Financials and Fintech

Editorial summary. Qualitative drivers are general industry context written by Invest Global, last reviewed 2026-10-08. They are not forecasts. Figures elsewhere on this page are sourced and dated.

• Sovereign-bank feedback loops
• Asset quality deterioration and forbearance
• Regulatory change on fees, caps and licensing
• Cyber and fraud losses
• Capital controls that trap earnings

Investing in frontier and emerging markets carries significant risk, including total loss. This list is illustrative and not exhaustive.

1. Deposit and capital raising
2. Lending and underwriting
3. Payments and settlement
4. Insurance and risk transfer
5. Asset and wealth management

Ranked by exposure score, a weighted percentile of sourced indicators. Select Sources on any row to see each input, its period, source and as-of date.

Top countries by Financials and Fintech exposure score

#	Country	Score	Band	Why
01	Qatar	88	High	Private sector credit is 126.8% of GDP; there are 154 mobile subscriptions per 100 people (2024, 2025). Sources
02	El Salvador	80	High	Private sector credit is 64.4% of GDP; 43.4% of adults hold a financial account (2024, 2025). Sources
03	Morocco	80	High	Private sector credit is 79.2% of GDP; 44.4% of adults hold a financial account (2024, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.03
04	Cambodia	79	High	Private sector credit is 120.7% of GDP; 39.0% of adults hold a financial account (2024, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.10
05	Hong Kong	79	High	Private sector credit is 222.7% of GDP; there are 365 mobile subscriptions per 100 people (2024, 2025). Sources
06	South Africa	79	High	Private sector credit is 89.4% of GDP; listed market capitalisation is 327.2% of GDP (2024, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.03
07	South Korea	75	High	Private sector credit is 160.3% of GDP; there are 173 mobile subscriptions per 100 people (2024). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.10
08	Japan	74	High	Private sector credit is 188.7% of GDP; there are 178 mobile subscriptions per 100 people (2023, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.05
09	Singapore	73	High	Private sector credit is 128.4% of GDP; there are 171 mobile subscriptions per 100 people (2020, 2024). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.07
10	Thailand	73	High	Private sector credit is 143.1% of GDP; there are 161 mobile subscriptions per 100 people (2024, 2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.24
11	Vietnam	73	High	Private sector credit is 125.0% of GDP; there are 128 mobile subscriptions per 100 people (2022, 2024). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.22
12	Chile	72	High	Private sector credit is 102.1% of GDP; listed market capitalisation is 136.2% of GDP (2025). Sources Economy-wide FDI restrictiveness (OECD, 0 open to 1 closed): 0.03

Exposure scores describe how large and relevant a sector is in a country's economy and opportunity set relative to other countries. They are not a measure of attractiveness, expected return or risk. Educational content only, not investment advice.

Exposure scores show relative weight. This ranking shows absolute size on one sourced measure: private sector credit. World Bank domestic credit to the private sector (percent of GDP) times GDP of the same year.

Largest countries by Private sector credit

#	Country	Private sector credit	Period
01	United States of America	$61.93 trillion	2025
02	China	$36.39 trillion	2024
03	Japan	$8.37 trillion	2025
04	United Kingdom	$4.15 trillion	2024
05	Germany	$3.52 trillion	2023
06	France	$3.40 trillion	2024
07	South Korea	$3.01 trillion	2024
08	Australia	$2.41 trillion	2025
09	India	$1.74 trillion	2025
10	Brazil	$1.71 trillion	2025
11	Switzerland	$1.59 trillion	2025
12	Italy	$1.44 trillion	2024

Derived from the cited sources as described above. A larger economy ranks higher on absolute measures even when the sector is a smaller share of its output.

Largest listed companies tagged to this sector in the Invest Global capital markets dataset, ranked by market capitalisation in US dollars. Coverage is the markets in that dataset, so it is not a global census.

Largest listed companies in Financials and Fintech

#	Company	Country	Market cap	Basis
01	China Construction Bank 601939	China	$428 billion	Invest Global sector tag
02	Agricultural Bank of China 601288	China	$358 billion	Invest Global sector tag
03	Bank of China 601988	China	$318 billion	Invest Global sector tag
04	Royal Bank Of Canada RY	Canada	$280 billion	Invest Global sector tag
05	Mitsubishi UFJ Financial 8306	Japan	$264 billion	Invest Global sector tag
06	Santander SAN	Spain	$209 billion	Invest Global sector tag
07	Toronto Dominion Bank TD	Canada	$198 billion	Invest Global sector tag
08	Allianz SE ALV	Germany	$183 billion	Invest Global sector tag
09	Commonwealth Bank CBA	Australia	$177 billion	Invest Global sector tag
10	DBS Group D05	Singapore	$174 billion	Invest Global sector tag
11	Sumitomo Mitsui Financial Group 8316	Japan	$169 billion	Invest Global sector tag
12	Banco Bilbao Vizcaya Argentaria BBVA	Spain	$159 billion	Invest Global sector tag
13	UBS UBSG	Switzerland	$152 billion	Invest Global sector tag
14	UniCredit UCG	Italy	$144 billion	Invest Global sector tag
15	Intesa Sanpaolo ISP	Italy	$134 billion	Invest Global sector tag

Not recommendations. A list of the largest companies is not a list of suggested investments. Sector tags marked Invest Global are an editorial classification of each company's main business. Market capitalisation is a snapshot, not a live quote.

Regulatory summaries are general and change often. Confirm current rules with local counsel. Not legal advice.

• Listed banks and insurers on local exchanges
• Financials and fintech sector funds
• Private minority stakes and venture investment, for qualified investors
• Local-currency government and corporate bonds

• XLF
  State Street Financial Select Sector SPDR ETF
  SELECT SECTOR SPDR TRUST
• VFH
  Vanguard Financials Index Fund
  VANGUARD WORLD FUND
• FINX
  Global X FinTech ETF
  Global X Funds

Examples, not recommendations. Each fund is confirmed in the SEC series and class file. These are US-listed funds whose holdings are mostly developed-market issuers; check each prospectus for current holdings, fees and domicile. No prices, yields or fees are shown because none are verified here.

Charts show historical data from the cited sources. Past levels do not indicate future results. Commodity series are World Bank nominal US dollar monthly benchmarks.

Each score is a weighted average of percentile ranks. For every indicator, a country's latest observation (not older than 2014) is ranked against all other countries with data (mid-rank percentile, 0 to 1). Where a lower raw value signals more headroom (for example electricity access), the rank is inverted. The weighted average of the available percentiles is scaled to 0 to 100. A cell is published only if indicators holding at least 60 percent of the weight are available; otherwise the country is omitted for that sector.

The score describes how large and relevant a sector is in a country's economy and opportunity set, relative to other countries. It is not a measure of attractiveness, return or risk, and it is not investment advice.

• World Bank, World Development Indicators CC BY 4.0
• U.S. SEC, Investment Company Series and Class Information U.S. Government work, public domain
• companiesmarketcap.com (via the Invest Global capital markets dataset) Third-party data carried over from the existing Invest Global capital markets dataset; reuse licence to be confirmed
• OECD FDI Regulatory Restrictiveness Index CC BY 4.0 (OECD content published from 1 July 2024)

Data version 2026-10-09. Every datapoint carries its source and as-of date; hover or tap a dotted value to see them.