劍橋替代金融中心《全球替代金融市場基準報告》.pdf

In partnership with With support of April 2020 Global Alternative Finance Market Benchmarking The Report Trends, Opportunities and Challenges for Lending, Equity, and Non-Investment Alternative Finance ModelsThe Global Alternative Finance Market Benchmarking Report Trends, Opportunities and Challenges for Lending, Equity, and Non-Investment Alternative Finance ModelsTable of Contents Forewords ..............................................................................................................................6 Research Team ................................................................................................................ 10 Acknowledgements ....................................................................................................... 14 cutive Summary ..................................................................................................... 24 Chapter 1 The Global Alternative Finance Ecosystem ................................30 Introduction .................................................................................................................................. ..............30 ology .................................................................................................................................. ............ 31 The Size and Growth of the Alternative Finance Market......................................................34 Market Dynamics ..................................................................................................................................... 46 Market developments ............................................................................................................................ 57 Financial Inclusion .................................................................................................................................... 61 Chapter 2 A Regional Discussion on Europe having produced a series of regional reports covering online alternative financing activities in more than 185 countries. For the first time, we have consolidated our annual regional reports to produce one global benchmarking report, with the intention of presenting world-wide online alternative finance market data and insights for 2018. This report brings together the data collected from financial technology firms operating Crowdfunding, P2P/Marketplace Lending and related online capital raising activities. Over 1,200 firms from over 180 countries and jurisdictions responded to our annual survey, with 47 of the surveyed firms operating in at least two jurisdictions. This benchmarking research therefore provides the most robust and globally comparative database currently available. This global report sheds light on the evolving landscape and market dynamics of the online alternative finance industry which are now providing substantial sources of funding for consumers, start-ups, small and medium sized enterprises, and industrial verticals ranging from manufacturing sector to creative industries. In 2018, the global online alternative finance industry facilitated 304.5 billion worth of funding. Although the Chinese alternative finance market has faced considerable hardships in 2018, it still accounted for 71 of global volumes 215.4 billion. Excluding China, online capital raising activities grew by 48 year-on-year to reach 89 billion in 2018. The United States 61 billion and the United Kingdom 10.4 billion came in second and third respectively. In 2018, five additional countries surpassed the 1 billion threshold of alternative finance market volume including the Netherlands 1.8 billion, Indonesia 1.45 billion, Germany 1.27 billion, Australia 1.16 billion and Japan 1.07 billion. This report will provide further analysis in terms of regional market dynamics, institutionalization, market participation by gender as well as industry’s perception of regulations. I would like to particularly thank our European research partner for this study – Agder University, as well as our generous financial supporters Invesco, CME Group Foundation and the Inter-American Development Bank, who all made this study possible. Dr Robert Wardrop Director Cambridge Centre for Alternative FinanceThe Global Alternative Finance Market Benchmarking Report 7 As the first decade of alternative finance research grows to a close, it is more important than ever to review the state of the industry, and its remarkable development. Answering the need for this ination from regulators, industry players, as well as plat users, research plays an important role in both recording current state of the industry as well as influencing decision-making that is shaping its future. The University of Agder’s School of Business and Law is home to one of Europe’s most active and productive research teams dedicated to crowdfunding research. In the past year, we have launched a crowdfunding research center playing an important role in local, national, regional and international levels in terms of research work, academic publications, as well as industry reach out and intensive support activities in both educational and advisory roles. This year we continue our close cooperation with the University of Cambridge Center for Alternative Finance through the co-production of the first global alternative finance industry report. For the first time, this report allows stakeholders to review the global state of the industry in addition to regional analyses. Such perspective becomes more relevant every year with the intensification of cross-border activities and transactions. The current report is an impressive read on the current dynamics and operations of alternative finance highlighting its growth trajectories, innovation directions, as well as scope and impact. We continue our strong commitment to this important line of work and look forward to following its development through ever more ambitious research. Dr. Kristin Wallevik Dean School of Business and Law University of Agder Forewords 8 As Alternative Finance continues to change and evolve so too do the ways in which we measure and benchmark how companies are adopting new models of finance. Invesco has had the opportunity to collaborate with the Cambridge Center for Alternative Finance CCAF over the past few years in support of the the multiple reports coming from academic research. Historically, the alternative finance reports have been focused on regional studies, so we acknowledge that it’s quite an achievement to see the alternative finance studies being pulled together for 2018 in a way similar to the global blockchain benchmarking report. Congratulations to the team for accomplishing this new feat. This survey sample represents the largest data set collected and analysed for online alternative finance industry benchmarking research conducted by the CCAF to date. Impressively the report includes approximately 1200 unique organizational views with over 2300 firm-level observations globally. While the study provides an aggregate global view of alternative finance activities around the world, it also does a great job of breaking down findings by region to highlight regional nuances of where certain models are thriving. The report shows that while alternative finance activities crowdfunding, peer-to-peer P2P/marketplace lending or related capital raising activities slowed, mostly due to a decline in activities in China, the rest of