Tech That’s All About Bucks

Loans for small and medium enterprises, credit to bridge a month’s budget deficit, the ability to host an online e-commerce site by tiny businesses, the ability to pay or receive cash on the mobile – all these have one thing in common. They are all innovations introduced by financial technology firms, commonly referred to as fintech. This segment has changed the lives of the masses for good. Now, even a small kirana shop owner can avail an instant loan. The vast chunk of the unbanked population left outside the purview of banks are being financially included by fintechs. In a report, Boston Consulting Group (BCG) and Ficci predict that the value of fintech companies will be three-fold within the next five years. The report estimates the sector to hit $160 billion by 2025. Growth in the last five years has been phenomenal for the sector. The fast-evolving industry has over...