Redefining India's Fintech sector with platform-based strategies

Abstract

India’s financial service market has a lot of untapped potential. With a population of over 1.3 billion, India is the world’s largest democracy. In parallel with economic growth, India’s integration with the global economy, fueled by 1991 economy reform has made India a global player. However, as many as 191 million Indian over the age of 15 are still without a bank account!, financial literacy in India is just around 24%, and India’s Micro, Small and Medium Enterprises (MSMEs) have a huge credit gap of USD 14 billion’. All these factors represent a solid opportunity for augmenting technological solutions with financial services to provide solutions which are quickly scalable. India's fintech landscape has observed a growing mutualistic relationship between regulatory initiatives & infrastructure blocks, which has created a platform for incumbents & insurgents to innovate upon. Over the last two decades, India's focus on financial inclusion has resulted in the development of India Stack (Aadhaar, eKYC, eSign, UPI, & DigitalLocker). India Stack is an initiative to decode the country's financial inclusion & growth problems through cashless, fast, paperless, & presence-less API systems.