As per a study done by Microsoft and IDC, AI will double the rate of Innovation and employee productivity in Indian enterprises by the year 2021. While only one-third of Organisations in India have embarked on their AI journeys, those companies that have adopted this technology expect it to increase their competitiveness by 2.3 times in 2021, said the study that surveyed 200 business leaders and 202 workers in the country. According to the findings, India needs to build upon its investment, data and strategy in order to accelerate its AI journey.
Fintech market in India is likely to expand to $31 billion in 2020, Niti Aayog CEO Amitabh Kant said at an ASSOCHAM event and mentioned that India is one of the fastest growing Fintech markets globally. As per him the Indian Fintech ecosystem is the third largest in the globe. $6 billion investments have already happened in Fintech market in the country in the last 3-4 years.
As per a recent report by E&Y, the adoption of Fintech grew at 64% worldwide in 2019. While among the developed markets, the adoption rates were highest in Netherlands (73%), the UK (71%) and Ireland (71%) lead the charts, in emerging markets China and India are ahead with 87% adoption, claims EY Global FinTech Adoption Index 2019 published recently. The FinTech industry in India is rapidly expanding, and the adoption rate is growing faster than anticipated.
The Mumbai Fintech Hub, Maharashtra government’s initiative to execute and promote an aggressive Fintech ecosystem in the state, announced the launch of its platform FInD (Fintech Investments and Deals). The new platform is aimed at bridging the gap between investors and start-ups with respect to funding. In a press release, Mumbai Fintech Hub announced that FInD will not only catalyse exposure to capital but also aid to forge partnerships between Fintech Startups, investors and partners from around the globe. It claims to have identified access to capital and talent pool to achieve its vision of converting Mumbai into a global Fintech hub — a matchmaking digital platform that brings together global investors, Fintech and partners.