‘Finnovation’

India’s Foundation for Success

India is the birthplace of some of the world’s largest and most innovative tech vendors. It also plays host to a plethora of smaller fintechs challenging for leadership. We explore the relationship the country has with the technology sector, revealing the key moments of the last decade that have assured its rise to prominence among corporate finance and banking communities.

India is rightly hailed as home to many of the world’s foremost tech centres. Bangalore is known as the ‘Silicon Valley of India’, while cities such as Pune, Hyderabad, Delhi National Capital Region, and Chennai vie with each other to be the top development centre. 

Fintechs are flourishing as a result. India has more than 9,000 entities in this space, ranking it third globally. With a 14% share of startup funding in the country, ‘finnovation’ is big business. And while treasury tech is but a small component of this vast industry, the numbers alone should raise expectations among treasury professionals that the right solutions are close at hand.

Citizens for progress

Many countries could be considered technologically advanced without having anywhere near the industry standing enjoyed by India. For Siddharth Rungta, Head of Global Payments Solutions, HSBC India, the key to this success story lies in just how far into Indian society digitisation has reached, and the fact that this progress is very much by design.

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