India is still on the rise, and there are no signs of slowing down.
By 2030, India is expected to be one of the world’s top five economies. The country’s Prime Minister, Narendra Modi, has stated that the nation has become the worlds’ fastest growing large economy, and he expects India to grow five-fold by 2040, with aims of having a $5 trillion financial state by 2025.
Prime Minister Modi’s GIFT City project is also in full swing, and it’s predicted to bring in investments of up to $3 trillion in the next 15 years.
FINTECH IN INDIA
In 2017, India became the second fastest growing country in the world to adopt Fintech technologies according to the EY Fintech Adoption Index. In the first half of last year, fintech funding received over $200 million and saw over 1000 start-ups added. The fintech industry in India is expected to see 100% growth in a four-year period, predicted to increase from $1.2 billion in 2016 to $2.4 billion by 2020.
In 2017, India became the second fastest growing country in the world to adopt Fintech technologies according to the EY Fintech Adoption Index.
With an increase in start-ups, such as Razorpay, LendingKart, and InCred, and acceptance of fintech in India, the demand for network connectivity has surged.
POWERING FINTECH GROWTH
Network capability and performance becomes the differentiator for start-ups who thrive in emerging markets and those that struggle to survive.
Fintech firms are increasingly recognising the need for a network partner that is nimble enough to respond to changing market circumstances and entrepreneurial enough to constantly adapt to the changing requirements of a fast-growing business – if your business doesn’t stay in one shape or form, then your underlying network shouldn’t either.
In the current climate, it’s essential that businesses have a successfully empowered network to tackle the challenges posed by the increasingly complex and competitive fintech landscape.
We understand India’s need for the fastest and most reliable connectivity to help spur its current growth, and that improved technology infrastructure and connectivity encourages further innovation. In recent years, we have optimised our Mumbai Connectservice to address the high demand for low-latency reliable connectivity.
Will India be able to retain its crown as one of the world pioneers in fintech adoption? Stay tuned for further updates.