The fintech industry in India continues to flourish, solidifying its position as a global leader. With 26 fintech unicorns, including one decacorn, India's fintech ecosystem is the third largest and one of the fastest-growing globally. The ecosystem boasts a combined market value of USD 90 billion and is likely to reach USD 1.5 trillion by 2025.
In the world of finance, fintech has disrupted the way business happened even a decade ago. It has changed insurance and investment industries for consumers in varied ways. Technological progress and innovation are the mainstay of fintech and will continue to drive disruptive business models. Emergence of technological advances in AI, ML and automation has redefined the way businesses and customers carry out routine transactions from wallets to lending to insurance to wealth management.
A robust regulatory framework that has paved the way for innovation lies at the heart of India's fintech success story. JAM trinity (Jan- Dhan, Aadhar, Mobile/5G), digital public goods infrastructure (AA, OCEN and UPI) and India Stack have truly been the catalysts for Indian fintech start-ups to leverage and build large businesses.
Fintech companies are on a path of enhancing their growth and building a reputation in the industry. Amidst the progress, where technological advancements are transforming the traditional financial structure, they also continue to confront a myriad of challenges. The companies face resistance to user retention, ever-changing regulatory changes, lack of tech- savviness, shifting from legacy to modern systems, increasing cyber risks, and frauds.
To strike a balance between the adoption of technologies and traditional systems, the industry needs to embrace innovation and stay up to date on emerging trends. The fintech landscape is likely to continue to shape with regulatory developments with a focus on fostering innovation, ensuring compliance and safeguarding consumer interests. Fintech companies need to leverage end-to-end seamless journey for the customers to have a user-friendly experience.
ICC is organising the 7th ICC Financial Innovation in BFSI toaddress the existing and emerging challenges for the sector. It will also provide valuable insights from senior industry experts along with the technological innovations that provides opportunities for growth and long-term sustainable fintech.
To know more details, please contact
Ms Sangita Singh M: 9830183972 Email: sangita.singh@indianchamber.net
Ms Pallabi Singha Roy M: 8240803837 Email: pallabi.roy@indianchamber.net
Mr Arghya Adhikary M: 9874035204 Email: arghya.adhikary@indianchamber.net
