The digital push, which has resulted in strong digital adoption among consumers and SMEs, India has emerged as a preferred choice for FinTechs across the World.
In comparison to the rest of the World, India's fintech industry is the fastest expanding. Over 67 percent of the 2,400+ FinTechs in India today were founded in the last five years. The Indian Fintech sector is presently worth $31 billion and is predicted to expand to $150+ billion by 2025. The value of Fintech transactions is expected to rise from US$ 66 billion in 2019 to US$ 138 billion in 2023.
Payments, Lending, Wealth Technology (WealthTech), Personal Finance Management, Insurance Technology (InsurTech), Regulation Technology (RegTech), Cryptocurrency, Cyber Security, BankTech and other subsegments comprising the Indian Fintech ecosystem are pivotal to the growth of Indian FinTech market.
Key Sectors Covered
India is witnessing a new age of digital asset class with Cryptocurrency at its center. Indians have invested around $ 6.6 billion in cryptocurrencies till May 2021 with over 350 startups operating in the blockchain and cryptocurrency space.
While the expanding number of FinTech companies in India is encouraging, their presence alone will not bring more individuals into the fold of financial inclusion. FinTechs, banks, and regulatory agencies must work together to enhance financial inclusion.
As compared to other countries India and Asia are being subjected to successful attacks. With rising concerns about the cybersecurity incidents in India, a robust Cyber Security strategy and its implementation is key to India’s continuous success in the FinTech space.
With the introduction of modern technologies such as Artificial Intelligence (AI), Machine Learning (ML), BlockChain, and Robotics, the banking industry in India is preparing for a transformational space and FinTech is expected to play a big part in that transformation .
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