HAPPENINGS IN THE ANALYTICS, FINTECH & AI WORLD
- Emerging technology got prominent mention in the India Union Budget 2018-19. Federal policy think tank NITI Aayog will initiate a national program on artificial intelligence, and the Department of Science & Technology will launch a mission to support investments in research and training in robotics, artificial intelligence, digital manufacturing, big data analytics, quantum communication and internet of things. Allocation for Digital India program has been doubled to INR 3,073 crore for 2018-19.
- A working group formed by the Reserve Bank of India (RBI) has recommended introducing a Regulatory sandbox to foster financial technology innovation in India and a standalone data protection law in the country. The inter-regulatory working group recommended Institute for Development and Research in Banking Technology (IDRBT), established by the RBI, in collaboration with the central bank, can maintain regulatory sandbox. The panel was set up to study regulatory issues relating to Fintech and digital banking. The report has came up with suggestions for the government and regulators to help the Fintech sector grow and contribute to improve financial services. The identified technology startups will be in the space of peer-to-peer lending, blockchain, big data, smart contracts, Robo advisors and online aggregators.
- As per the RBI report, Fintech space grew to $20 billion in 2015 from around $12billion in 2014. The overall Fintech software market is expected to double to $2.4 billion by 2020 from around $1.2 billion in 2016. Also, the number of Fintech companies in India, which stood at 400 in 2016, would grow 170% by 2020.
- The Indian analytics Industry got a funding of approximately $112.8M last year led by prominent investors like Singtel Innova8, Harmony Oartners,Eight Roads ventures, Omidyar Network, Vertex Ventures etc.
- According to Kaggle’s 2017 State of Data Science and Machine Learning survey which polled its global online community of data scientist; two of the top three languages Indian developers plan to learn next are Python (43%), and R (36%)—the two most used languages by data scientists and statisticians respectively.
Follow
