Quote on behalf of Mrs. Tanul Mishra, CEO, Afthonia Lab:
“Data is likely to change how the fintech industry works in the coming years. It is going to be foundational to building intelligent, intuitive, and sharper solutions that find resonance in the market quicker. The wealth of opportunity that data is going to accrue for the fintech industry will be unparalleled, provided that privacy remains a top agenda for innovators in this space. The usage of blockchain in this regard will revolutionize the way data is handled by fintech innovators and augment the scale and serve the end customer better.
Another area I see evolving in fintech solutions will be, in terms of how and where they are deployed. The Indian economy is largely MSME driven with this sector contributing upwards of 30% to the economy both in GDP and employment generation. However, the potential for growth is even higher and is only interrupted by access and awareness provided in this sector. I definitely see fintech innovations playing an instrumental role in providing the right impetus for growth to this sector by facilitating the easy and adequate flow of credit to this sector or being a wealth management tool for people all over India. Traditionally, for instance, wealth management companies have focused on high-net-worth individuals (HNI) with net assets of ≥ US$ 1 million and ultra-high-net-worth individuals (UHNWI) with net assets of ≥ US$ 30 million. The HNI and UHNWI groups in India have witnessed significant growth in the last decade and this is a demand driver for wealth management services. Being able to extend those suites of services to businesses in India can provide the fillip the MSME sector needs to fuel growth and ensure a gush of capital in a sector that can act as a growth engine for the Indian economy”