IDC Financial Insights has revealed a list of 10 fast growing fintechs (financial technology companies) in India.
Michael Araneta, associate vice president for IDC Financial Insights, said the Indian Government has been the most aggressive among all other markets in achieving the goal of bringing the population to the formal financial services sector.
IDC mentioned specific initiatives like Aadhaar (biometrics-based unique identity number for all residents), Pradhan MantriJan-Dhan Yojana (national mission to ensure access to financial services), and UPI (unified payments interface) are driving the growth of fintechs.
IDC said that recent regulations and guidelines related to digital payments and KYC/AML practices are encouraging. While the effect of regulations for P2P marketplaces is yet to be seen fully, the new regulation is likely to act as a catalyst towards creating trust and confidence between the investors and borrowers.