Opinion | Fintech – breaking boundaries to accelerate digital transformation
4 years, 2 months ago

Opinion | Fintech – breaking boundaries to accelerate digital transformation

Live Mint  

With the word 'fintech' making it to the dictionary, it is quite evident that it seems to hold a lot of potential for the future attracting investments more than ever. This has been observed in the Fintech Adoption Index published by EY, that one in three customers worldwide are at least using two provisions offered by fintech with the average customer awareness of fintech touching up to 84%. These infrastructural supports include artificial intelligence, big data in data analytics, machine learning, blockchain and robotic process automation. Digital payments and online transactions have witnessed very high levels of adoption touching a value of $500 billion by 2020 as cited by the report published by Google-Boston Consulting Group. With UPI predicted to overtake global giants, Visa and Mastercard as a more preferred mode of payment in the next 3 years, fintech promises enormous levels of adoption and success in India.

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History of this topic

India's fintech revolution driving global ease of living, says Modi in Mumbai
3 months, 3 weeks ago

India's fintech revolution driving global ease of living, says Modi in Mumbai

Hindustan Times  

Mumbai: Prime Minister Narendra Modi, addressing the Global FinTech Fest in Mumbai on Friday, declared that India's fintech revolution has enhanced the quality and dignity of life, and will bring ease of living to the entire globe in the future. Modi emphasised the unique nature of India's fintech revolution, noting, "The fintech revolution of India is not only known for …

Govt taking various measures at policy level to help fintech sector: Modi
3 months, 3 weeks ago

Govt taking various measures at policy level to help fintech sector: Modi

Deccan Chronicle  

Mumbai: Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over USD 31 billion investments in the last 10 years, and the abolition of the Angel Tax is also a step towards the growth of the segment. Addressing the Global Fintech Fest 2024 here, the …

PM Modi at Global Fintech pavilion in Mumbai: Govt taking various measures at policy level to help fintech sector
3 months, 3 weeks ago

PM Modi at Global Fintech pavilion in Mumbai: Govt taking various measures at policy level to help fintech sector

The Hindu  

Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over $31 billion investments in the last 10 years, and the abolition of the Angel Tax is also a step towards the growth of the segment. Addressing the Global Fintech Fest 2024, the Prime Minister also …

The AI-Fintech connection: Transforming the financial ecosystem
6 months ago

The AI-Fintech connection: Transforming the financial ecosystem

Hindustan Times  

The financial ecosystem is experiencing a massive shift brought about by the rapid development of Artificial Intelligence and its integration into financial technology. {{^userSubscribed}} {{/userSubscribed}} {{^userSubscribed}} {{/userSubscribed}} Privacy and security concerns are also more important than ever as AI systems require huge amounts of data to work efficiently. These advisors that utilise artificial intelligence study market data, measure risk tolerance …

The impact of technology on finance: Enhancing experiences and safety
8 months, 2 weeks ago

The impact of technology on finance: Enhancing experiences and safety

Hindustan Times  

The proliferation of financial technology and digital banking services has revolutionised the financial landscape, making access to finance more convenient and inclusive. The prominence of fintech platforms and the increasing digitalisation of banks have democratised financial services, expanding access beyond metropolitan cities. There is a significant increase in instances of fraudsters posing as employees of fintech platforms, attempting to obtain …

Only 6% of Retail Banks Have a Plan to Drive AI-driven Transformation
9 months, 2 weeks ago

Only 6% of Retail Banks Have a Plan to Drive AI-driven Transformation

Deccan Chronicle  

Mumbai: While 80 per cent of retail bank executives believe that generative artificial intelligence represents a significant leap in advancing AI technology, only 6 per cent of the retail banks are ready with a roadmap for enterprise-wide AI-driven transformation at scale revealed the 20th anniversary edition of the Capgemini Research Institute’s World Retail Banking Report, published on Tuesday. “Globally, only …

Fintech Start-Ups See Fewer Incorporation In 2023, Survey By Growthpal Reveals
10 months ago

