55% of Global Population use Fintech
A global survey by the DeVere Group has found that well over half of respondents use fintech products and services. When asked if they "regularly used financial technology to access and manage their money" 55% of people answered positively.
Fintech has been rapidly growing over the last few years. It offers solutions to unbanked and underbanked people in developing regions, including Africa and Asia. The data backed this up, these two regions plus Latin America are major growth areas for the sector.
CEO of DeVere Group, Nigel Green, said of the results, "this could be due to fintech typically offering more inexpensive solutions compared to traditional financial services." The poll also recorded that 67% pf people had specifically used fintech for remittance and money transfers, both areas used regularly in developing countries.
The numbers should give heed to the fintech developers that are working on disrupting current financial models. Some governments and regions are taking the changing economic climate seriously and working with fintech companies to enable innovation and quick routes to market with schemes such as regulatory sandboxes.