growing involvement of big techs in fintech, and the ongoing evolution of technologies like AI and blockchain, 2020 promises to be another big year for
42、fintech. Here are our top 10 predictions for 2020: Bigger, bolder deals: Deal sizes will continue to grow as investors focus on late -stage fintechs. Frothy, speculative deals will be increasingly replaced by high-conviction deals focused on companies with proven business models and paths to profita
43、bility or access to capabilities in adjacent areas of interest. Product expansion: Maturing fintechs and challenger banks will continue to expand the breadth of their service offerings beyond their initial niche focus areas into adjacencies, e.g. energy, telco, etc. Deals occurring in diverse locati
44、ons: Fintech deals will increasingly be seen in jurisdictions outside of traditional fintech markets, such as in Southeast Asia, Latin America and Africa. Rise of Big Tech: The Big Tech giants like Alibaba, Alphabet, Apple and Tencent will increase their focus on the fintech space, working to increa
45、se their reach into developing markets whether directly or by forging fintech investments or through strategic alliances to increase the value and seamless integration of their ecosystems to their customers. Digital banking licenses: Following the lead of Hong Kong (SAR), Australia and Singapore, mo
46、re countries in the Asia Pacific region will develop digital banking regimes and use digital banking licenses to stimulate competition and deliver services to under-served/un-served segments of the population. The hunted start hunting: Mature fintechs will increasingly make their own investments in
47、other emerging fintechs as they seek to augment their capabilities, get access to talent more quickly (acqui-hire) and grow in new markets Partnerships: The use of partnerships will continue to accelerate between big tech players and fintechs, traditional corporates and fintechs, and fintechs with e
48、ach other. Partnerships will be highly customer-focused and geared toward creating more value and getting to dominate scale more quickly. Open banking to open finance: The focus on open data opportunities will move beyond banking and into other aspects of the financial services industry, as well as
49、solving common pain points in other sectors, e.g. energy, telco, etc. Re-bundling of financial services: The unbundling of financial products will begin to reverse course as consumers increasingly seek a solution to increasingly complex and fragmented digital lives, preferring a trusted platform to orchestrate their financial affairs. Cybersecurity and digital identity management: Cybersecurity-focused fintechs will become more attractive as traditional financial institutions shift from building to buying cyber solutions, particularly in areas like fraud, security,
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