The fintech sector is poised to grow in tandem with the Indian economy driven by new-age technologies like artificial intelligence and machine learning, among others, according to Kris Gopalakrishnan, chairman of Axilor Ventures and co-founder of Infosys Ltd.
With India expected to become a $10 trillion economy in the next 10 years and $30 trillion by 2047, the fintech industry "has to grow, will grow, and must grow," Gopalakrishnan told NDTV Profit on the sidelines of Global Fintech Fest 2024.
The theme of the GFF is actually 'the next decade,' and emerging technologies like artificial intelligence, machine learning, issues about cyber security, and others are going to drive new products and services, he said.
Over and about this, fintech will also have to adapt and serve global markets, Gopalakrishnan said. "This must be done by taking our products and services to countries around the world, especially the emerging countries."
Indian fintechs' revenue will reach $190 billion by 2030, accounting for over 20% of all banking revenues, according to a report by consulting firm Boston Consulting Group. Indian fintechs are demonstrating a path to profitability earlier than what was expected 2-3 years ago, it said.
Globally, India ranks third in terms of the number of fintechs and fintech unicorns, the report said. The report stated that Indian fintechs achieved a 50% revenue growth rate in 2023 and expect this growth trajectory to continue.
The global fintech sector is on track to achieving $1.5 trillion in revenues by 2030. The Asia-Pacific (APAC) and North American (NAMR) regions are primarily driving this growth, generating revenues three times higher than the next set of regions by 2030.
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