NEW DELHI: The Boston Consulting Group (BCG) and the Federation of Indian Chambers of Commerce & Industry (FICCI) on Saturday unveiled 'India FinTech: A USD 100 Billion Opportunity report. The report details the findings from the study that BCG and FICCI undertook to size the value-creation potential and identify imperatives for India's FinTech growth.

The Fintech industry's strong growth is due to India's deep-rooted customer demand, diverse capital flows, strong tech talent and enabling policy framework. Over the next 5 years, India's FinTech industry is expected to continue its strong upward trajectory.

Dilip Chenoy, Secretary-General, FICCI said, "The FinTech industry in India has been growing at a fast pace. FinTech players are redefining the business models across different segments of the financial services industry, helping improve service delivery and contributing to digital financial inclusion.

This is a clear area of focus for us in FICCI and through our multiple initiatives, we will continue to promote this industry both in India and abroad." India's dynamic FinTech industry has 2100+ FinTechs of which 67% have been set up over the last 5 years alone. The total valuation of the industry is estimated at $50-$60 billion. The industry's growth has been undeterred by the pandemic, as it has seen the emergence of 3 new Unicorns and 5 new Soonicorns (USD 500Mn+ valuation) since January 2020.

To develop a close understanding of the FinTech industry's multinational ambitions, BCG and FICCI conducted the BCG-FICCI FinTech survey 2021. The survey reveals that 39% of Indian FinTechs surveyed have a presence outside India and 73% of FinTechs surveyed are actively considering international expansion opportunities. South-East Asia was the most sought-after destination for international expansion, followed by North America.

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