Fintech In India: An Overview Of The Current Regulatory Landscape

Introduction

The financial technology (better known as 'fintech') landscape in India has been on an impressive growth trajectory over the past decade, spurred by a confluence of factors such as government initiatives championing digital payments, the rapid expansion and access to technology (including smartphone usage), and a surge in investment from both domestic and global backers. Recent forecasts suggest that the sector is set to maintain its momentum, and continue to grow at a compound annual growth rate of 30.55% (Thirty Point Five Five Percent), potentially reaching USD 550 billion by 2030.¹ India boasts a fintech adoption rate² of around 87% (Eighty Seven Percent) which is reportedly the highest worldwide, and is well clear of the global average which is estimated to be between 64% (Sixty Four Percent)³ to 67% (Sixty Seven Percent)⁴. Coupled with the potential to leverage the world's second highest digital population⁵, fintech is poised for further growth