April 23, 2021India
Indian Fintechs Ride Digital Payment Wave to Expand to Lending, Wealth, Insurance
With approximately 200 million active users and 30 million merchants, Indian payments players are now taking advantage of the growth of digital payments to expand into other financial segments beyond their core offerings, including wealth management, insurance, and digital lending.
First in the lending sector, in 2019 alone, retail digital loans reached $ 110 billion, growing at a compound annual growth rate (CAGR) of 43% since 2012. Digital loan players have seen their growth grow. market share steadily in recent years. But a separate report from Singapore-based big data and artificial intelligence (AI) company Advance Intelligence Group suggests that the pandemic further accelerated the growth of India’s digital loan startups.
Additionally, with COVID-19 pushing customers to turn to online channels, Wealthtech startups and Fintech brokers saw an increase in user subscriptions. Total brokerage accounts in Fintech brokers increased about 50% in a nine-month period after the pandemic.
Furthermore, the accelerated evolution of Fintech in India has been driven by the so-called India Stack, a project aimed at creating a unified software platform to bring the people of India into the digital age.
https://fintechnews.sg/49487/india/indian-fintechs-ride-digital-payment-wave-to-expand-to-lending-wealth-insurance/
#EXPALUX #LENDING #INDIA
