The fintech sector is currently undergoing rapid expansion, revolutionising the way individuals and businesses engage with financial services. Through advancements in digital payments, blockchain technology, and artificial intelligence, fintech firms are enhancing the accessibility, efficiency, and security of financial transactions.
Whether it pertains to mobile banking, peer-to-peer lending, or wealth management, the leading fintech companies are spearheading this shift.Â
Speaking at the BT Banking & Economy Summit, Gunit Chadha, Founder, APAC Financial Services, said that the surge in digital requirements, spanning from transactions to financial strategizing, has created both avenues for growth and regulatory hurdles for fintech companies, catalyzing swift progress in the industry.
Talking about the next big moment for the fintech sector just like UPI a few years ago, Chadha said the rural acceptance of digital payments could be the next big thing for the sector.Â
“I think when the rural and semi-rural India become digitally literate and included in the digital financial architecture, I think that’s when we can say fintechs have truly arrived. And that’s not very far away. Digital footprint is getting created every single day. Therefore, the next UPI moment for India could be not more than 5 years from now. I think we are headed in the right direction,” Chadha said on Thursday.Â
India is home to the third-largest fintech startup ecosystem globally, positioning itself as a rapidly expanding sector. With over 9,000 fintech companies operating across various industries, they collectively account for a significant 14% share of total startup funding in the country.
The increasing demand for digital solutions, including payment services and financial advice, has created opportunities for growth and innovation within the fintech industry. However, these enterprises also encounter regulatory challenges that add complexity to the sector, driving its rapid evolution.
Â