Fintech Start-Ups See Fewer Incorporation In 2023, Survey By Growthpal Reveals

ABP News  

Fewer fintech start-ups got incorporated in India in 2023, a survey revealed. The survey by Growthpal, a mergers and acquisitions deal sourcing platform, found that the number of fintech start-ups that got incorporated in India in 2023 stood 72.6 per cent lower than 2021 and 55.55 per cent lower than 2022. However, the subsequent introduction of new regulations and compliance …

Digital Banking To Crypto To KYC: Fintech Is Reshaping Finance, Can Beat Disruptions With 5 Principles
1 year, 1 month ago

Digital Banking To Crypto To KYC: Fintech Is Reshaping Finance, Can Beat Disruptions With 5 Principles

ABP News  

By Vinod K Singh In the past half-decade to a decade, we've borne witness to a remarkable technological transformation, encompassing a broad spectrum that includes, though is certainly not confined to, the ascent of the Internet of Things, cloud computing, blockchain, cryptocurrencies, artificial intelligence, and machine learning. Fintech pioneers are engineering innovative solutions that streamline processes, heighten customer experiences, and …

Fintech players expect bumper sales during this festive season by 15-20%
1 year, 2 months ago

Fintech players expect bumper sales during this festive season by 15-20%

Live Mint  

While a surge in demand doesn't always lead to a corresponding rise in disbursements for digital lending platforms, overall disbursements tend to increase by an average of 15-20 percent during the festive period The digital lending industry is anticipating a strong resurgence in business, and can expect as much as 15-20 percent increase during the festive season, The Economic Times …

India ranks first in digital payments made globally: Report
1 year, 4 months ago

India ranks first in digital payments made globally: Report

Deccan Chronicle  

Hyderabad: Online banking and the shift to a cashless society started approximately three decades ago in India. This year, 91 billion digital payment transactions have been recorded and today India ranks first in the number of digital payments made globally. Backbase on Wednesday released the IDC Infobrief titled ‘Accelerating customer-centric transformation by balancing build and buy - A collaborative approach …

Fintech innovation could mean the end of traditional business banking
1 year, 7 months ago

Fintech innovation could mean the end of traditional business banking

The Independent  

Paysend is a Business Reporter client. Pioneering fintechs and a changing customer landscape pose a serious threat to traditional business banks – especially when serving SMEs. At the same time, the biggest banks’ lack of market dynamism and aversion to risk meant they were slow off the mark in developing new services based on the latest technology and changing customer …

Budget 2023: An Effort To Enable Environment for Inclusive Growth of Fintech, Payments Sector
1 year, 10 months ago

Budget 2023: An Effort To Enable Environment for Inclusive Growth of Fintech, Payments Sector

News 18  

Union Finance Minister Nirmala Sitharaman on February 1 presented the first Budget of ‘Amrit Kaal’, which envisions a prosperous and inclusive India, as we move towards 100 years of independence. Increase in outlay is also important to incentivise and compensate financial institutions and payment service providers as they absorb losses to create and maintain large infrastructure for the payment rails …

Fintech-Driven Digital Lending To Bridge Credit Gap In India, Says Report
1 year, 10 months ago

Fintech-Driven Digital Lending To Bridge Credit Gap In India, Says Report

News 18  

The fintech revolution is likely to spur digital lending in India, which is expected to surpass traditional avenues of lending by 2030. This will be driven by deeper inroads being made in the unsecured small-ticket size segment and the secured collateral-based high-ticket size market, according to the latest white paper Fintech-led Digital Lending: Coming of Age by Experian India in …

Union Budget 2023-24 takes AI-forward approach to technology and fintech development
1 year, 10 months ago

Union Budget 2023-24 takes AI-forward approach to technology and fintech development

Firstpost  

The Budget initiatives will shift the trajectory of growth and innovation for the tech, start-up and SaaS platforms on an upward slope The Budget has been a watershed for the technology and fintech industry in more ways than one. Artificial Intelligence and innovative technology applications are one of the big priorities in this Budget, and with this, the government is …

