in India

43 Fintech in India - A global growth story
Finally, we have summed up learnings and insights from the
global market to present our recommendations in the tables
below, across the following categories:
• Recommendation to Government
• Recommendation to Regulators
• Recommendation to Financial Institutions
• Recommendation to fintech firms
Recommendations to the Government
1
2
3
4
Develop a dynamic digital infrastructure
For the success of the fintech ecosystem, it is imperative that the digital infrastructure of the country be adaptable and supportive. India should
work towards higher penetration of mobile, internet and IoT infrastructure so that communication and connection is smooth across all channels.
Introduce special work visa for start-up entrepreneurs and technology experts to attract foreign talent
Developed countries like the U.K. and the U.S. have taken leaps in terms of fintech development in the last few years. Many of their successful
start-ups are expanding geographically. India needs to aid them with an effective policy so that these start-ups can build infrastructure in the
country. These aids include easy business set-up processes and special work visa for foreign start-up entrepreneurs and technology experts.
Build a strong technological and entrepreneurial talent pool by engaging universities and institutions
India needs to adopt a cautious approach towards the migration of its young and working population to foreign lands. This requires
conscious effort on the part of the educational system of the country to impart adequate technical and entrepreneurial skills. Academic
bodies should be encouraged to act as catalysts towards building an innovative mindset of technological advancement and proto-typing
from the very beginning.
Offer coherent tax incentives to start-ups and venture capitalists
The Indian government is working passionately towards the development of a robust fintech ecosystem in the country through the ’Digital
India’ and ’Start-up India’ initiatives. The state governments should also provide additional benefits, especially in areas where literacy,
educational institutions and innovative entrepreneurs are high in penetration.
Promote internationally and infuse a strong culture of knowledge-sharing by organizing a series of events
inside and outside the country
In order to position itself as a global fintech and technological hub, India can leverage the success stories of other expanding hubs
worldwide by organizing international events and inviting leaders of start-up companies. This can lead to promotion of the digital
capabilities of India, thereby attracting investments.
Recommendations to the Regulators
1
Adopt the best of breed regulatory initiatives from the global markets
While it is natural to tread with caution and restraint to decipher the complex interplay of fintech in a well-regulated Indian financial services
market, it is important to inculcate the strategy and vision of the regulatory initiatives from the mature markets which can help in the
development of the fintech sector.
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