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India has seen more fintech investment than China this year

With equal fintech deals to China, India is set to become Asia's financial technology hub.

While fintech investment in China has reduced this year, India has shown significant growth, a report has revealed.

The new figures from CB Insights state that during Q1 of this year, India recorded $285.6mn worth of fintech investment and now leads the continent.

Both countries interestingly saw the same number of fintech deals made, at 29 apiece, but while this marked an increase for India, it is pointed out by Techcrunch that this means a significant reduction for China which saw 76 deals three quarters ago.

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Increases in fintech deals in India could be tied to a significant gap in the market. Fintechs such as digital banks can often improve financial inclusion where communities are underserved, a common problem in India.

In March, Tencent’s WeChat Pay announced it would launch a UPI app in India. Meanwhile, the country is also looking at how it can boost payment alternatives, with the National Payments Corporation looking to implement blockchain technologies to promote digital transactions.

 

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