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YES Bank is all set to launch a first-of-its-kind fintech survey. Called India Fintech Opportunities Review, the study will cover India and a few major fintech markets in the world.
A research initiative of YES FINTECH, which is the bank’s innovation programme to accelerate fintech start-ups, the survey will cover more than 1,000 firms globally, said Amit Shah, Head-Strategy, Yes Bank.
Creating a roadmapShah told BusinessLine that the aim of the survey is to gauge the country’s fintech segment which, as per Mckinsey reports, is expected to create 21 million jobs and boost GDP by $700 billion by 2025.
YES Bank has already started collecting responses and data from various stakeholders. The survey report is likely to be released in January.
The study will cover some upcoming opportunities in the segment given the government’s vision to turn the economy digital and going less-cash.
Besides, it would also identify the challenges faced by fintechs, including talent gaps nad regulatory issues, and help design a roadmap for the development of the fintech ecosystem, Shah added.
Global experienceThe bank will leverage key strategic partnership agreements with leading start-up ecoystems across the US, the UK, Europe, South-East Asia, West Asia and Israel to understand their experience in setting up successful fintech hubs and their views on working with Indian outfits.
YES Bank Managing Director and CEO Rana Kapoor said: “Fintechs are collaborating with banks for product and service innovation. By integrating NPCI and India Stack APIs, banks are now more comprehensively and efficiently addressing financially excluded segments, MSMEs and others.”
Support ecosystemThe survey, he added, is an endeavour to support the creation of a comprehensive support ecosystem — a Fintech Hub in Mumbai that will further galvanise creation of future skills, technology and jobs and bring the future into the present.
The findings of the report will be submitted to policymakers to take forward the ongoing dialogues among the government, the regulators and corporates, he added.
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