Budget 2023-24 Expectation: Boost liquidity flow to fintech and smaller NBFCs
1 year, 10 months ago

Budget 2023-24 Expectation: Boost liquidity flow to fintech and smaller NBFCs

Firstpost  

The new-age technology has fuelled the fintech industry’s rapid growth and expansion in recent years. Using the current user base to distribute new financial products and broadening the addressable market from digital to ‘phygital’ is likely to bring about the necessary business model modifications for a relatively mature and durable fintech industry. Flexible corporate laws needed The industry anticipates the …

Budget 2023: Tax exemptions, subsidies, and other financial support needed to support crypto sector
1 year, 10 months ago

Budget 2023: Tax exemptions, subsidies, and other financial support needed to support crypto sector

Firstpost  

The crypto sector in India needs urgent support from regulators to create a business-friendly environment for the growth of blockchain companies. Allow investors to offset, carry forward losses To provide a fair playing field for crypto assets, allowing crypto investors to offset and carry forward their losses, as well as raising the TDS exemption limit to a reasonable level, would …

Budget 2023 Expectations: These Initiatives Can Boost Fintech Sector
1 year, 10 months ago

Budget 2023 Expectations: These Initiatives Can Boost Fintech Sector

News 18  

India is fast developing a robust and vibrant ecosystem for the financial technology industry. The government has undertaken several initiatives to support the burgeoning fintech industry in recent times, and it is felt that the following measures in the upcoming Budget 2023 will provide further fillip to the fintech industry and upscale the Digital India initiative: Investments for the Development …

Budget 2023: Fintech Industry Seeks Implementation Of National Digital ID System
1 year, 11 months ago

Budget 2023: Fintech Industry Seeks Implementation Of National Digital ID System

ABP News  

The fintech industry is one of the fastest-growing sectors of the economy, and there is a lot of anticipation surrounding the upcoming Budget for 2023. In this Budget, the government is expected to continue its support for the fintech industry and to announce a number of measures to promote its growth and development. Let's look at some major expectations of …

Budget 2023: Fintech Industry Eyes More Clarity On Existing Regulations, Streamlining Process For Obtaining Licenses
1 year, 11 months ago

Budget 2023: Fintech Industry Eyes More Clarity On Existing Regulations, Streamlining Process For Obtaining Licenses

ABP News  

The fintech industry has experienced tremendous growth in recent years, and it is expected to continue to play a significant role in the financial sector in the coming years. More Investments Opportunities: Another expectation is for the government to invest in infrastructure and new technologies such as artificial intelligence, blockchain, and machine learning that will support the growth of the …

Fintech In 2022: A Defining Year For Digital Lenders; Untapped Segments See Growth Potential In 2023
1 year, 11 months ago

Fintech In 2022: A Defining Year For Digital Lenders; Untapped Segments See Growth Potential In 2023

News 18  

The Indian economy has seen a recovery in the year 2022 after a two-year hit by the coronavirus waves in 2020 and 2021. Currently, about 40 per cent of payments by value are digital, contributing to a $3 trillion digital payment market on account of rapid expansion in digital infrastructure, UPI-led migration to digital, pandemic-led acceleration of shift in customer …

Fintech 2.0 in 2023: Can India unlock next level
2 years, 1 month ago

Fintech 2.0 in 2023: Can India unlock next level

Firstpost  

The FinTech industry has grown exponentially, and the wave of changes brought in by fintech has profoundly impacted financial inclusion and penetration. It has also been beneficial since a country like India caters to a large population, so it requires advanced technology FinTech has become such an integral part of the financial services ecosystem over the past few years, that …

There Is A Fintech Revolution Happening In India, And These Are The Factors Driving The Industry
2 years, 2 months ago

There Is A Fintech Revolution Happening In India, And These Are The Factors Driving The Industry

ABP News  

India has the highest adoption rate of any country in the world when it comes to financial technology, and this has ushered in a new age for the sector. Fintech's meteoric rise can be attributed to a confluence of factors, including technological advancements, altering social mores, and a regulatory climate that encourages innovation. The India stack and other forms of …

