Abstract
Digitalization has brought challenges in all the industries and business sectors (Ryan Randy Suryono et al. 2020). The research in this area reveals clearly that the development of digital transformation has given the way for emergence of fintech initiatives. India is one of the fastest growing fintech markets in the world. India has Asia’s highest fintech investment institutions with a deal value around $647.50 million across 33 deals as compared to China's $284.9 million during the quarter end of June 30, 2020 (RSBA Advisors 2021). As per the MEDICI India FinTech Report 2020 India has witnessed exclusive growth in the number of new ventures launched in the FinTech space. Cumulative investments in India crossed $10 billion by the end of June 2020. The number of fintech startups in India is now almost 2280 with Bengaluru and Mumbai contributing to 42% of the companies (India Ego Medic.com). The first wave of disruptions in Financial services was led by digital payments followed by digital lending, wealth management and insurrect startups. This trend led to the emergence of fintech 2.0 where there are new use cases emerging with completely new models.
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