Financial technology in India

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
  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. "What's Driving India's Fintech Boom?". Wharton School of the University of Pennsylvania. 11 Feb 2018. Retrieved 11 Mar 2019.
  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. D'souza, Vanita (2017-09-15). "These Brothers are using AI to Kill the Brokerage Model in Capital Market". Entrepreneur. Retrieved 2020-12-07.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.