Financial technology in India
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Financial technology (also called FinTech) has emerged as a relatively new industry in India.[1] FinTech is an industry comprising companies that use technology to offer financial services. These companies operate in insurance, asset management and payment, and numerous other industries.[2]
Market size and growth
The Nasscom (NASSCOM)-KPMG (KPMG) report estimates that the total fintech software and services market in India was around $8 billion in 2016 and likely to grow 1.7 times by 2020. The report adds that the transaction value for the Indian fintech sector was approximately $33 billion in 2016 and slated to reach $73 billion in 2020 growing at a five-year compound annual growth rate (CAGR) of 22%.[3]
The Indian FinTech landscape is segmented as follows: 34% in payment processing, followed by 32% in banking and 12% in the trading, public and private markets.[4] Accelerators and incubators tapping the startup ecosystem include PayPal’s Star Tank, Yes Bank’s collaboration with T-Hub, among others.[5] Visakhapatnam (Vizag) is being developed as FinTech valley and the local government of Andhra Pradesh opened Fintech Valley to promote the investments in this area.[6]
Finvasia is a fintech started by Indian former Wall Street investors and relocated it's headquarters to India.[7]
References
- ^ "Fintech sector proving to be talent magnet". The Economic Times. 26 April 2016. Retrieved 22 May 2016.
- ^ "FinTech Gaining Momentum in India with Paytm's Payment Banks". 2 May 2016. Retrieved 22 May 2016.
- ^ "What's Driving India's Fintech Boom?". Wharton School of the University of Pennsylvania. 11 Feb 2018. Retrieved 11 Mar 2019.
- ^ "India emerging as fastest-growing market for fintech software products". ZDNet. 3 May 2016. Retrieved 22 May 2016.
- ^ "India emerging a hub for fintech start-ups". Business Standard. 18 May 2016. Retrieved 23 May 2016.
- ^ "Fintech Valley Vizag". fintechvalleyvizag.com. Retrieved 2017-02-02.
- ^ D'souza, Vanita (2017-09-15). "These Brothers are using AI to Kill the Brokerage Model in Capital Market". Entrepreneur. Retrieved 2020-12-07.