Last updated: December 3, 2019
Internet has transformed from decentralised knowledge sharing p/latform to a centralised market place. In financial industry there are many web-and data-based financial products and services that customers cannot obtain from their bank or such similar provider. This gives rise to a new competitive environment. For instance, tech giants such as Google, Apple, Amazon, Alibaba,Samsung have fin-tech infrastructure. Non-bank, primarily technology-driven providers are entering the markets for simple financial services. Regulatory differences of course are a major factor. The main areas affected are less knowledge-intensive and easily standardised financial services. The offerings of the new players already range from digital payment solutions and information services, savings and deposit-taking right through to modern online banking, multi-channel advisory and securities trading services as well as simple financing solutions and the use of compatible financial software.
Indian fin-tech is emerging as introduction of Aadhaar and unbelievable enrolments. Many tech giants have introduced their infrastructure. It helped international firms like Google, Samsung, Whatsapp, Paytm etc and native players like Airtel etc. It also helped an Vishal Sekhar of PayTm an entry to the forbes welthiests’ list. Indian legislation have not identified the requiem even after its emergence. There is no space for fin-tech in nations’ legislation. NASSCOM, Indian technocrats guild, predicts 300 percentage of growth for Indian Fin-Tech on this year.