Global Fintech Market Expected to Reach a Market Value of Approximately $324 Billion By 2026

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., July 22, 2022 /PRNewswire/ -- Fintech is a combination of technology and financial services that have transformed the way businesses operate. In the last few years, the financial technology sector has emerged considerably, resulting in the modification of businesses to a customer-centric approach. Therefore, it finds room in a large number of companies ranging from start-ups to technology companies and established companies around the world. With a collaborative or demanding approach, financial services companies and technology companies have taken reciprocal paths and progressed with innovative and disruptive techniques in a continually changing business scenario. A report from Market Data Forecast projected that the global financial technology market is expected to grow gradually and reach a market value of approximately $324 billion by 2026, growing at a compound annual rate of about 25.18% over the forecast period 2022-2027. The report said: "Fintech or financial technology is a novel advancement that is gaining prominence across the globe by replacing traditional financial services in various sectors such as payments, electronic commerce, banking, social commerce, wealth management and others. As e-commerce is spreading rapidly around the world, it succeeds the key application segment of the FinTech market, which is expected to grow with a superlative annual growth rate of about 12% until 2026. With a large number of mobile users who have a penchant for online transactions, coupled with the fact that the implementation of FinTech significantly improves the customer experience by providing convenience in payments and delivery in the e-commerce, the global Fintech market demand will experience incredible growth in the future." Active companies in the markets this week include Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN), 360 DigiTech, Inc. (NASDAQ: QFIN), FinVolution Group (NYSE: FINV), Qudian Inc. (NYSE: QD), Affirm (NASDAQ: AFRM).

Market Data Forecast continued: "Infrastructure-based technology in the open platforms and application programming interfaces is modifying the future of the financial services industry, while the operational advancements offered by the automation of robotic processes (RPA), chatbots and distributed accounting technology (DLT) allow greater agility, efficiency and precision. Adoption of fintech services has grown at a rapid rate in the last few years among clients. Fintech helps SMEs meet their financial needs, such as banking and payments, financial management, financing, and insurance. In Asia, SMEs are pivotal, registering about 42% of GDP and accounting for almost 50% of all jobs. Nonetheless, SMEs receive only 19% of total bank credit in 2017. According to World Bank statistics, increasing credit to SMEs is an hourly necessity, because the creation of at least 1 million new jobs are needed per month. to satisfy the growing Asian workforce."

Nisun International Enterprise Development Group Co., Ltd (NASDAQ: NISN) BREAKING NEWS: Nisun International Cooperates with Pinhutang Distillery to Facilitate Agricultural Product Purchases - Nisun International Enterprise Development Group Co., Ltd ("Nisun" or the "Company"), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, announced Fanlunke Supply Chain Management (Shanghai) Co., Ltd. ("Fanlunke"), a subsidiary of Fintech (Shanghai) Digital Technology Co., Ltd. and a controlled affiliate of the Company, has entered into a supply chain services agreement with Yunnan Pinhutang Distillery, Co., Ltd. ("Pinhutang Distillery"). Under this agreement, Fanlunke will provide procurement and supply chain management services to Pinhutang Distillery to help meet demand for Agricultural products.

Founded in 2012, Pinhutang Distillery is famous from its Dendrobium liquor. Dendrobium has been used for thousands of years as key herbs in traditional Chinese medicine. Dendrobium contains several chemicals that may have health effects, such as lowering blood pressure, increasing blood sugar, and reducing pain.

Pinhutang Distillery focused on its Dendrobium-related operations, integrating Dendrobium planting, processing, research & development, and brand marketing since its establishment. Pinhutang Distillery has 800 mu of Dendrobium organic planting base, more than 140 mu of modern industrial factories for Dendrobium product development and processing, as well as a relatively large-scale rice-flavor liquor production base in Yunnan province. Sales of Dendrobium liquor have increased significantly in the past two years.

