FinTech

India has the world’s largest population, a sizeable percentage of whom have limited, or no access to banking services. Governmental reforms, demographic changes and technological uptake have driven digital adoption across sectors.

In early November last year, the ₹500 ($7.5) and ₹1000 ($15) currency notes were declared defunct. This demonetisation of Indian currency rapidly increased the uptake of Fintech and digital banking in a previously heavily cash reliant economy.

Over the last few years, India’s start-up ecosystem has grown in tandem, seeing over held a billion dollars in investments. Banks and financial institutions have started to leverage the ‘Fintech Boom’, together with the maturing start-up ecosystem, to create products and services for a largely underserved population. This has led to a rise in corporate R&D programmes, championed by the likes of Barclays and SwissRe. These institutions are starting to see active support from the government and regulatory bodies, resulting in start-ups across the spectrum – generation payments, P2P lending, Blockchain, bank in a box and security.