Indian FinTech market to reach $1 trillion by 2030, says CEA
2 years, 3 months ago

Indian FinTech market to reach $1 trillion by 2030, says CEA

The Hindu  

“India is among the fastest growing fintech markets in the world with a market size of $31 billion in 2021 that is expected to reach $1 trillion by 2030,” said V. Anantha Nageswaran, Chief Economic Advisor of India, Ministry of Finance, Government of India. “The next wave in the fintech sector could be the cash flow lending to MSMEs using …

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das
2 years, 3 months ago

RBI Actively Working Towards Phased Implementation Of CBDC: Shaktikanta Das

ABP News  

The Reserve Bank of India Governor Shaktikanta Das on Tuesday said that the central bank is committed to supporting innovation for fintech companies while keeping in mind consumer protection. Further, the RBI is now actively working towards a phased implementation of Central Bank Digital Currency in both wholesale and retail segments. The number of UPI QR code enabled payment acceptance …

We are well placed to let fintech lead the success of Digital India
2 years, 4 months ago

We are well placed to let fintech lead the success of Digital India

Live Mint  

From a 6.6% contraction in 2020-21, the Indian economy recorded a sharp rebound of 8.7% growth in 2021-22, by provisional estimates. The Niti Aayog report, India’s Booming Gig and Platform Economy, has underscored the role of fintech and a regulatory sandbox regime in helping India achieve its $5 trillion target. Broadly, the fintech sector is regulated under five regulations: the …

India’s fintech ecosystem restores people’s faith in democracy: MoS IT
2 years, 5 months ago

India’s fintech ecosystem restores people’s faith in democracy: MoS IT

Live Mint  

India’s fintech ecosystem has helped the nation in rebuilding the trust between the government and citizens, transforming lives and restoring people’s faith in democracy, said Union Minister of State for Electronics and Information Technology Rajeev Chandrasekhar. The minister highlighted the expansion of startups and digital ecosystem in India on the closing day of the FinTech Festival India in New Delhi …

Fintech has helped plug corruption, leaks in financial disbursements: Minister
2 years, 5 months ago

Fintech has helped plug corruption, leaks in financial disbursements: Minister

Live Mint  

BENGALURU: India’s fintech ecosystem has helped rebuild the trust between the citizens and the government, transform lives and restore faith in democracy, said Rajeev Chandrasekhar, Union minister of state for electronics and information technology, on Friday. But today, there is no leak or scope for corruption as the beneficiaries get their amounts due straight in their Jan Dhan accounts and …

Big tech firms offering financial services pose risk to financial stability: RBI
2 years, 5 months ago

Big tech firms offering financial services pose risk to financial stability: RBI

Firstpost  

Big techs can scale up rapidly and pose risk to financial stability, which can arise from increased disintermediation of incumbent institutions, RBI stated Mumbai: Big tech companies offering financial services pose risk to financial stability as their complex intertwined operational linkages with financial institutions could lead to contagion effect and potential anti-competitive behaviour, the Reserve Bank of India has said. …

UPI, CoWIN, ONDC: Public Digital Infrastructure Has Put India on the Fast Lane of Tech-led Growth
2 years, 6 months ago

UPI, CoWIN, ONDC: Public Digital Infrastructure Has Put India on the Fast Lane of Tech-led Growth

News 18  

“Government 2.0, then, is the use of technology – especially the collaborative technologies at the heart of Web 2.0 – to better solve collective problems at a city, state, national, and international level”, Tim O’Reilly, Chief Executive Officer of O’Reilly Media said in a paper published in 2010. This paper is considered the origination of the term “Government as a …

How technology has created new avenues for digital financial inclusion
2 years, 8 months ago

How technology has created new avenues for digital financial inclusion

Firstpost  

The number of active internet users in India is expected to increase by 45 per cent in the next five years and touch 900 million by 2025 from around 622 million in 2020 Financial inclusion is one of the key drivers of economic growth. With an exponential increase in mobile and internet usage and a relatively faster rate of technology …

