“We are surrounded by data, but starved for insights” - Jay Baer
By Yaman July 22, 2019
Nowadays, Fintech has become an arising trend in the financial sector. There has been marvellous technological advancement in the fields of finance, trade, and business. Fintech allows companies to merge finance and technology to improve traditional financial services.
Indian market is also entering into this era of innovations and therefore the existing Indian companies and the new startups have started using the technology. India has been a big growth for financial service providers. The domestic fintech sector has observed tremendous growth in the past few years. According to the India Fintech Report 2019, India is now the world’s second-biggest fintech hub with 2035 startups in the fintech sector. Isn’t it great news?
Payments form the largest share of fintech startups in India. Some of the amazing Indian Fintech startups are Paytm, Policy bazaar, Pine Labs, MobiKwik, Lending kart, etc. Among these startups Paytm is RBI-licenced and it received approval from RBI to launch Paytm Payment Bank.
As the Indian fintech startups are doing excellent and growing rapidly. Now, the question is that why should Indian startups go global? First of all, International growth is the next verge of Indian fintech startups. Let’s take an example, Abu Dhabi has a great craving for innovations. ADGM stands for Abu Dhabi Global Market. It is Abu Dhabi’s financial center which aims to make Abu Dhabi a global financial hub. Two Indian startups have already been invited by ADGM.
In short, Fintech is becoming a force of transformation in the most optimized way. Taking inspiration from Abu Dhabi, Indian fintech can certainly go international. Some of the Indian fintech startups have already built their global presence. The TheNasscom-KPMG report estimates the total fintech software and services market in India is likely to grow 1.7 times by 2020. The Indian fintech software market alone is expected to touch $2.4 billion by 2020. There are many fintech application development companies in India. NBL is a leading IT company that has already created amazing Fintech applications by combining its IT and finance expertise.
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