Future of Fintech in India - Opportunities and Challenges - India Briefing News
27 Nov 2018 6:08 AM GMT
India's fintech sector is rapidly expanding, boosted by flexible regulations and government policies. Learn more about its investment potential ...
- India’s financial technology (fintech) sector may be young but is growing rapidly, fueled by a large market base, an innovation-driven startup landscape, and friendly government policies and regulations.
- Several startups populate this emerging and dynamic sector, while both traditional banking institutions and non-banking financial companies (NBFCs) are playing catch up.
- Earlier this year, the National Association of Software and Services Companies (NASSCOM) reported that around 400 fintech firms operated in India, boosted in large part by foreign investments in fintech-focused startup accelerators and incubators.
- Miscellaneous Software Services : Companies are offering a range of cloud computing and technology solutions, which improve access to financial products and in turn increase efficiency in day to day business operations.
- These gaps in access to institutions and services offer important scope to develop fintech solutions (such as funding, finance management) and expand the market base.
- Reserve Bank of India : Â The RBI has so far promoted the Unified Payments Interface and the Bharat Bill Payments System, as well as digital payments, P2P lending, and the use of automated algorithms to offer financial advice.
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