RBETA’s Post

India is home to the world’s biggest FinTech market with UPI becoming the backbone of our daily financial interactions. More than 330 million Indians use Unified Payment Interface every day and over 40 per cent of all financial transactions done in India are digital. India has recorded a 59 per cent surge in total funding received by the Indian FinTech sector in Q1 2024 compared to the preceding quarter of 2023, an unparallel rise in the industry. To celebrate India's prowess in the world of financial technology, the Republic Business Emerging Tech Awards 2024 (RBETA 2024) is going to underline the nation's remarkable rise as a global FinTech superpower. Tapan Sharma | Sanjeev Choudhary | Anuj Kakar | Amit Tayde | Sharmila Bhowmick | Shruthi Murali | Roshni Y. | Shashikant Khandait | Republic World | RBETA | Anirudh Trivedi | Rajat Mishra . . . #DigitalIndia #TechEmpowerment #ConnectivityForAll #RBETA #RBETA2024 #DigitalTransformation #TechForAllWelcome #technology #Technologyawards

India is home to the world’s biggest FinTech market with UPI becoming the backbone of our daily financial interactions. More than 330 million Indians use Unified Payment Interface every day and over 40 percent of all financial transactions done in India are digital. India has recorded a 59 percent surge in total funding received by the Indian FinTech sector in Q1 2024 compared to the preceding quarter of 2023, an unparallel rise in the industry. To celebrate India's prowess in the world of financial technology, the Republic Business Emerging Tech Awards 2024 (RBETA 2024) is going to underline the nation's remarkable rise as a global FinTech superpower. . . Tapan Sharma | Sanjeev Choudhary | Anuj Kakar | Amit Tayde | Sharmila Bhowmick | Shruthi Murali | Roshni Yadav | Shashikant Khandait | Republic Digital | Republic Business | RBETA | Anirudh Trivedi | Rajat Mishra . . . #DigitalIndia #TechEmpowerment #ConnectivityForAll #RBETA #RBETA2024 #DigitalTransformation #TechForAllWelcome #technology #Technologyawards | #Republic | #RepublicTV | #RepublicLIVE

India is home to the world’s biggest FinTech market with UPI becoming the backbone of our daily financial interactions. More than 330 million Indians use Unified Payment Interface every day and over 40 percent of all financial transactions done in India are digital. India has recorded a 59 percent surge in total funding received by the Indian FinTech sector in Q1 2024 compared to the preceding quarter of 2023, an unparallel rise in the industry. To celebrate India's prowess in the world of financial technology, the Republic Business Emerging Tech Awards 2024 (RBETA 2024) is going to underline the nation's remarkable rise as a global FinTech superpower. . . Tapan Sharma | Sanjeev Choudhary | Anuj Kakar | Amit Tayde | Sharmila Bhowmick | Shruthi Murali | Roshni Yadav | Shashikant Khandait | Republic Digital | Republic Business | RBETA | Anirudh Trivedi | Rajat Mishra . . . #DigitalIndia #TechEmpowerment #ConnectivityForAll #RBETA #RBETA2024 #DigitalTransformation #TechForAllWelcome #technology #Technologyawards | #Republic | #RepublicTV | #RepublicLIVE

India's digital boom is powered by innovation, and fintech is at the forefront! Our latest article explores how full-stack fintech solutions are empowering businesses and transforming financial services for millions. We dive into the "Fintech Pyramid of Needs" and the benefits of a unified approach, along with a glimpse into the exciting future of Indian fintech. What are your thoughts on the role of fintech in India's digital economy? Join the conversation and share your insights in the comments below! Read the full article here: https://lnkd.in/gjTtbREA #Fintech #India #DigitalPayments #Fullstack #Finance #FutureofFinTech #AI #growth

