InDebted has been selected as 1 of 10 NSW FinTech startups to take part in a one-week FinTech mission to India this June. This opportunity is offered by the NSW government, and the program will provide an introduction to the Indian market, facilitate meetings with the local ecosystem and potential partners, and provide guidance on how to take a business global.
India is a potential global hub for FinTech innovation. 8-10 global banks are actively engaged with the FinTech ecosystem in India. More recently, WhatsApp has chosen to launch its first payments facility in India. The FinTech scene in India is also one of the world’s most dynamic and fast-developing one. According to Deloitte’s 2017 report on FinTech in India, the country ranks amongst the top 10 FinTech markets globally. We are excited to have this chance to network with successful Indian startups and industry partners that have thrived in this vigorous business environment.
There have been disparities between the pace of technology adoption and India's FinTech potential though. For instance, India’s debt collection industry remains riddled with obstacles like rigid debt collection laws and traditional recovery methods. In contrast, lending is currently leading in India's FinTech scene, as reported by the 2018 India Fintech Opportunities Review. Alternative lending startups have found the most traction in recent years, with a record number of 225 alternative lending companies in India as of 2017. The growing need for alternative financial solutions shows that there is a demand for an innovative collections solution too.
With this upcoming mission, we look forward to productive exchanges with Indian counterparts that could generate insights beneficial to the global FinTech landscape. We also hope to identify expansion opportunities that could benefit the NSW FinTech scene. Stay tuned for more updates from our upcoming visit to Magnificent India!