摩根大通：2026创新经济：金融科技行业研究报告（英文版）（21页）.pdf

1、INNOVATION ECONOMY Sector spotlight:Fintech 2026Executive summary Fintech is entering a phase of renewed momentum.After a recalibration period,the sector roared back in 2025 with the IPO window reopening and M&A activity accelerating as several well-capitalized startups consolidated to build full-st

2、ack platforms.Money movement remains the sectors defining theme,with payments,B2B infrastructure and stablecoins attracting significant investor attention.Stablecoin transaction volume has more than quadrupled in under three years,signaling that tokenized finance is no longer theoretical.Agentic com

3、merce is emerging as a compelling frontier,particularly in B2B contexts where autonomous transactions can operate within clearer regulatory guardrails.For vertical SaaS companies,the strategic imperative has shifted from owning the system of record to powering the system of action.Embedding payments

4、 allows these platforms to own more of the customer journey,transforming software from a workflow tool into a revenue engine while delivering the seamless,unified experience that their customers increasingly expect.The complexity of building these capabilities creates durable moats.Were energized by

5、 the innovation happening across the fintech landscape and eager to work with founders building the next generation of financial infrastructure.-Frank Medrano Head of Fintech and Payment Banking:Frank Medrano Head of Fintech and Payment Banking,Commercial Bank 2Authors:Nick Candy Head of Innovation

6、Economy Insights Vincent Harrison Innovation Economy Insights AnalystContents 01 Macro themes 02 Investment theme s03 Embedded payment s04 Liquidity and exits301 Macro themes1502274165551142015201620172018201920202021202220232024202547%44%53%55%52%52%202020212022202320242025More bank charters were f