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A new wave of growth: why India’s fintech ecosystem will see faster evolution in 2023

Earlier this year, India’s Unified Payments Interface (UPI) was integrated with Singapore’s PayNow to enable users from both countries to access faster and more efficient cross-border remittances. The development is a testimony to India’s growth as a digital payments superpower and will help foster an ecosystem for financial inclusion while fuelling the growth of fintech and invest-tech startups in the country.

Catapulted by faster digital adoption, several niche and innovative fintech startups have mushroomed in the country to cater to customers looking to invest online. In 2020, India breached the milestone of 100 million demat accounts, up nearly 40% from a year-ago period. Additionally, as per the data available with the Association of Mutual Funds in India (AMFI), retail investors hold more than 90% of all mutual fund accounts in the country. As per a recent report by EY, the wealth-tech segment is expected to have assets under management (AUM) of USD237 billion out of the total USD1 trillion in India’s fintech ecosystem by 2030.

So, what’s driving the rapid evolution of fintech in India?

To understand that, it is imperative to look at some key trends at the intersection of digital and financial services besides the habits and preferences among retail investors.

Super and specialised apps

In recent years, super apps that offer multiple services on the same platform have crowded the digital economy. In the context of fintech and financial services, super apps, often provided by leading banks, allow consumers to operate their accounts and manage finances including banking transactions, credit and lending, insurance, and investments in stocks and mutual funds.


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