The COVID-19 pandemic has accelerated the adoption of FinTech and other technologies in many countries. With the rise of digitalisation, we see an increased interest in India adopting artificial intelligence (AI), blockchain and electronic financial services. Undoubtedly the fastest growing hotspots for FinTech adoption, India has an adoption rate of 80% as compared to the global average of 64%.
A study in 2021 by Boston Consulting Group (BCG) and Federation of Indian Chambers of Commerce and Industry (FICCI) projected India’s FinTech sector to surpass USD150 billion by 2025. Interestingly, this places Mumbai and New Delhi at 13th and 25th position respectively in the global market. In 2021, McKinsey reported that India is the leading adopter for AI in emerging markets, even ahead of Canada and South Korea. Collaborated research between Cross Tower and US – India Strategic Partnership Forum foresee India’s digital assets economy to increase from USD5 billion in 2021, to USD262 billion within 11 years.
With a large unbanked population and unfavourable banking regulations, these present hurdles for the nation to overcome. However, with challenges comes opportunities for Singapore businesses to leverage on their FinTech capabilities and venture into the ever-growing market in India.
Welcome by SBF by Mr. Ray Kwan, Director, SBF Global Division 3 (AEMEA), SBF
Address by FICCI by Mr V. Govindarajan, Co-Chair, FICCI FinTech Committee and Co-Found and Director
Presentation on FinTech Outlook for India by Mr Vivek Kathpalia, MD & CEO, Cyril Amarchand Mangaldas, Singapore
Presentation on FinTech Opportunities & Challenges in India by Mr Rahul Banerjee, Founder, BondEvalue
End of session