India is witnessing a remarkable growth in the Fintech sector, driven by the rapid adoption of digital technologies, supportive policies, and increasing consumer demand. According to a recent report, India's Fintech market size was $31 billion in 2021, making it the third largest in the world, behind the US and China. The report also projected that the Fintech sector would grow at a compound annual growth rate of 22% and reach $150 billion by 2025. Some of the key segments that are contributing to the Fintech boom in India are payments, digital lending, insurtech, wealthtech, and blockchain. The payments segment, in particular, has seen a phenomenal rise in volume and value, thanks to the widespread adoption of Unified Payments Interface (UPI), which accounted for 46% of all real-time transactions worldwide in 2022. The digital lending segment has also witnessed a surge in demand, especially from the segments such as MSMEs and individuals, who can access credit easily and conveniently through online platforms. The insurtech segment is expected to grow by 15x to reach $88.4 billion by 2030, as more consumers opt for customized and affordable insurance products. The wealthtech segment is also gaining traction, as more retail investors enter the market and seek digital solutions for managing their wealth. The blockchain segment is emerging as a promising area for innovation and collaboration, as various stakeholders explore its potential applications in areas such as remittances, trade finance, and identity management. The Fintech sector in India is also attracting significant investments from domestic and foreign players, who are keen to tap into the huge market opportunity and leverage the talent pool and infrastructure available in the country. India has more than 2,100 Fintech startups as of 2021, with several of them achieving unicorn status. The Fintech funding in India reached $10 billion (approx) from 2014 to 2022, with major deals happening in segments such as payments, lending, neobanking and insurance. The future of Fintech in India looks bright and promising, as the sector continues to innovate and evolve to meet the changing needs and expectations of the consumers and businesses. India has the potential to become a global leader in Fintech, as it leverages its strengths in technology, policy and market size. I am excited to be a part of this journey and witness the transformation that Fintech is bringing to the financial services industry in India. #fintech #fintechrevolution #india #growth

Full-Stack Fintech: Powering India's Digital Boom 🔥 India's digital economy thrives, with fintech at its core. By 2030, the market is expected to reach a staggering $2.1 trillion, transforming financial services for millions. This article explores full-stack fintech solutions and their role in empowering India's digital businesses. The Fintech Pyramid of Needs ✅ Movement of Money: The foundation is the ability to make and receive digital payments. Full-stack solutions provide support for various methods, bank integrations, and recurring/non-recurring payment options. Advancements like SoftPoS (Software Point of Sale) enable offline payments. ✅ Reliability and Timeliness: Up-time and transaction success rates are crucial. A robust fintech stack minimizes lost revenue due to payment failures. ✅ Security: Fraud detection and risk management safeguard businesses. KYC and verification protocols ensure transaction legitimacy. ✅ Data-Driven Insights: Businesses need tools to understand payment flows. Full-stack solutions offer data repositories and dynamic discount engines for financial strategy optimization. Full-Stack Benefits✨ 🤝 Efficiency: Integration within a single platform streamlines operations, saving businesses time and resources. 🤝 Enhanced Customer Experience: Frictionless payment processing translates to a smoother customer experience,fostering higher conversion rates. 🤝 Improved Security and Control: Consolidated data management reduces breach risk and empowers businesses with greater control. The Future of Indian Fintech🇮🇳🔮 As India chases a $5 trillion economy, fintech is a game-changer. Here's a look ahead: 💻 AI-powered Solutions: Generative AI will personalize financial services and user interfaces in regional languages. 💻 Voice-Activated Technology: Advancements can expedite KYC processes, but regulations need to adapt to counter deepfakes. 💻 Evolving Regulatory Landscape: The RBI's proactive approach fosters innovation with initiatives like card tokenization and digital lending guidelines. 💻 Data Governance: A centralized data storage platform proposed by the RBI is crucial for data privacy and security. 💻 Tailored SROs: The RBI's move to establish SROs for specific segments demonstrates a commitment to effective regulatory oversight. Conclusion 🙂↕️ India's booming fintech sector is fueled by smartphone penetration, affordable data, and a young, tech-savvy population. Full-stack solutions offer businesses a roadmap to success in the digital payments landscape. As the industry embraces AI, collaboration between stakeholders will be key to ensuring a secure, inclusive, and dynamic future for Indian fintech. #FinTech #India #FullStack #FutureofFintech #BNS #BitBNS #BNSIndia #Cryptocurrency #Cryptosahihai #Doyourbit (Image Source: india-briefing.com)

Disaggregated Value chain in banking/finance. A model for smaller banks?

