Fintech Frontiers: India Emerges as a Global Hotspot Amidst Sustainable Growth

India has been recognized as a leading fintech hotspot, alongside the US and the UK, in a new global study conducted by the World Economic Forum (WEF). Released at the Annual Meeting of New Champions in Tianjin, China, the report reveals a dynamic fintech landscape marked by strong growth despite post-pandemic challenges.

The WEF study identifies key fintech hubs, including Singapore, Brazil, and Indonesia, which collectively host over ten major firms. These regions showcase burgeoning fintech sectors contributing significantly to financial inclusion. The report, in collaboration with the Cambridge Centre for Alternative Finance, highlights fintech's role in providing financial access to underserved groups.

Despite macroeconomic hurdles, the survey of 240 fintech firms reveals stabilizing customer growth and resilient financial performance. Notably, AI adoption is improving customer experience and profitability. As the sector seeks sustainable expansion, there is a need for improved regulatory frameworks and access to capital to continue its upward trajectory.

(With inputs from agencies.)