Social:FinTech in India
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
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]
References
- ↑ "Fintech sector proving to be talent magnet". The Economic Times. 26 April 2016. http://economictimes.indiatimes.com/jobs/fintech-sector-proving-to-be-talent-magnet/articleshow/51986723.cms. Retrieved 22 May 2016.
- ↑ "FinTech Gaining Momentum in India with Paytm's Payment Banks". 2 May 2016. http://www.siliconindia.com/news/business/FinTech-Gaining-Momentum-in-India-with-Paytms-Payment-Banks-nid-194947-cid-3.html. Retrieved 22 May 2016.
- ↑ "What’s Driving India’s Fintech Boom?". Wharton School of the University of Pennsylvania. 11 Feb 2018. http://knowledge.wharton.upenn.edu/article/whats-driving-indias-fintech-boom/. Retrieved 11 Mar 2019.
- ↑ "India emerging as fastest-growing market for fintech software products". ZDNet. 3 May 2016. http://www.zdnet.com/article/india-emerging-as-fastest-growing-market-for-fintech-software-products/. Retrieved 22 May 2016.
- ↑ "India emerging a hub for fintech start-ups". Business Standard. 18 May 2016. http://www.business-standard.com/article/companies/india-emerging-a-hub-for-fintech-start-ups-116051700397_1.html. Retrieved 23 May 2016.
- ↑ "Fintech Valley Vizag". http://fintechvalleyvizag.com/.
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