According to a recent report on Indian Fintech ecosystem, India has achieved the second spot globally with largest number of Fintech Startups after US. Among all Fintech Startups, the ones who had maximum share were payment companies, lending, insurance and personal finance management Startups. There has been three-fold growth in the number of Fintech Startups during 2015-2018. Over 1,300 new Startups over and above the 730 already in practice.
Speaking at the Fintech conclave organized by the government’s policy think tank NITI Aayog in Delhi, RBI Governor Shaktikanta Das said that they will issue guidelines within two months for Fintech companies to test their new products on a small group of users before scaling up. The Regulatory Sandbox will help Fintech companies launch innovative products at a lower cost and in less time. The sandbox will enable Fintech companies to conduct live or virtual testing of their new products and services. The Indian Fintech ecosystem is the third largest in the world, attracting nearly $6 billion in investments since 2014, the think tank said.
As per a recent report published by AIM, the Analytics & Data science Industry in South East Asia is currently estimated to be annually $6.8 Billion in market size and the potential size is estimated much higher. Singapore and Malaysia contributes 44% & 23% to the Analytics market size among Southeast Asia countries respectively. Singapore is the leading country with the highest number of AI-related research papers and patents published in the last 10 years. Malaysia ranks second in the list of AI-related research papers published in Southeast Asia. Finance & banking is the largest sector being served by analytics in South East Asia contributing 35% or $2.4 billion in market size to analytics industry. More than 2,400 companies in Southeast Asia are working in that market.