KPMG: ESG Fintech Market Could Grow Seven-Fold: The market size for ESG-related financial technology could surge by over seven-fold in the next five years, according to a KPMG partner, as the world intensifies sustainability efforts. ESG fintech
Globally, authorities in finance and beyond are increasingly pushing sustainability as a core priority for businesses, creating top-down drivers for new industries within the ESG field. This includes financial technology, which could see a sharp surge in the coming years.
According to a Singapore Fintech Festival 2022 report citing KPMG partner and global fintech head Antony Ruddenklau, the ESG fintech market worldwide could grow from $21 billion in 2022 to over $160 billion in the next five years due to regulatory trends. «This is probably the largest change we’ve seen since International Financial Reporting Standards were introduced 20 years ago,» he said. A 2020 report by McKinsey noted that lack of proper data figured in two of the top three reasons companies didn’t assess ESG programs when judging competitors, suppliers, or capital programs. A lack of expertise to analyze data was ranked second by investors and third by executives.
«This is where fintech comes in. Fintech enterprises are nimble. They’re born in the cloud with data as a product. They can support fast transitions and help larger organizations to innovate,» Ruddenklau added.
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