For Singapore startups, India is a land of fintech opportunities
Strong government support for going cashless and huge population of the underbanked or unbanked are just two of the major draws
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A HUGE 1.3 billion population, strong government support for going cashless, and an "existential crisis" faced by traditional financial institutions (FIs), are among the factors that make India a promising land for Singapore fintech startups, The Business Times has learnt.
As many as five Singapore fintech startups have set up shop in India or sold their solutions to companies in India in the last five years, according to Enterprise Singapore, the government agency championing enterprise development and internationalisation.
Aaron Zhang, regional director for Mumbai at Enterprise Singapore, told BT in an interview: "With India's fintech sector at its nascent stage, we believe the market is still big enough for Singapore fintech startups to take a share of the pie."
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