What is the potential for Fintechs to become large purveyors of Financial Services in Rural India?
Fintech also need financial literacy and education. The benefits is enormous and will help to uplift the rural community to learn by doing and be connected to the world.
Dear Emmanuel
Fintech has proved to be a financial revolution in the financial world.However, due to various factors,it could not affect the Rural India,i.e. Bharat,as some say.But there is a great potential for Fintechs to change the file of rural people also.In fact,when IT Penetration is there in rural area(which has started and expanding at a great speed),the benefits of Fintechs are recognised by the rural masses,and the security issues(regarding which rural people are more concerned) are tackled,then it will affect Bharat in the same way, as it is contributing towards changing the life of India.
The following link may be very useful for you:
https://icmai.in/upload/Institute/Journal/MA_Oct_2019.pdf
Fintech also need financial literacy and education. The benefits is enormous and will help to uplift the rural community to learn by doing and be connected to the world.
FinTech has large opporuntiy in waiting for rural sector in India. As a pre requiste , mobile broadband is available almost across all the villages. One can see villagers using whatsapp , facebook , clicking and uploading pics / videos. Need is to identify critical applications , have trust of these users and improve adaption
This assists financial inclusion for underbanked and unbanked population.
Fintechs in Africa, Asia and Pacific are also showing great potential to develop FinTech solutions inspired by mobile money and leapfrogging technologies. To regulate innovative deployments in the market, many countries including Kenya, Tanzania and the Philippines are implementing proportionate regulatory approaches and adopting a “test and learn” methodology. Such approaches may be seen as antecedents of the “regulatory sandbox” for FinTech that more than 25 jurisdictions globally have now implemented. Even Sri Lanka has implemented the same
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