India’s digital economy to see exponential growth to $800 bn by 2030: FM
2 years, 9 months ago

India’s digital economy to see exponential growth to $800 bn by 2030: FM

Live Mint  

India's digital economy is expected to witness exponential growth to $800 billion by 2030 on the back of rising internet penetration and increasing income, Finance Minister Nirmala Sitharaman said on Friday. "They may function from one place but they may serve any number of districts but we are also targeting 75 districts to be covered and I guess the DPU …

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending
3 years ago

Credit-starved India Cannot Achieve Double-digit Growth. It Needs Digital Banks for Lending

News 18  

The Indian economy might have been “liberalized” since the early 1990s, yet a sector–banking–still exists where a license is given and the business model defined by the regulator. The need for regulation for digital banks arises as traditional universal banks like Kotak are already offering digital banking through their 811 service. These banks can leverage a new deposit base like …

IIM Udaipur Launches Digital Fintech Centre to Develop New Financial Frameworks
3 years, 2 months ago

IIM Udaipur Launches Digital Fintech Centre to Develop New Financial Frameworks

News 18  

The Indian Institute of Management Udaipur has launched a digital fintech centre to be driven by fintech academia and stakeholders for empowering the development of financial frameworks and technical understanding of the path-breaking industry vertical. This initiative aims to bring together industry practitioners, market regulators, entrepreneurs, venture capitalists, technologists, and academicians to develop new knowledge, practices, and frameworks for the …

Digital lenders must help the vulnerable access productive credit
3 years, 6 months ago

Digital lenders must help the vulnerable access productive credit

Live Mint  

The effects of the second wave of covid on micro, small and medium enterprises are widely anticipated to be more harmful than those of the first wave. A recent article published in Mint on 6 May 2021, ‘We must study the MSME credit gap before we can fix it’ by Deep Mukherjee, emphasises the scope of digital lending based on …

‘Fintech is India’s growth enabler’
3 years, 7 months ago

‘Fintech is India’s growth enabler’

Live Mint  

Financial technology, or fintech, enables a nation’s growth as it allows access to goods and services that are otherwise not available to everyone, said Munish Varma, managing partner, SoftBank Vision Fund, at Mint’s India Investment Summit 2021. If India can bring more such services into the formal banking/lending system using companies such as Paytm, the country will grow more,” he …

Fintech is a country’s growth enabler, says Softbank Vision Fund’s Munish Varma
3 years, 7 months ago

Fintech is a country’s growth enabler, says Softbank Vision Fund’s Munish Varma

Live Mint  

Financial technology, or fintech, enables a nation’s growth as it allows access to goods and services that are otherwise not available to everyone, said Munish Varma, managing partner, Softbank Vision Fund. Speaking at Mint’s India Investment Summit 2021, Varma said, “fintech allows services to those who did not have them before, at low cost and in a frictionless manner. Japan’s …

Fintech emerges as the fastest growing tech sector: Deloitte
3 years, 9 months ago

Fintech emerges as the fastest growing tech sector: Deloitte

Live Mint  

Bengaluru-based gold loan startup, Rupeek, and digital credit solution, Zestmoney, emerged as the fastest growing technology companies in India, based on their percentage revenue growth over the past three financial years, according to a report from Deloitte Touche Tohmatsu India LLP. While announcing the 50 fastest growing technology companies, as a part of its ‘Technology Fast 50’ India 2020 report, …

WhatsApp Pay to Rely On Fintech Solutions Made By Indian Companies
4 years, 4 months ago

WhatsApp Pay to Rely On Fintech Solutions Made By Indian Companies

News 18  

One of the biggest milestones in India’s quest for becoming a Digital-First Nation has been the introduction of unified payments interface. Recently, Prime Minister Narendra Modi spoke about the growth and gaps in India’s digital economy in a recent address to leaders of the US-India Business Council. It is noteworthy that the National Payments Corporation of India recently put a …

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