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© 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
Fintech in India - A global growth story 04 Fintech ecosystem: A collaborative network Innovation and technology have brought about a radical change in traditional financial services. The world has seen the emergence of more than 12,000 start-ups and massive global investment of USD 19 billion in 2015 01 in the fintech space. These innovators are utilising tech tools to bring in seamless and innovative financial services for the banked and unbanked population. The global fintech software and services sector is expected to boom as a USD 45 billion 02 opportunity by 2020, growing at a compounded annual growth rate of 7.1 per cent as per NASSCOM. Fintech may be defined as technology-based businesses that compete against, enable and/or collaborate with financial institutions 03 . Fintech start-up firms engage in external partnerships with financial institutions, universities and research institutions, technology experts, government agencies, industry consultants and associations. Through these partnerships, they create a highly integrated ecosystem that brings with it the expertise, experience, technology and facilities of all the entities together. Growth and market success of any fintech hub originate from an integrated ecosystem. A successful fintech ecosystem is where all the market participants connect, engage and share ideas across vibrant communities and networks, as well as identify and convert opportunities into business. In the current age of technology driven financial services, no market participant can afford to operate in silos. Pillars of a fintech ecosystem 01 The Pulse of Fintech, KPMG, 2016. 02 India emerging a hub for Fintech start-ups, Business Standard, http://www.business-standard.com/article/companies/india-emerging-a-hub-for- Fintech-start-ups-116051700397_1.html, 17 May 2016. 03 KPMG website, http://portal.ema.kworld.kpmg.com/Adv/GM/Pages/MarketIssue s/Fintech.aspx, accessed on 17 May 2016. © 2016 KPMG, an Indian Registered Partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
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Fintech in India - A global growth
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Acknowledgement Research team Abhis
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