Fintech Market brings huge opportunity For Startups
Fintech is a term used to describe the companies operating in the financial technology sector. Rising popularity for digital payments, increased investments in technology-based solutions, supportive government regulations, increased adoption of IOT devices are expected to positively influence the Global FinTech Market in the coming years. Rising innovations like mobile wallets, mobile banking, secure payment gateways, digitized money, paperless lending, etc., and adoption of e-commerce platforms across the economies, coupled with rising smartphone penetration have paved the way for increasing FinTech transactions. India has undoubtedly emerged as one of the fastest-growing FinTech hotspots in recent years.
However, concerns related to data security, lack of mobile and technology expertise may hamper the FinTech market during the forecast period. Analysts say that we are still at the earliest stages of true FinTech as the future impact of cloud computing, IoT, artificial intelligence, and blockchain cannot even be estimated yet. Each year, tech companies are digging deeper into the financial services value chain and also creating new market structures in underbanked developing countries.
Pure FinTech players are now sharing the market with some banks which provide new, digital-friendly banking services and integrate digital payments, microfinancing, and robo-advisor services into existing bank accounts.
Digital banking will play a crucial role in the growth of the global fintech market in the coming years. With the global adoption rate of nearly 25%, this market brings various opportunities for fintech companies. Apart from the credit financing, there are several ways the SMEs can be benefited, like using APIs and distributed accounting technologies to achieve process efficiency. According to a report from Boston Consulting Group and FICCI, India is well-positioned to achieve a FinTech sector valuation of $150-160 billion by 2025, implying a $100 billion in incremental value creation potential.
To achieve this goal, India's FinTech sector will need investments of $20-25 billion over the next few years, according to a report titled 'India FinTech: A USD 100 Billion Opportunity”. At the same time, the global fintech market is estimated to clock 13.9% CAGR between 2022 and 2028 to reach a $16.65 trillion market by 2028.
With bitcoin taking center stage in the industry, cryptocurrency exchanges are proliferating and allowing users to freely buy and sell cryptocurrencies, transact and trend, send via P2P methods, and more. The global fintech market will continue to have a huge opportunity to develop financial inclusion and have an impact on consumers’ daily lives.
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