Not long ago, fintech was viewed primarily as a private-sector story. Success depended on entrepreneurs, venture capital, and the ability of financial institutions to adapt to changing consumer expectations.
Today, the playing field looks very different.
Around the world, governments are increasingly treating digital finance, AI, payments infrastructure, and financial innovation as matters of national competitiveness. The question is no longer which markets have the strongest fintech sectors today. It's which markets are building the policy frameworks, regulatory environments, and long-term strategies that can sustain innovation for the next decade.
The 2026 Global Financial Inclusion Index set out to answer that question. By examining both the maturity of today's digital financial ecosystems and the sophistication of national fintech strategies, the research identifies a new group of markets that may be poised to shape the future of financial inclusion and economic growth.
| Government-led AI policy ranking by market | |
|---|---|
| 1 | United Kingdom |
| 2 | Denmark |
| 3 | The Netherlands |
| 4 | South Korea |
| 5 | Ireland |
| 6 | Norway |
| 7 | Israel |
| 8 | Spain |
To understand where fintech leadership may emerge next, researchers assessed how deeply digital finance is embedded in government, regulatory, central bank, and broader national economic strategies. Markets were evaluated against 20 criteria, ranging from implementation plans and funding commitments to the integration of fintech and AI into long-term development goals. Those findings were then compared against the strength of each market's existing digital financial ecosystem.
The analysis identified six distinct market cohorts. Among them, a select group of Next Gen Leaders stood out for combining strong digital foundations with ambitious and forward-looking national fintech strategies. Colombia, Hong Kong, India, Saudi Arabia, and the United Kingdom emerged as particularly well positioned to drive future gains in financial inclusion.
| Market | 2022 government support score | 2026 government support score | Five-year net change |
|---|---|---|---|
| Colombia | 25.6 | 33.4 | +7.8 |
| Hong Kong | 62.2 | 73.6 | +11.4 |
| India | 26.5 | 32.5 | +6.0 |
| Saudi Arabia | 38.3 | 59.6 | +21.3 |
| United Kingdom | 59.4 | 63.0 | +3.6 |
| Average of five Next Gen Leader markets | 42.4 | 52.4 | +10.0 |
| Average of all 42 tracked Index markets | 46.7 | 54.4 | +7.7 |
The five Next Gen Leaders increased their government support scores by an average of 10 points between 2022 and 2026, with Saudi Arabia and Hong Kong leading the way. This 10-point average increase compares with an average increase of 7.7 points across all 42 markets, suggesting their public-sector support strengthened at a faster pace than the broader Index over the five-year period.
The research reinforces a finding that has appeared throughout previous editions of the Index: Markets with stronger digital finance ecosystems often make faster progress in financial inclusion. But the analysis suggests future success will depend increasingly on deliberate national strategy rather than technology adoption alone.
According to Pushpin Singh, managing economist at the Centre for Economics and Business Research, markets that invest in fintech, embed it within broader economic policy, and develop practical AI applications are positioning themselves to build "more inclusive economies" while also strengthening long-term growth potential.
Saudi Arabia emerged as one of the clearest examples. Researchers highlighted the breadth and specificity of its national fintech strategy, including measurable targets tied to growth, investment, employment, and innovation, supported by governance structures designed to encourage responsible development.
For Kamal Bhatia, president and CEO of Principal Asset Management, the differentiator is execution.
Our research suggests the markets that pull ahead in fintech leadership will be those that can turn broad ambitions into clear, measurable action plans.
He points to the importance of accountability, funding, governance, and implementation as AI becomes increasingly embedded in financial services.
Among the markets he highlights are Colombia and India. Colombia's growing fintech sector is being supported by initiatives around interoperable payments and open finance, creating what he sees as one of Latin America's most promising environments for future innovation. India's opportunity stems from scale, where expanding access to digital payments, savings, and credit could bring millions more people into the formal financial system.
Across many of the prospective leaders, a common theme is emerging: Fintech is no longer simply a financial-services story. Increasingly, it’s becoming a strategy for economic development, workforce growth, and national competitiveness. As countries compete for investment, talent, and innovation, those with the clearest and most actionable plans may be the ones that define the next chapter of financial inclusion.
