- While India has also joined several other countries in the world in demanding data localisation which implies that that data or a copy of it should be hosted on local servers or restrict transfer of data outside national borders including the banking regulator RBI or the draft Personal Data Protection Bill, 2018 (PDP Bill). The Industry body Internet and Mobile Association of India (IAMAI) has cautioned against imposition of data localisation norms with concerns with operationalising data localization in their report titled Digital Technology Policy for India’s USD 5 Trillion Economy.
- As per data from Venture Intelligence – a private equity and venture capital data tracker; the business-to-business (B2B) fintech space attracted $657 million which was more than the $617 million which came into business-to-consumer (B2C) fintech startups in 2019 as of now. In the last four years, B2C startups were getting most of the investments. Last year, while B2C fintech companies got $1,168 million in investments, B2B firms received $833 million.
- In the second quarter, India home of mobile payments surpassed China in the number of deals. China continues to have the most valuable fintech. Lu.com, the wealth management platform backed by Ping An Insurance (Group) Co. which was most recently valued at $39 billion.