Indian Enterprise Fintech Market to Hit $20 Billion by 2030
By siliconindia | Tuesday, February 6, 2024
A recent report by Chiratae Ventures, in partnership with The Digital Fifth, suggests that the Indian enterprise fintech sector is on track for substantial expansion, with forecasts indicating a potential market size of close to $20 billion by 2030. The report anticipates significant growth in technology investments across various financial sectors over the next decade.
"Chiratae projects the enterprise fintech industry to be over $20 billion opportunity by 2030, and with FinTech being a focus area, we are keen to work with founders transforming India's financial services", said Sudhir Sethi, Founder and Chairman, Chiratae Ventures.
According to the report, banks and NBFCs will evolve to become fully digital for the retail and MSME segments in the next 10 years. "Financial Sector Enterprises are at a cusp of digital transformation, and with regulators' continued support, FinTechs building technology-led solutions will play a pivotal role and capture this burgeoning opportunity", T.C. Meenakshisundaram, Founder and Vice-Chairman, Chiratae Ventures, said.
Additionally, the report highlights that fintech and embedded finance companies are enhancing customer engagement through collaborations with banks. This digital momentum is progressively extending to more intricate areas of business banking, such as trade finance and treasury services. India is swiftly transitioning into a cashless economy and aims to completely eliminate cash transactions over the next decade.
India is the ninth largest life insurance market globally and is expected to reach $200 billion by 2027, the report said."The distinctiveness of this sector lies in its capacity for multiple contenders to drive the market. Every breakthrough in this sector ripples through the BFSI realm, advancing it tenfold", Sameer Singh Jaini, Co-Founder and CEO, The Digital Fifth, said.
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