India Fintech Discussion board, a non-profit Fintech advocacy group, revealed on November 24, 2020, that it had shortlisted 27 monetary expertise corporations for its fifth installment of India Fintech Awards (IFTA).
The Fintechs will likely be presenting dwell demos to the occasion judges, starting on November 30 and ending on December 2, 2020. These firms are competing for the Fintech Startup of the Yr award. Six modern Fintech corporations are anticipated to compete for the Fintech Scaleup of the Yr award.
India has rapidly develop into a serious world Fintech hub. As reported in October 2020, India has launched a Fintech sandbox program that will likely be managed by the lately established Worldwide Monetary Providers Centres Authority.
As coated, the Fintech sandbox program will enable established business contributors and startups to work cooperatively in an effort to develop options associated to banking, capital markets and insurance coverage providers. The services and products will likely be utilized in a dwell atmosphere with just a few “real” prospects for a sure time interval (earlier than probably shifting to the manufacturing or official launch stage).
The Indian Fintechs shortlisted for the IFTA had been chosen from a pool of greater than 600 functions that got here from throughout the globe. As reported by the Entrepreneur, the candidates are primarily based within the US, the UK, the UAE, Switzerland, Sweden, Spain, Singapore, Sri Lanka, Norway, New Zealand, Netherlands, Eire, India, Hungary, Hong Kong, Germany, France, Canada, Brazil, and Algeria.
The India Fintech Discussion board reportedly has over 1,000 Fintechs and greater than 20,000 people listed as its members. The discussion board goals to reinforce India’s monetary tech ecosystem in order that the nation can proceed to be a key participant within the world Fintech financial system.
The India Fintech Discussion board has teamed up with Amazon Pay, PayU, CashRich, TransUnion CIBIL, and Large 4 auditing agency Deloitte. These firms will likely be supporting the discussion board because it focuses on selling Fintech adoption.
Earlier winners of IFTA have raised greater than $1.5 billion in capital (to this point).
Fintech corporations at the moment are a “critical constituent” of India’s monetary providers sector, in response to a current report. The nation is now residence to greater than 2,000 Fintech firms and has develop into one of many world’s largest monetary expertise markets (after the US, China and UK), in response to a report from McKinsey & Firm that was launched earlier this month.
The report notes that the primary wave of Indian Fintech corporations had centered primarily on providing funds options. Nevertheless, Fintech firms at the moment are current throughout a reasonably wide selection of segments and monetary providers merchandise, “with distribution of companies mirroring the global trend,” the McKinsey report states.
IFTA finalists are anticipated to demo improvements in varied Fintech segments equivalent to AI, banking infrastructure, on-line lending, cryptocurrency, Regtech, Robo-advisory providers, digital id, digital funds, and Insurtech.
The finalists for the Fintech Startup of the Yr 2020 award embody: UK’s AssetVault and MyEarth.ID, DriveWealth, Lokyata and US-based Tala Safety. The finalist additionally embody Bambu, ConfirmU and Singapore’s Stream, Germany’s MODIFI, Brazil primarily based SalaryFits, Switzerland’s TECH5 and Cashfree, Chqbook, Crediwatch, HAPPY, HyperVerge, Jupiter Cash, Khatabook , Leegality, Close by Applied sciences, Novopay, Open, Payswiff , Recko, Simpl, WazirX, Xtracap Fintech from India.
The finalists for Fintech Scaleup of the Yr 2020 award embody US-based Asset Vantage and BCT Digital, ClearTax, OneAssist, and Paytm Cash with Perfios from India.