India’s Leading BFSI and FinTech Companies 2021

3 Dun & Bradstreet India is pleased to release the publication ‘India’s Leading BFSI and FinTech Companies 2021’ . Over the past 12 editions, the publication has been a credible compendium on the major companies from various key segments of the financial services ecosystem namely - banking, non-banking financial companies (NBFCs), housing finance companies, financial institutions, broking houses, insurance companies and mutual funds. This year’s edition, for the first time, also lists Scheduled Urban Co-Operative Banks. Furthermore, we have, for the first time, added yet another dimension to the publication, by profiling FinTech companies. The outbreak of the COVID-19 pandemic has forced a shift to a low-contact mode of operations. For the BFSI sector, this has been a major disruption, because financial service providers traditionally needed a personal connect to build trust and engage with customers. Interestingly though, with social distancing having taken centre-stage, there has been tremendous growth in the use of digital financial services and e-commerce. As a matter of fact, the pandemic situation has created new opportunities for FinTechs, and they are leaving no stone unturned to develop new innovative products and solutions. There are innumerable examples of how FinTechs are making an impact in the current scenario. Digital payment and remittance systems are playing a dominant role in enabling people and businesses alike execute transactions and stay operational.When traditional financing companies became extra cautious in lending in the immediate aftermath of the outbreak of COVID-19, FinTechs involved in alternative financing played a role in bridging the gap. Likewise, Insurance and Investment Tech companies have Foreword Preeta Misra Director - CBIG & LEIG Dun & Bradstreet India helped customers make investing decisions at relatively low costs. There are several factors in the Indian context that can foster the growth of FinTechs. To begin with, India continues to have a huge section of its population that is underbanked and that cannot afford financial services. By delivering products and services at much lower costs, FinTechs can play an important role in enhancing the penetration of financial services. India also has good mobile penetration, which provides a good foundation to promote digital financial services. Furthermore, the kind of progress India has made in terms of its digital infrastructure (UPI, Aadhaar, etc.), regulatory support, a vibrant investment ecosystem and a good talent pool for technology development also help create an environment that is conducive to the rapid and sustained growth of FinTechs. According to media reports, India has recently surpassed China to emerge as Asia’s biggest destination for FinTech deals. It is estimated that India’s FinTech sector will add another US$ 100 bn in market valuation over the next 4-5 years. These augur well not just for FinTechs, but for India’s financial services ecosystem as a whole. A concerted effort on the part of FinTechs, Financial Institutions and Policymakers can help take the sector to the next level of rapid growth. We are sure that this publication will help you gain a better understanding about India’s financial services ecosystem and its key components - BFSI companies and FinTechs. We hope you will enjoy reading the publication and look forward to receiving your valuable feedback and suggestions. Dun & Bradstreet