Of late, technology is redefining the Financial Services industry globally. Fintech is no longer a buzzword, but a phenomenon knowingly or unknowingly rapidly seeping in everyone’s lives.

Financial Capitals or Fintech hubs?
London, Hong Kong, Singapore, Abu Dhabi are a few examples of leading financial capitals gradually transforming to Fintech hubs. The lines are blurring as we go ahead, where a Financial capital hosts most of your Banks and FIs, a Fintech hub supports innovation in Financial Services. Over last 2 years, we have seen significant developments and collaboration in the community of startups and Financial Institutions, leading to a thriving ecosystem.

The fast development in technology areas like AI, IoT and Blockchain, has spurred the interest of incumbents as well as innovators. The new products emerging from Fintechs offer customers cheaper, faster and easier-to-use services, and to offer financial access to people who don’t or can’t currently access the banking system. Hence, the requirement of new protocols and initiatives to regularize as well as support the innovative solutions.

While UK released PSD2 guidelines to give an extra push to technology entrepreneurs building solutions in Financial Services sector, the Monetary Authority of Singapore (MAS) has set up a Fintech & Innovation group to strategize the use of innovative technology. The Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission has set up a Fintech Facilitation Office, a Fintech Contact Point as well as a Fintech Advisory Group. Emerging economies are no far behind, the Korea Financial Services Commission (FSC) introduced several technology investment funds and outlined a Financial Policy framework for Fintech solutions. The Financial Services Agency (FSA) in Japan has established a Fintech support desk, and a Panel of Experts to promote the development of Fintech start-ups.

What we see common across all these ecosystems is the active participation of all stakeholders – Investors, Financial Institutions, Banks, Experts and in most cases the regulator as well.

India Fintech landscape– what makes us unique
With a market of over a billion people, digitisation initiatives by Govt., rising mobile penetration, favourable demographics and an active startup ecosystem, India is one of the most sought after markets for scaling Fintech solutions. With focus on
under-banked and unbanked, initiatives like Pradhan Mantri Jan-Dhan Yojana (PMJDY) and Unique Identification Authority of India (UIDAI) are digitizing authentication and transactions across the country with over 46% of Fintechs in India currently operate in Payments and Trade processing domains.

Recent developments like Indiastack, support an open innovation framework for budding entrepreneurs leading to a peaking interest on the possibilities that technology can open for the country with second highest adoption rate of Fintech solutions (Source: EY Fintech Adoption Index 2017). Yet, there is a significant gap for addressing the unique and diverse landscape of banking and financial requirements of the population and a supporting infrastructure to enable these innovations.

As per a PwC 2017 report, India has 29% expected RoI on Indian Fintech Investments compared to a global average of 20% RoI and in 2016, most number of Fintech VC deals were closed in India. The Fintech market in India is moving to a stage wherein involvement and collaboration from all stakeholders will become necessary for the solutions to scale up and lead the Fintech market globally.

India Fintech: Opportunities Review (#IFOR2017)
India Fintech: Opportunities Review is an initiative of YES BANK to analyse the landscape of Fintech startups in India and understand their requirements for scaling up. IFOR initiative will gauge some of the key challenges faced by the Fintech startups and develop a roadmap for building an enabling ecosystem for scaling up disruptive solutions in Financial Services industry.

YES BANK is hosting an online survey to capture views from Fintech startups on their top requirements from a Fintech hub. Alongside the survey, the Bank is also hosting closed door discussions across the country with relevant stakeholders to understand their views on the current gaps and necessary action steps. Additionally, they have set up an Advisory council with experts from around the world like Chris Skinner, David Brear, Devie Mohan, Lawrence Wintermeyer, Chris Gledhill,
Dr. Robin Kiera and many more.

Being the Financial capital, Mumbai is well aligned to be the next Fintech hub globally. The IFOR initiative will lay down the strategy to develop Mumbai into India’s fintech hub. The final survey analysis and insights from closed door roundtables will be shared with the Maharashtra government and the regulatory authorities to create an enabling ecosystem for fintech startups in Mumbai.

Be a part of the IFOR research initiative to shape India’s fintech landscape and strengthen the support available for fintech companies. Share your views to build a stronger fintech infrastructure and a forward-thinking regulatory system for the thriving Indian fintech industry.

To participate in the #IFOR 2017 survey, visit.

Brand Solutions is a marketing initiative for sponsored posts. No VCCircle journalist was involved in the creation of this content.

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