BCG波士顿咨询&QED投资者：2025年全球金融科技报告：规模化赢家与新兴颠覆者（英文版）

This class of scaled fintechs can be seen as the “winners” of the first era of fintech. As they continue to entrench themselves into the financial services landscape, they will increasingly be expected to act like mature public companies, navigating increased regulatory scrutiny, public earnings cycles, and intense competition from upstarts. This will require much sharper capital allocation and continuous optimization of their business models in relatively pedestrian domains such as risk mana