Shared concerns, different exposure The same pressure looks different from different parts of the system Respondents broadly recognise the same set of pressures, but institutional position changes what those pressures mean: Capital providers Geopolitics and climate-related threats stand out distinctly as their top trends and challenges; more than half select AI-led credit appraisal as AI’s most significant role. Capital providers Ecosystem enablers/ infrastructure organisations Changing capital flows is their leading trend; last-mile reach remains a central challenge. They are the group most likely to see local or regional actors filling the funding gap. They see resilience to shocks as by far the top priority going forward. Ecosystem enablers/ infrastructure organisations TA providers Emerging technology is their highest-ranked trend; AI, data misuse and fraud are their leading challenges. They see climate-smart finance/adaptation as the leading priority. TA providers Researchers and knowledge institutions This is the group that considers AI and emerging technologies to be the main trends and challenges; they’re also the most likely to expect that the funding gap will remain. They are the group that places the highest priority on SME/enterprise finance. Researchers and knowledge institutions Financial service providers Last-mile reach is the highest-ranked challenge; women’s economic empowerment and resilience lead their trend rankings. They are particularly focused on sustainably reaching last-mile populations. Financial service providers 2. Results