YES Bank says it's a first comprehensive survey for India encompassing key global fintech stakeholders.
YES Bank on Monday announced the launch of India Fintech Opportunities Review, first comprehensive survey spanning Fintech startup ecosystem in India and in key markets world-over.
India Fintech Opportunities Review's debut survey aims to map various elements that comprise successful development of a major Global Fintech Hub. The survey which is a research initiative of YES FINTECH, YES Bank's Innovation Programme to accelerate Fintech startups, will cover more than 500 Fintechs world-over. As per Mckinsey reports, Fintech is expected to create 21 million jobs and boost GDP by $700 billion by 2025 in India.
YES FINTECH will leverage key strategic partnership agreements with leading startup global ecosystems, across US, UK, Europe, SE Asia, Middle East, and Israel, among others to understand their experience in having setting up successful Fintech Hubs, and their opinion having worked with Indian fintechs.
The online survey will be supplemented by Focused Group Discussions across Mumbai, Delhi and Bengaluru, a release said. The FGDs will involve participation from over 100 experts covering all key stakeholders including Banks (PSU/Public Sector/Payment/Small), NBFCs, Fintech Firms (representatives of various scale and size), Analysts, Ecosystem partners, Investors, Academia, Key policy-makers or enablers of a Fintech Hub. Several in-person meetings will also be held with Global Fintech ecosystems influencers to bring in global practices to India.
Rana Kapoor, Managing Director and CEO said: "Fintechs are collaborating with Banks for product and service innovation. By integrating NPCI & India Stack APIs, banks are now more comprehensively and efficiently addressing financially excluded segments, MSMEs and others. YES Bank has been closely engaged with Fintechs from around the world over the past two years, through its YES FINTECH Innovation Program."
The findings and report will be submitted to policy makers to further the ongoing dialogues between the government, regulators and corporates, towards positioning India as a Fintech Hub, the release added.