India: A Fintech Hub Brimming with Vibrancy, Reveals World Economic Forum

January 18, 2024
1 min read


India is one of the most vibrant fintech hubs in the world, according to a study by the World Economic Forum (WEF). The study, released during the WEF’s Annual Meeting in Davos, found that fintech companies are increasingly expanding their operations across borders, particularly within the same region as their headquarters. The report also highlighted the strong growth of the global fintech industry, with customer growth rates averaging above 50% across industry verticals and regions.

The WEF study identified several key points:

  • India, along with Singapore, the UK, and the US, hosts a thriving cluster of fintech corporate headquarters.
  • The US, UK, Singapore, Mexico, and India are the most significant operating countries for fintech companies.
  • Consumer demand is the main driver of growth in the fintech industry.
  • Fintechs are offering tailored financial services and products to traditionally underserved segments of the population.
  • The global fintech industry remains strong and resilient, continuing to expand despite an unclear economic outlook.
  • Regulatory environment plays a crucial role in supporting fintech growth, with 63% of fintechs rating their regulatory environment as adequate.

The report, titled “The Future of Global Fintech: Towards Resilient and Inclusive Growth,” was developed in collaboration with the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School. It surveyed over 200 fintech companies across five retail-facing industries and six regions to gain insights into the rapidly evolving fintech ecosystem.

The report also highlighted the challenges faced by fintechs in terms of regulatory compliance and the licensing and registration processes. While the majority of fintech companies hold a positive view of their regulatory environment, a substantial portion still found regulatory compliance challenging, suggesting the need for improvements from policymakers and regulators.

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