- According to the Global Fintech Report,India has surpassed China as the leading fintech startup hub in Asia by attracting almost 50% more funding than their Chinese counterparts.
- FinTech or financial technology 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.
- China has always remained a dominant player in the fintech startup space in Asia but overtime the situation has reversed with cautious investors and a tighter regulatory environment.
- India has seen leading global companies such as Google, Amazon expanding their reach into the fintech space while there is also a growing number of new startups among a market with industry leaders like Paytm and Phonepe.
- According to NITI Aayog,India is one of the fastest growing FinTech markets globally and industry research has projected that USD 1 Trillion or 60% of retail and SME credit,will be digitally disbursed by 2029.The Indian FinTech ecosystem is the third largest in the world,attracting nearly USD 6 billion in investments since 2014.
7 min read