YES BANK, India’s fifth largest private sector bank announced the launch of India Fintech Opportunities Review, first comprehensive survey spanning Fintech start-up ecosystem in India and in key markets world-over. India Fintech Opportunities Review’s debut survey aims to map various elements that comprise successful development of a major Global Fintech Hub. The survey which is a research initiative of YES FINTECH, YES BANK’s Innovation Programme to accelerate Fintech start-ups, will cover more than 500 Fintechs world-over. As per Mckinsey reports, Fintech is expected to create 21 million jobs and boost GDP by $ 700 bn by 2025 in India.
India Fintech Opportunities Review which is accepting responses from November 1, 2017, will cover:
· Gauge the current state of India’s fintech landscape
· Key upcoming opportunities in B2C, B2B and specifically B2G given the digital & less cash focus of our country.
· Identify the key challenges faced by fintechs, and perspective of incumbents
· Key new age skills & talent/ tech gaps faced by the Fintech Industry.
· Regulatory & policy support which could further help catalyze Fintech ecosystem
· Design a roadmap for the development of an empowering Fintech ecosystem.
YES FINTECH will leverage key strategic partnership agreements with leading start-up global ecosystems, across US, UK, Europe, S.E Asia, Middle East, and Israel among others to understand their experience in having setting up successful Fintech Hubs, and their opinion having worked with Indian fintechs.
The online survey will be supplemented by Focused Group Discussions across Mumbai, Delhi and Bangalore. The FGDs will involve participation from over 100 experts covering all key stakeholders including Banks (PSU/Public Sector/Payment/Small), NBFCs, Fintech Firms (representatives of various scale and size), Analysts, Ecosystem partners, Investors, Academia, Key policy-makers or enablers of a Fintech Hub. Several in-person meetings will also be held with Global Fintech ecosystems influencers to bring in global practices to India.
Speaking on the occasion, Mr. Rana Kapoor, Managing Director & CEO said: “Fintechs are collaborating with Banks for product and service innovation. By integrating NPCI & India Stack APIs, Banks are now more comprehensively and efficiently addressing financially excluded segments, MSMEs & others. YES BANK has been closely engaged with Fintechs from around the world over the past 2 years, through its YES FINTECH Innovation Program. India Fintech Opportunities Review, is an endeavor to support the creation of a comprehensive support ecosystem – a Fintech Hub in Mumbai, India. Fintech Hub will further galvanize creation of future skills, technology and jobs and bring the future into the present.”
The findings & report will be submitted to policy makers to further the ongoing dialogues between the Government, regulators and corporates, towards positioning India as a Fintech Hub.
Speaking on the subject of Fintech, Shri. D K Jain, Additional Chief Secretary - Finance, Government of Maharashtra said: “Fintech has emerged as a key growth area in India. It is expected to significantly contribute towards employment generation, given our inherent entrepreneurship and talent pool. Globally all top Financial hubs have emerged as Fintech Hubs. Mumbai, India’s financial capital has a vibrant fintech ecosystem, and our Government is studying the short & medium term enablers which could further galvanize the Fintech ecosystem in Mumbai."
The report is expected to be released by end January after the conclusion of various levels of consultations. Let’s Talk Payments, YourStory, ISME, Pricewater House Coopers (PwC) are partnering YES BANK on this initiative in addition to its global partners Ourcrowd, Nestholma – Finland, and QC Fintech, USA.