FICCI Report Explores Promises and Challenges of FinTech in India
The Federation of Indian Chambers of Commerce and Industry (FICCI) published a new report in January called “Leveraging the FinTech Opportunities in India” to highlight a number of topics, including digital payments, digital banking, blockchain, and online lending, to name a few.
According to FICCI Secretary General Dr. A. Didar Singh;
“It is usually felt that FinTech is all about digitising money. Our contributors to this edition show that there is more to it and that FinTech is about monetising data. By reducing information asymmetry in the marketplace, FinTech is not only improving the ability to match investors, lenders and borrowers; but providing a more level playing field that allows retail investors to have greater participation in the market. Innovative financial services such as robo-advisory have the potential to extend financial advice beyond high net worth individuals and more sophisticated investors, to a wider cross-section of the investors. And the frictionless operation of FinTech innovations such as block-chain and digital currencies are generating new value streams not just in financial services but across the economy.”
The FICCI report includes 19 articles about various aspects of fintech.
In “Leveraging FinTech: Digital Payments Gaining Ground in India”, Bhaskar Son and Soumyajit Niyogi describe how fintech innovations are creating opportunities while at the same time exacerbating inequality.