Fintech Innovations that Set the Stage for 2024

As we step into the brand new year, let's take a moment to look back at pivotal fintech innovations that set the stage for 2024.

Top 4 fintech innovations

1. Global CBDC Adoption

Over 130 countries that account for 98% of global GDP are actively exploring Central Bank Digital Currencies (CBDCs) built on Blockchain. Some central banks have already deployed, while others are either running pilots or developing them.

2. Surge in Embedded Finance

Embedded finance thrived in 2023 with open banking and generative AI. With Banking-as-a-Service (BaaS) and Wallet-as-a-Service (WaaS) reshaping payment acceptance, the market is expected to grow at 25.4% CAGR and reach $622.9 billion by 2032.

3. Artificial Intelligence (AI) and Machine Learning (ML)

2023 was a landmark year for AI and ML driven innovations in fintech. Financial institutions leveraged generative AI to make financial services more personalized, intuitive, and secure.

4. Sustainable Fintech

Fintechs focused on building sustainable green practices in 2023. They supported businesses and products that aligned their goals with inclusivity, environmental consciousness, and social responsibility.

These innovations present limitless possibilities for fintech in 2024.

Here's to another year of innovation and progress!

The fintech industry is currently valued at around $194 billion and is growing at a CAGR of 16.8%

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