🇮🇳 Setting up of Fintech Repository 🏆 Shri. Shaktikanta Das ( RBI) on Friday (December 8) announced setting up of a fintech repository by April 2024 🚀 Financial entities like banks and NBFCs in India are increasingly partnering with Fintechs. For a better understanding of developments in the Fintech ecosystem and to support this sector, it is proposed to set-up a Fintech Repository. This will be operationalized by the Reserve Bank Innovation Hub in April 2024 or earlier. FinTechs would be encouraged to provide relevant information voluntarily to this Repository. 🔔 Currently, India has 23 fintech unicorns and 34 fintech soonicorns – with a combined valuation of $74 Bn+ and $12.7 Bn+ respectively. 🔔 700+ Indian fintech startups have raised a whopping $27 Bn across 1.4K+ deals since 2014. 🔔 Out of all the subsectors, #Lendingtech emerged as the most funded fintech sub-sector in Q2 2023 — bagging $584 Mn across 15 deals. 🌍 Indian fintech has made rapid strides in the past few years – largely on the back of rising smartphone, internet penetration and the advent of #UPI. These fintech startups build on top of the services of existing financial institutions, offering users ease of access and convenience from the comfort of their homes. This has spawned the rise of startups such as #Paytm and #Fino Payments Bank that have gone public – while #PhonePe has acquired decacorn ($10 Bn+) valuation. With 23 fintech unicorns, the fintech sector has emerged as an attractive investment proposition for global and domestic investors. 🎯 Bottomline - $2.1 Tn+ Estimated Fintech Market Opportunity By 2030 ; The fintech market in India stands at a whopping $584 Bn. And going forward, the space is expected to grow at a CAGR of 18% to $2.1 Tn by 2030 🎯 It will be interesting to see how the fintech repository will categorize and index these Fintehs and Help in thr journey of Fintech Adption for Banks.

My perspective on challenge faced by Indian Fintech industry #Digitaltransformation #fintech #Productchallenges The Indian fintech sector has experienced phenomenal growth in recent years. Several Indian unicorns have demonstrated how innovation and digital transformation played a crucial role in their success. However, the sector also faces challenges that hinder further growth, including: 1. A significant portion of the population still does not prefer digital payments due to trust issues with digital platforms. 2. Providing a simple user interface is not enough to encourage more users; investment in educational initiatives is also necessary. 3. Frequent regulatory changes pose a challenge for resource-starved startups. 4. The Indian market demands a lot of discounts, cashback offers, etc., making it challenging for startups to remain competitive and attract more users. 5. Ensuring digital trust and security measures is essential.

😦🥴 How Inadequate API Support from Banks is Killing Fintech Innovation in India! How API Banks Are Derailing New Financial #Startups with Inadequate Support in India Introduction_ (#)India's #fintech sector has seen tremendous growth, but many startups face significant challenges due to inadequate #API (Application Programming Interface) support from #banks. This lack of support is derailing the progress of new financial startups in India. The Promise of API Banking_ (#)API banking should facilitate seamless integration between banks and fintech companies, allowing for innovative financial products and services. However, the reality is far from this ideal. The #Challenges Faced by Fintech Startups_ 1. Inconsistent API Standards: (#)Different banks have their own poorly documented and inconsistent APIs, forcing startups to spend excessive time on integration. 2. Limited Functionality: (#)APIs with limited functionality, such as those not supporting cross-border payments or real-time data, hinder fintech scalability. 3. Slow Processes: (#)Obtaining API access from banks is often slow and bureaucratic, delaying product launches. 4. Lack of Support: (#)Banks are traditionally cautious, offering little proactive support or collaboration, leaving startups struggling to troubleshoot issues. The Impact on #Innovation and #Growth _ (#)This inadequate support stifles innovation and undermines investor confidence, making it difficult for startups to demonstrate their value proposition. The Need for Change_ 1. Standardized APIs: (#)Establishing standardized APIs across banks can reduce integration challenges. 2. Enhanced API Functionality: (#)Expanding API functionality to support broader financial services is crucial. 3. Streamlined Processes: (#)Simplifying the process for obtaining API access and reducing bureaucratic hurdles can accelerate innovation. 4. Proactive Support: (#)Banks should foster collaboration with fintech startups through dedicated support teams and comprehensive documentation. 🎫 The fintech sector's potential in India is immense, but inadequate API support from banks is a significant barrier. By addressing these challenges, banks can help drive innovation and ensure the success of new financial startups, securing India's place as a global fintech hub.