The Indian government can introduce regulations for the FinTech industry as blockchain technology is gaining popularity in the country.The informa
The Indian government can introduce regulations for the FinTech industry as blockchain technology is gaining popularity in the country.
The information is based on a report conducted by audit and advisory company KPMG.
“China and India have attracted the majority of fintech funding historically, although Hong Kong and Singapore have also developed strong fintech ecosystems.”, as the research document explained on page 52.
“Payments and lending continue to drive most fintech investment in India, but other areas are quickly gaining momentum. AI and blockchain are receiving a lot of attention, while insurtech is poised to come into its own over the next few quarters.”, said Neha Punater, Head of Fintech at KPMG in India.
Payments and lending solutions gained most of the investment during the quarter. A big investment driver was India`s mobile wallet provider PayTM that attracted $200 million in funding from China`s Alibaba Group Holding and venture capital fun SAIF Partners , as a report in reuters.com pointed out earlier.
There is also an increase in blockchain development I India as some local banks are starting to explore bitcoin`s underlying technology.
According to the report, interest and investment in the sector are growing. Following from this, the government can soon introduce regulations for the FinTech space in the region.
“[T]he government is expected to release regulations for fintech, particularly related peer-to-peer lending, which could lead to additional activity.”, wrote cryptocoinnews.com, while quoting the report.