Rahul Raj

Founder & CEO, FloBiz


“FinTech is the fastest growing amongst all Tech sectors. Supercharged by GST demonetization and UPI the FinTech companies have been able to push the limits towards bigger innovation & better collaboration. For a sizeable section of society some financial services are already being delivered digitally and securely. Weve seen an acceleration in the design & adoption of different offerings ranging from payments credit investing insurance to trading which has been further fueled by the pandemic. India sits at an enormous opportunity of revolutionizing & democratizing access to a cluster of financial products & services for its 1.3B population on which weve just gotten started. Theres encouragement from the regulators and policies from the government that is helping drive growth in FinTech. There are still a lot of things to fix or revamp so the future looks even more promising & exciting for the FinTech industry than today. The Covid-19 pandemic has surely tested the resilience of every industry including FinTech. On one hand businesses dealing with tangible goods and in-person services were hit really hard and on the other FinTech companies were able to adjust to remote working environments invest more into tools & products to streamline day-to-day operations and contribute to the reach & adoption of our banking & payments infrastructure in the time of social distancing. FinTech companies have grown in size scale & number and startups have been able to raise billions of dollars. Forced by the threat of outbreak consumers expectations have risen such as doorstep delivery or acceptance of digital payments and every small business has had to seriously reconsider the way they have been doing business. The pandemic already is - and will be for some time - a major cause for technological advancement in the financial services industry.“