UK’s Financial Technology Investment Drops More Than 50%
It is reported that the latest report of KPMG shows that the total investment in UK\’s financial technology fell by more than 50% in 2022, and the investment in…
It is reported that the latest report of KPMG shows that the total investment in UK’s financial technology fell by more than 50% in 2022, and the investment in UK’s financial technology fell from 39.1 billion US dollars in 2021 to 17.4 billion US dollars in 2022. In 2022, the total investment in global financial technology fell to $164.1 billion in 6006 transactions. Payment remains the strongest area of global financial technology investment, with an investment of $53.1 billion, compared with $57.1 billion in 2021. In contrast, the investment in cryptocurrency and blockchain has dropped from US $30 billion in 2021 to US $23.1 billion in 2022. The decline in the second half of 2022 was particularly significant because the review in this area increased significantly after the collapse of Terra (Luna) in May and the bankruptcy of FTX in November.
Global Fintech’s investment in cryptocurrency and blockchain will fall to 23.1 billion US dollars in 2022
Interpretation of the news:
The latest report by KPMG has revealed that the investment in UK’s financial technology (Fintech) has decreased by more than 50% in 2022. The total investment in UK’s Fintech dropped from $39.1 billion in 2021 to $17.4 billion in 2022, which is a significant decline. The global Fintech investment also took a hit and fell to $164.1 billion in 6006 transactions. Payment remained the strongest area of global Fintech investment with an investment of $53.1 billion in 2022 as compared to $57.1 billion in 2021. However, the investment in cryptocurrency and blockchain dropped from $30 billion in 2021 to $23.1 billion in 2022.
The decline in investment in cryptocurrency and blockchain was particularly significant in the second half of 2022 due to the collapse of Terra (Luna) in May and the bankruptcy of FTX in November. This could potentially be linked to the increasing scrutiny surrounding cryptocurrency and blockchain technologies globally.
The report suggests that the Fintech industry has been influenced by the COVID-19 pandemic and the uncertainty surrounding the economic and political situation in the UK. The decline in the investment can be seen as a setback for the industry, which has been thriving until recently. The report also highlights that the investment in Fintech in UK is still higher than several other countries, indicating the relative strength of the UK’s Fintech industry.
Despite the setbacks faced in the Fintech industry, the report still suggests that there is potential for growth due to the increasing adoption of digital technologies globally. The report also emphasizes the importance of innovation in the Fintech industry, which is crucial for its growth and development.
In conclusion, the decline in investment in UK’s Fintech in 2022 is a cause for concern, but it is important to note that the industry still has potential for growth. The report highlights the need for innovation and adaptation to the changing technological landscape in order to remain competitive. The decline in the investment in cryptocurrency and blockchain has also been significant, and it will be interesting to see how these technologies evolve in the coming years.
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