1、Enabling the ecosystem economyExploring the driving forces of the emerging financial services ecosystemFintech and Advanced Payments 2023Global Experts inFintech ConsultingFRANKFURT DUBAI LONDON PARIS SAN FRANCISCO SYDNEYEdgar,Dunn&Company(EDC)is an independent global financial services and payments

2、 consultancy.Founded in 1978,the firm is widely regarded as a trusted advisor to its clients,providing a full range of strategy consulting services,expertise,market insights,and M&A support.From offices in San Francisco,London,Paris,Frankfurt,Dubai,and Sydney,EDC delivers actionable strategies,measu

3、rable resultes and a unique global perspective for clients in more than 45 countries on six continents.For more information contactSamee ZafarDirector,LTue ToManager,San FEnabling the ecosystem economy|Exploring the driving forces of the emerging financial services ecosystem3ContentsIntroduction 4Ex

4、ecutive summary 5Section 1:Embedded finance:Winners break all?6Section 2:Financial inclusion:A case of when,not if?16Section 3:Cryptocurrency:The tug of war moves up a gear 26Edgar,Dunn&Company(EDC)was assisted by Findexable in the preparation of this report.4 Enabling the ecosystem economy|Explorin

5、g the driving forces of the emerging financial services ecosystemIntroductionWelcome to the 2023 edition of our Fintech report,which includes insights from conversations with thought leaders and practitioners together with the findings from our own research.What a difference a year makes.While last

6、years report was conducted in the depths of a pandemic(albeit with early signs of an economic rebound),this year we find ourselves with a war in Europe,a new wave of economic volatility and fears of a global recession.All of which are occupying the minds of fintech innovators,investors,and financial