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Sachchidanand Singh 🇮🇳
Sachchidanand Singh 🇮🇳
07 Patents | 35+ Papers | 02 Books | Advanced Analytics | Cloud | AI/ML | BI | Data & Analytics | Consulting | IEEE Reviewer | NUS Singapore | BITS Pilani | Ex-IBM ISL | Ex-Amdocs | ISB PGPpro Co’23
Published Jan 29, 2024
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According to research by early-stage venture investor Elevation Capital , the Indian fintech sector will generate almost $400 billion worth of business over the next seven years, quadrupling its current size. India currently boasts the third-largest fintech ecosystem in the world, behind the US and the UK, with over 9,000 fintech businesses. India is emerging as a global fintech superpower.
India's digital infrastructure is playing a pivotal role in the growth of tech startups, with over 300 million people using smartphones for digital transactions, billions of Aadhaar e-KYC transactions each month, and more than 2 million account aggregator consent requests processed monthly.
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Fintech lending is expected to overtake traditional bank lending by 2030, according to a recent report by the Centre for Advanced Financial Research and Learning (CAFRAL) . Digital lending solutions need to be expanded beyond the metros in order to reach consumers and small businesses in Tier-III cities and beyond. Stronger credit flow to merchants across remote parts of the country is expected as a result of the Open Credit Enablement Network (OCEN).
The following technologies and policies will be key drivers for tapping the full potential of the fintech industry:
The fintech industry needs stronger regulations to address issues around data privacy and cyber security. This is a great time for GCCs to expand and lead India into the next stage of the digital revolution because there is a growing demand for IT talents, particularly in new-age technologies like AI, ML, analytics, data science, and other digital competencies. With more than 1500 GCCs based there, India is a major center for Global Capability Centers (GCCs), which are essential to the expansion of the tech sector.
Digital public infrastructure has been a driving force behind the expansion of fintech in India. It is anticipated that these collaborations between fintechs and government agencies will grow in an ecosystem that supports loans, investments, insurance, and payments, among other areas.
PS: The views expressed in this post are my own and don't necessarily represent my employer's positions, strategies, or opinions.
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