FINTECH OR FINANCIAL TECHNOLOGY REFERS TO AN INDUSTRY THAT CONSISTS OF ORGANIZATIONS THAT UTILISE TECHNOLOGY TO OFFER NECESSARY AS WELL AS ADVANCED FINANCIAL PRODUCTS AND SERVICES.
Globally the Fintech software and services sector is predicted to touch USD 45 billion by 2020 at a CAGR of 7.1%. According to the NASSCOM (National Association of Software and Services Companies) report, India currently has close to 500 fintech companies with an investment of approximately $500 million and is predicted to grow 1.7 times by 2020 reaching the $8 billion worth.
INDIAN FINTECH LANDSCAPE:
The Indian FinTech Industry is roughly segmented as follows:
Banking – 32%
Payment Processing – 34%
Trading – 12%
FINTECH START- UP ECOSYSTEM IN INDIA:
This story is from the June 2018 edition of Mad About Money.
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