The financial industry started the new year with the groundbreaking approach of open finance – an innovative paradigm that has captivated banks, financial institutions, and non-banking players alike, who are all eager to explore new revenue models that can provide a more inclusive and transparent financial system. This shift is due in part to regulators who are re-evaluating their positions to enhance the user experience and provide value-added solutions, while also prioritising the accountability and data protection aspects that come with the use of open data.
2022 has been a year of two contrasting halves in the FinTech world. The first quarter of 2022, carrying the momentum from 2021, started with a bang with several Digital Banking and Digital Payments firms raising 100M+ funding rounds with eye-popping valuations. Since Q1 2022, FinTech valuations in both private and public markets have suffered a swift and massive correction over the last three quarters of 2022.
If there’s one thing that can be agreed upon, it is that 2022 has been a year of many lessons. Natural disasters brought upon by climate change set the tone for what will become the new normal and emphasised the push for sustainable practices in all aspects of life and economies.
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