India FinTech Report 2019 offers an in-depth look at what makes the Indian FinTech ecosystem dynamic
Online PR News – 10-March-2019 – Mumbai, Maharashtra – MEDICI Global Inc. (MEDICI), a FinTech research & innovation advisory firm, along with Paisabazaar Fintegrate 2019, announces the launch of the India FinTech Report 2019. It is a comprehensive study of the Indian FinTech ecosystem which covers the activities in both core FinTech segments as well as the less-discussed-but-emerging segments like RegTech, Cybersecurity, and Beyond Banking. The executive summary of the report was launched by the Honorable Governor of Maharashtra, C. Vidyasagar Rao, at Fintegrate 2019 - India's biggest FinTech event, which was recently held in Mumbai on March 1, 2019. The Executive Summary of the report is currently available as a free download on MEDICI's website (https://fintegrate2019.gomedici.com/india-fintech-report-2019/); the complete report will be released on March 15, 2019.
The India FinTech Report is a comprehensive study based on MEDICI's proprietary FinTech platform which has over 13,000 global FinTech startups (about 2000 from India), deep market intelligence derived from over five years of tracking the FinTech industry, in addition to the extensive primary & secondary research in partnership with Industry experts from MEDICI's valued community and clientele across banks/insurance/technology firms to extract valuable market signals from the noise, identify market trends, and develop point-of-views in the report.
The study, undertaken by MEDICI analysts over a period of three months, provides FinTech statistics pertaining to funding, startups & partnerships and also covers initiatives by the government. This is followed by a deep-dive analysis of five core segments including Payments, Lending, WealthTech, InsurTech, and Corporate Banking. Furthermore, it provides exclusive insights pertaining to 'new opportunity areas' including AgriTech, HealthTech, and PropTech, which are developing in close proximity to FinTech and look at the larger developments in RegTech, Blockchain, and Cybersecurity.
Speaking on the occasion, Amit Goel, Co-founder & Chief Strategy Officer at MEDICI, said, "In recent years, there has been a surge of renewed interest in India as a key market from global investors, banks, and FIs. At MEDICI, we felt it is important to conduct a reality check to ascertain where we stand with reference to the demand gaps that exist in India. As a global company with expertise in the Indian FinTech landscape, we were ideally placed to reflect on the growth and transformation of this ecosystem through this report."
In addition to the governor of Maharashtra, other dignitaries present at the launch of the report included Mr. Mark Field, Member of Parliament - UK; Ms. Tara Scheurwater, Ag. Consul General - Consulate General of Canada; and Mr. SVR Srinivas, Principal IT Secretary - the Government of Maharashtra.
Suniti Nanda, Fintech Officer with the Government of Maharashtra, said, "As part of this event, we signed a MOU with MEDICI for leveraging its expertise to benefit the broader ecosystem. The India FinTech Report by MEDICI is a great beginning to set a benchmark within the existing ecosystem, with factual knowledge."
Some highlights from the report:
Mumbai (428 startups) and Bengaluru (432 startups) lead the FinTech momentum
Number of FinTech startups in India: 375 (Payments), 338 (Lending), 303 (WealthTech + Retail), 169 (Personal Finance Management), 108 (InsurTech), 58 (RegTech + Cybersecurity), and 684 (other segments)
In 2015-16, India had more new FinTech startups being founded than any other country (except China)
India has not only the fastest-growing entrepreneurial base, but also a significantly large one at that, with 2035 startups and VC/PE funding of $1.83 billion over 165 deals
Another unique aspect of the report is its focus on financial inclusion, offering interesting insights on the subject. For instance, it looks at how innovative technology and business models such as Aadhaar-enabled payment services, mobile wallets, apps, etc., can be leveraged to reach the underserved population in India, noting that certain FinTech players are already working towards tapping this untapped demographic by facilitating the rapid adoption of financial services across the country.
Ajay Ramasubramaniam, Co-founder of Fintegrate Zone, also spoke about the report, emphasizing that "this is the first time a comprehensive report has been launched giving a qualitative and quantitative view of the Indian FinTech market, which is important, considering that India is now the second-largest FinTech hub in the world."
About MEDICI Global Inc.:
MEDICI Global Inc. (www.gomedici.com) is the world's leading FinTech research and innovation advisory platform. MEDICI partners with banks, insurance companies, tech companies, and financial institutions globally with over 13,000+ FinTech startups on its platform, enabling FinTechs to scale and create an economic impact. MEDICI is committed to supporting the complex financial services ecosystem and enabling every stakeholder to benefit from the industry's tremendous potential and accelerating growth.