Former CEO, Ant
Search every verified Simon Hu interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. In a late 2024 appearance on the podcast "Rex & Simon Talk Fintech," Simon Hu discussed his 113-page report on the state of fintech in 2025. He described the current period as "the age of the fintech hyperscaler," stating that these companies can become larger than incumbents by playing on margin and growing faster. Hu said that fintech is "only 3% finished," having captured a small share of a $30 trillion services market. He commented that AI can push much of the work in financial services into software, making a large portion of that market addressable by software and AI agents. Hu also noted that Apple's opening of NFC access turned every iPhone into a payment terminal, beginning "the wallet wars." He described stablecoins as a "hottest category" that threatens legacy rails like SWIFT, and referred to a "'scam demic'" in which the industry lost over a trillion dollars to scams in 2023. Hu said that banks had a good year but that comfort should free up investment to transform, otherwise incumbents risk being overtaken by hyperscalers. He suggested that some fintech hyperscalers could be as big as Visa within five years and that AI agents on devices could materially shift market share by choosing which financial service to use.
“The state of fintech is good — we are in the age of the fintech hyperscaler. These companies can be bigger than incumbents by playing some margin and growing faster, and we are seeing hyperscalers come after the incumbents for the first time.”
“Fintech is only 3% finished — we've captured a tiny share of a $30 trillion services market and the narrative has shifted: fintech is back and just getting started.”
“With AI, so much of the work being done in financial services can now be pushed into software — a large portion of the $30 trillion market spent on human labor is now addressable by software and AI agents.”
“When Apple opened NFC access it changed the game: every iPhone effectively became a payment terminal and the wallet wars began — now it's open season for who gets to be your wallet.”
In this episode of “Rex & Simon Talk Fintech,” we explore Simon's new 113-page deep dive into the state of fintech in 2025.
This is a beautiful and blessing speech from a dad to his daughter Karen. I'm so touched! Good for sharing!
Sign in to search the full transcript archive, filter by topic, and access every quote from Simon Hu.