The Indian FinTech market has been on an upward growth over the last five years. This is evident with an increase in both the number of FinTech companies founded and the investment they have attracted. From January 2013 approximately 2,000 FinTech companies are turning India into a hotbed of entrepreneurial activity. This has also translated into increased consumer adoption of FinTech solutions. In 2018, India ranked second globally in the FinTech adoption rate. The average percentage of FinTech users in the country is with a strong technological ecosystem as its backbone and a huge market base with a low penetration of financial services (FS), the Indian FinTech market holds immense potential.
The financial technology services sector has witnessed a boom like no other. In the last three-four years, technology has touched different facets of the financial sector – payment services, lending, wealth-tech, personal finance management, insurance and more. The traditional financial industry has undergone a dramatic transformation. According to a report, India now has the second largest number of Fintech startups in the world after the US. This sector is rapidly expanding owing to high interest levels from corporates, investors and the government. This sector will continue to witness acceleration with Indian Fintech market potentially touching 2.4 billion dollars by 2020.
Many Israeli companies focus on Fintech. Companies rely on groundbreaking Israeli technological advances in fields such as big data analytics, artificial intelligence, Blockchain and computer vision. Israeli regulators – mainly the Bank of Israel and the Commissioner of the Capital Markets, Insurance and Savings have expressed their view that technological progress is key to maintaining an efficient, consumer-friendly market.
Relevant companies, interested to learn more on Israel innovative technology /solutions are invited to contact the Economic and Trade Department at the Israeli Consulate General in Bengaluru.
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Kavitha Saravanan, Trade Officer, Trade and Economic Affairs
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