FinTech in India

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FinTech or financial technology 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[edit]

According to the report of The National Association of Software and Services Companies (NASSCOM), India has a presence of approximately 400 companies in the fintech industry, with an investment of about $420 million (in 2015). The NASSCOM report also estimated the fintech software and services market to grow 1.7 times by 2020, making it worth $8 billion.[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][7]

References[edit]

  1. ^ "Fintech sector proving to be talent magnet". The Economic Times. 26 April 2016. Retrieved 22 May 2016.
  2. ^ "FinTech Gaining Momentum in India with Paytm's Payment Banks". 2 May 2016. Retrieved 22 May 2016.
  3. ^ "Fintech revolution in India: Tech-finance collaboration has fired up entrepreneurs". The Financial Express. 23 May 2016. Retrieved 23 May 2016.
  4. ^ "India emerging as fastest-growing market for fintech software products". ZDNet. 3 May 2016. Retrieved 22 May 2016.
  5. ^ "India emerging a hub for fintech start-ups". Business Standard. 18 May 2016. Retrieved 23 May 2016.
  6. ^ "Fintech Valley Vizag". fintechvalleyvizag.com. Retrieved 2017-02-02.
  7. ^ "Vizag Fintech Festival". 2018-10-24.