保险科技 在数字经济与全球化双轮驱动的时代背景下，金融科技已成为推动贸易创新、促进金融业转型升级的核心力量。作为中国数字化转型的战略高地，雄安新 区正积极构建开放、协同、创新的数字贸易生态体系，为金融与科技的深度融合提供重要实践场景。 在此背景下，毕马威中国在2025年中国国际服务贸易交易会雄安新区数字贸易创新发展大会上正式发布《金融科技动向2025年上半年》报告。报告指出， 尽管许多金融科技投资者在2025年初持谨慎乐观态度，但出于对持续的地缘政治紧张局势以及关税和贸易政策迅速变化的担忧， 除了在数字资产、货币 和人工智能等少数热门领域外，许多投资者对于大规模交易仍然较为保守。 2025年上半年，全球金融科技市场吸引了447亿美元的投资，涉及2,216笔交易，低于2024年下半年的542亿美元和2,376笔交易。2025年第二季度也较为低 迷，全球仅有187亿美元投资与972笔交易——分别创下过去8个季度和31个季度以来的最低水平。这种放缓主要来自并购活动和私募股权投资的持续下 降。展望2025年下半年，金融科技投资者在经历了过去三年的业绩和回报预期调整后，很可能会继续保持谨慎的选择性投资策略。 全球支付领 ...

Global Insights - The global fintech market attracted $44.7 billion in investment during H1 2025, marking the lowest six-month period since H1 2020, with a significant decline from $54.2 billion in H2 2024 [21][8] - Q2 2025 saw particularly low investment levels, with only $18.7 billion across 972 deals, the lowest deal volume since Q3 2017 [21][8] - The decline in investment is attributed to geopolitical tensions and changing trade policies, leading to a more cautious approach from investors [7][21] Regional Insights - The Americas accounted for over half of the global fintech investment in H1 2025, totaling $26.7 billion, driven by significant deals such as the $2.6 billion acquisition of Next Insurance and a $2 billion raise by Binance [22][9] - EMEA followed with $13.7 billion, including the largest deal of the year, a $3.2 billion acquisition of Preqin by BlackRock [22][9] - The ASPAC region lagged with only $4.3 billion, highlighted by the $571.3 million acquisition of WealthNavi [22][9] Sector Insights - Digital assets and currencies led the investment with $8.4 billion, positioning the sector for a potential three-year high, while AI-focused fintech attracted $7.2 billion [10][23] - The payments sector experienced a significant drop, with only $4.6 billion in investment compared to $30.8 billion in 2024, indicating a lack of large megadeals [26][10] - Insurtech saw a surge in investment, totaling $4.8 billion, surpassing the entire investment for 2024 [66][68] Future Trends - Investors are expected to remain cautious in H2 2025, focusing on sectors like digital assets, AI, and embedded finance as potential hotspots [2][34] - The regulatory landscape, particularly around stablecoins and digital assets, is anticipated to evolve, potentially driving further investment [35][34] - Continued interest in AI solutions for cost reduction and efficiency improvements is expected to shape investment strategies moving forward [27][34]

Group 1: Structural Changes in Financial Markets - The global financial market is undergoing structural changes driven by the dual forces of the AI computing power revolution and the carbon neutrality process [1] - Investors are facing valuation reconstruction of emerging tech stocks and yield fluctuations in traditional industry bonds, necessitating the construction of more forward-looking investment portfolios [1] Group 2: Opportunities in the Stock Market - In the tech sector, quantum computing companies have achieved an average increase of 187% since the beginning of the year [2] - In the consumer sector, smart wearable device manufacturers have seen a 340% year-on-year increase in order volume due to breakthroughs in brain-computer interface technology [2] - Solid-state battery companies in the new energy industry have received significant funding from national development funds, amounting to billions [2] Group 3: Safe Haven Value in the Bond Market - Asian dollar bonds have become a safe haven for funds amid expectations of a shift in the Federal Reserve's interest rate policy [3] - A 10-year infrastructure bond issued by a specific company has a current yield of 5.8%, which is significantly higher than the same-rated U.S. Treasury bonds by 120 basis points [3] - The green bond sector has seen carbon neutrality special bonds exceed $50 billion, benefiting from tax incentives and liquidity premiums [3] Group 4: Strategic Positioning of Gold Assets - Geopolitical risks have increased the value of gold allocations, despite digital currencies diverting some safe-haven demand [4] - A specific gold ETF has reached a record high holding of 2,150 tons [4] - Digital gold certificate products have achieved T+0 cross-border settlement with an average daily trading volume exceeding $2 billion [4] - An asset allocation model suggests a growth-oriented portfolio with a 55:30:15 allocation in stocks, bonds, and gold, focusing on high-growth tech stocks and short-duration bonds for hedging [4] - Conservative investors can maintain over 25% in safe-haven positions through gold derivatives [4] Group 5: Market Volatility and Risk Control - Intelligent risk control system providers have seen valuation increases, with their Bayesian network warning model capable of predicting over 80% of price movements 36 hours in advance [5] - The launch of regulatory technology platforms is expected to enhance market transparency, creating a better environment for rational investment [5]

Investment Rating - The report indicates a cautious optimism in the fintech investment landscape for 2025, following a challenging 2024, with a total investment of $95.6 billion and a transaction count of 4,639, marking a seven-year low [4][17]. Core Insights - The global fintech investment landscape faced significant challenges in 2024 due to macroeconomic factors, geopolitical tensions, and notable elections, leading to a decline in investment, particularly in M&A and private equity [4][6]. - The Americas region accounted for the largest share of fintech investment in the second half of 2024, totaling $31 billion, with significant transactions including Nuvei at $6.3 billion and Envestnet at $4.5 billion [5][19]. - The payment sector remained the hottest area for fintech investment, attracting $31 billion in 2024, followed by digital assets and cryptocurrencies at $9.1 billion and regtech at $7.4 billion [5][19]. Summary by Sections Global Fintech Investment Overview - Total global fintech investment in 2024 reached $95.6 billion, with the second half contributing $43.9 billion [13][17]. - Investment sentiment shifted from cautious to cautiously optimistic, with a notable increase in Q4 2024, signaling potential recovery in 2025 [6][18]. Regional Analysis - The Americas led with $63.8 billion in investment, followed by Europe, the Middle East, and Africa (EMEA) at $20.3 billion, and Asia-Pacific at $11.4 billion [17]. - In the second half of 2024, the Americas attracted $31 billion, while EMEA secured $7.3 billion and Asia-Pacific $5.5 billion [5][18]. Sector Analysis - The payment sector saw a rebound in investment to $31 billion in 2024, driven by defensive transactions and strategic acquisitions [19][80]. - Digital assets and cryptocurrencies experienced a slight increase in investment to $9.1 billion, with significant transactions occurring in the second half of the year [26][35]. - Regtech investments reached $7.4 billion, with a focus on AI-driven solutions and compliance technologies [105][111]. M&A and Private Equity Trends - M&A activity decreased from $28.1 billion in the first half to $21.6 billion in the second half of 2024, but Q4 showed a significant recovery [24][18]. - Private equity investments dropped sharply from $10.5 billion in 2023 to $2.55 billion in 2024, reflecting a cautious approach among investors [24][25]. Future Outlook - The report anticipates a recovery in fintech investments in 2025, driven by declining interest rates and reduced uncertainty following key elections [6][21]. - B2B fintech companies are expected to attract significant attention, particularly in payments and regtech sectors [29][30].