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Indian Fintechs Adapted To The Pandemic Better Than Their Global Peers: Study

Indian fintechs adapted to the post-pandemic business environment much better than their global counterparts in terms of easing customer on-boarding norms, building new products and passing on regulatory benefits to customers, according to global comparative study by Cambridge University's Centre for Alternative Finance. Indian fintech firms are overall punching above their global counterparts on average, and in particular fintechs in the payments, banking and lending space were the most flexible to adapt to the changing conditions caused by the pandemic, the study found. The study, covering 1,400 fintechs, saw participation of 142 firms operating in India, 87% of whom are retail facing fintech. Around 39% of the Indian respondents were involved in digital lending, 18% from digital capital raising platforms and 17% were involved in digital payments, the study said. MediaNama has seen a copy of the study. "Overall, the global fintech market has grown over the last year across 12 of 13 verticals. Digital payments saw a 21% in transaction volumes, but we saw an overall decrease in digital lending volumes by around 8% overall. India ranks among countries with high stringency COVID-19 lockdown measures. We found that the largest increase in transaction numbers and volumes took place in markets with greater lockdown measures; the higher the COVID-19 stringency, the higher the adoption of financial technology services. The increased adoption is not necessarily caused by the pandemic, but there is certainly a correlation between stricter lockdowns and adoption fintech services," said Tania Ziegler, lead of global benchmarking at the…

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Reports on banking, payments, fintech and crypto-curencies. Additional reporting on media regulations, data protection and other areas.

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