With a population of around 1.3 billion, India is a growing market for Fintech. A large percentage of unbanked or underbanked population and the fact that it is a young nation witnessing high growth in digital penetration, makes India an exciting global space for Fintech, says a CII report on Fintecu, to be released in an event in Mumbai on October 10.
With over half a billion dollars flowing into startups, Fintech in India has grown rapidly in the last three years and the segment is expected to grow further. Banks and financial institutions have taken note of this and are actively participating in the ecosystem. The government and regulators have also taken several initiatives to boost the Fintech ecosystem and provide startups with new opportunities to launch competitive products.
Despite the rapid strides made, FinTech’s remain largely irrelevant to low-income customers and the rural populace as providers haven’t been able to develop adequate use-cases. To woo this lot, FinTech’s will not only have to develop tailor-made solutions but also overcome challenges posed by inadequate infrastructure, low literacy, and behavioral factors. And regulators will have to ensure adequate safeguards to build consumer trust. In this context Confederation of Indian Industry (CII), with the support of NITI Aayog and Ministry of Electronics and Information Technology is organizing second edition of CII Fintech Summit 2018.
The Summit will discuss and look into the gaps, challenges and opportunities to strengthen Fintech sector to be a driving force for country’s growing digital economy. The Fintech Summit will help to drive the policy interventions, bring in best practices and provide platform for knowledge sharing across the ecosystem that is needed to make India a Global Fintech Hub.