2023 wasn't a typical year for FinTech. The industry saw a significant rebalancing with reduced investment, lower valuations, and major layoffs. However, this doesn't signal an end to growth. Instead, it's a healthy correction that has brought the industry back to earth and refocused its priorities on sustainable growth and profitability.
The fundamentals remain strong: the financial services market is vast and lucrative, and FinTech continues to offer innovative solutions to persistent pain points. In this report, we explore the key trends of 2023 and what lies ahead in 2024, including:We end with a spotlight on Japan. Despite boasting the world's fourth largest economy and a strong 2023 stock market performance, Japan's FinTech ecosystem remains relatively underdeveloped. However, this is set to change with the current Government's increased policy focus on innovation and start-ups. We also examine how global players are increasingly recognizing Japan's rising potential.
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