"There is a long history of drinking medicinal liquor in China. In ancient Egypt and China, alcohol was used in herbal medicine. With more Chinese people exploring new health trends, we believe Dendrobium and other traditional Chinese medicine products with health-preserving and healthcare effects have significant growing potential," said Mr. Xiaoyun Huang, Chairman and Chief Executive Officer of Nisun International. "Cooperating with Pinhutang Distillery gives Nisun opportunities to enter into the Chinese medicinal products industry. We will leverage our advantages to provide our clients with effective and high-quality supply chain services." CONTINUED… Read the Nisun International Enterprise full press release by going to: http://ir.nisun-international.com/press.html

 Additional recent developments in the markets this week include:

360 DigiTech, Inc. (NASDAQ: QFIN), a leading Credit-Tech platform in China, recently announced its unaudited financial results for the first quarter ended March 31, 2022.

Mr. Haisheng Wu, Chief Executive Officer and Director of 360 DigiTech, commented, "We are pleased to report another solid quarter despite amidst dampened macroeconomic environment and the resurgence of the COVID-19 in certain regions of China. In the first quarter, Total facilitation and origination volume was RMB98.8 billion, up approximately 33% year-on-year. Approximately 54% of the loans was facilitated under the capital-light model, ICE and other technology solutions^*10, as we continued to pursue long term sustainable technology driven business models.

More importantly, we are making significant progress to serve user segments with lower overall credit risk and higher retention. As a result, we further lowered our product pricing during this quarter. Average IRR of the cap-heavy and cap-light loans originated through our platform was already below 24% in the first quarter, and we are confident to move ahead of the schedule to meet the rate cap requirement. During the quarter, we also continued to expand our financial institution partnership, particularly with larger banks with national coverage, to secure ample funding sources at competitive terms."

FinVolution Group (NYSE: FINV), a leading fintech platform, recently announced its unaudited financial results for the first quarter ended March 31, 2022.

Mr. Feng Zhang, Chief Executive Officer of FinVolution, commented, "Our strong technological foundation and strategic transition towards better-quality borrowers enabled us to flexibly navigate challenges and deliver solid, consistent results, highlighted by our eighth consecutive quarter of growth in total transaction volume. In the first quarter of 2022, we achieved record-setting total transaction volume of RMB39.7 billion, representing a year-over-year increase of 48.1% and a sequential increase of 1.8%.

Our operations aimed at empowering small business owners also maintained solid growth momentum. During the quarter, we served over 507 thousand small business owners across multiple sectors, including retail, wholesale and service industries, among others, representing an increase of 66.2% from the same period in 2021. Meanwhile the transaction volume facilitated for small business owners increased 122.7% year-over-year to a record high of RMB9.8 billion, contributing 24.7% of total transaction volume for the same period."

Qudian Inc. (NYSE: QD), a consumer-oriented technology company in China, recently announced its unaudited financial results for the quarter ended March 31, 2022.

"During the first quarter of 2022, we maintained our stringent approach toward our cash credit business amid the complex macro-environment, funding all transactions by our on-balance sheet capital," said Mr. Min Luo, Founder, Chairman and Chief Executive Officer of Qudian. "Furthermore, our new ready-to-cook meals business, QD Food, has made steady progress since it launched in March 2022 in Guangdong province. We expect to expand its footprint across the nation and will provide more details on the development of this business as we continue to build it. Moving forward, we will maintain our prudent operating strategy for the cash credit business, focus on advancing our ready-to-cook food business and strive to create new engines for sustainable development."

Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth and Stripe, a financial infrastructure platform for businesses, recently announced a strategic partnership that makes Affirm's Adaptive Checkout™ available to Stripe users in the U.S. today. Adaptive Checkout uses Affirm's smart decision engine to make a real-time underwriting decision and offer consumers optimized bi-weekly and monthly pay over time options side-by-side.

Now, businesses using Stripe can add this technology to their checkout experience in minutes. Eligible customers will then have the option to use Affirm to split the cost of purchases ranging from $50 to $30,000, with a maximum credit limit of $17,500. True to Affirm's long-standing commitment to never charge late or hidden fees, customers will never owe more than they agree to upfront.

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