the world including Asia Pacific ex. China saw growth. China experienced a sharp decline in activity, even though China still accounts for most of the alternative finance activity in the globe by volume with approximately 215 billion in alternative finance models. The United States and the UK came in at a distant second and third place with 61Billion and 10 Billion respectively. To support the findings, the study found that just under half of the firms who took part in the study operating in two or more countries or jurisdictions, and there was an increase in cross-border activities across all models of alternative finance the study looked at. Consistently, the largest online alternative finance model by market segmentation was P2P / Marketplace Consumer Lending. The digital nature of most P2P lending plats can offer opportunities for decreased overhead for lenders and lower interest rates for borrowers, indicating that individuals with capital see P2P and Marketplace lending as a viable option for a return on investment, and borrowers are seeing access to capital previously more difficult to attain. Often the ability to more accurately determine credit risk default also owes it success to artificial intelligence and machine learning that is able to uate on newer, less-biased parameters from previous s in traditional finance. Invesco is committed to being a client-centric asset manager, and as investor demographics change in terms of age and client expectations on digital interfaces and access to capital, it is important to keep a pulse on the ways that the world is changing its position on traditional finance and how alternative finance is being adopted and evolved throughout the world. As such, we would like to thank the Cambridge Center for Alternative Finance and all of the individuals and teams involved in the creation of this report for their research efforts and supporting the evolution and measurement of financial models around the globe. Dave Dowsett Global Head of Technology Strategy, Emerging Technology having produced a series of regional reports covering online alternative financing activities in more than 185 countries. For the first time, the CCAF has consolidated its annual regional reports to produce one global benchmarking report, with the intention of presenting world-wide online alternative finance data for 2018. This report presents the key findings from the CCAF annual global survey of online alternative finance. In all, 1,227 unique firms contributed to this study, providing 2,322 firm-level observations globally. Investigating in crowdfunding, P2P/marketplace lending or related capital raising activities, the study shows that 47 of the firms were operating in two or more countries or jurisdictions. Given the increasingly international nature of this industry, we sought to understand not only how firms function within their headquarter country, but also how they operate when entering new markets. Accordingly, when firms operate in more than one country, each entry per country is regarded as a separate firm-level observation. Breaking the survey sample down by key markets, this study captured 632 firm-level observations in Europe, 87 in the United Kingdom, 438 in China, 334 in the Asia-Pacific, 270 in Latin America and the Caribbean, 237 in the Middle East the business models employed; the innovation directions taken; and the internationalization strategies adopted towards continued growth and success. Since 2015, the Cambridge Centre for Alternative Finance CCAF, together with its research partners, has tracked the development of the alternative finance landscape. Having produced separate regional reports throughout the years, it had become clear that discussions related to the evolution of this industry can no longer be segregated geographically. Increasingly, alternative finance firms and the stakeholders they serve are engaging at an international level, and meaningful lessons can be learnt when this industry is observed from a global perspective. As a result, this year a global alternative finance report will be published for the first time. This report will combine regional analysis with a discussion of global trends, highlighting how some developments are universal while others are specific to a certain context. The regions covered in this report include the Asia- Pacific region and China; the US and Canada; Latin America and the Caribbean; continental Europe; the UK; and the Middle East and Africa . The data covered by this report is inclusive of the 2018 calendar year, with data collection and analysis occurring throughout 2019. The data was collected from alternative finance actors in 171 countries or territories between March 2019 through September 2019. This report aims to provide regulators, market participants and key stakeholders with a comprehensive and holistic view of how this industry is developing, as well as its characteristics, potential opportunities and risks. It serves as a starting point or base for more significant globally comparative analysis in the future. Terminology This report focuses narrowly on alternative finance models as they relate to capital raising activities. Though a somewhat amorphous term, at its core ‘alternative finance’ includes activities that have emerged outside of the incumbent banking systems and traditional capital markets. In particular, the capital raising alternative finance ecosystem comprises various lending, investment and non-investment models that enable individuals, businesses and other entities to raise funds via an online marketplace. Typically, these fundraisers satisfy their funding needs through pooled monies from a ‘crowd’ or network of retail and/ or professional investors. As the ecosystem has evolved, clear model types have emerged and become more delineated and sophisticated. As such, the CCAF has adopted a taxonomy of 14 models that can be broadly divided into Debt models, Equity models or Non-investment models. Debt-models, commonly associated with P2P/ Marketplace Lending activities, include non- deposit taking plats that facilitate online credit to individuals, businesses or other borrower- entities from individual lenders or institutional investors. This debt can be in the of a secured or unsecured loan, a bond or another type of debtor-note. The below models are included in this categoryThe Global Alternative Finance Market Benchmarking Report 31 Category Business Model Stakeholders P2P/Marketplace Lending 1 Consumer Lending Individuals and/or institutional funders provide a loan to a consumer borrower. Business Lending Individuals and/or institutional funders provide a loan to a business borrower. Property Lending Individuals and/or institutional funders provide a loan, secured against a property, to a consumer or business borrower. Balance Sheet Lending 2 Consumer Lending The plat entity provides a loan directly to a consumer borrower. Business Lending The plat entity provides a loan directly to the business borrower. Property Lending The plat entity provides a loan, secured against a property, directly to a consumer or business borrower. Invoice Trading 3 Invoice Trading Individuals or institutional funders purchase invoices or receivables from a business at a discount. Securities Debt Based Securities Individuals or institutional funders purchase debt-based securities, typically a bond or debenture, at a fixed interest