India Fintech Forum is a non-profit Fintech advocacy group; they have announced on November 24, 2020, that 27 financial technology (fintech) firms have been shortlisted for the 5th installment of India Fintech Awards (IFTA). The companies which are competing for the Fintech Startup of the Year award will present live demos in front of the event judges at the awards ceremony. The function starts from November 30th and ending December 2nd, 2020. Six innovative Fintech companies will compete for the Fintech Scale-up of the Year award, officials said.
India is fast becoming a major global fintech hub. In October 2020, it was reported that India had recently launched a Fintech Sandbox Program run by the International Financial Services Centre Authority. As decided, the Fintech Sandbox program will allow established business partners and start-ups to work together to develop solutions related to banking, capital markets, and insurance services. Even before going into production or the formal launch phase, the products and services will be used in a live environment with a few “real” customers for a certain period.
Indian Fintech shortlisted for IFTA will be selected from a pool of over 600 applications from around the world. According to the entrepreneur, the applicants are from countries like the US, UK, UAE, Switzerland, Sweden, Spain, Singapore, Sri Lanka, Norway, New Zealand, Netherlands, Ireland, India, Hungary, Hong Kong, Germany, France, Canada, Brazil, and Algeria. India Fintech Forum has over a thousand Fin techs and over 20,000 members.
The Forum aims to improve India’s economic, technological, and ecosystem so that the country can continue to be a major player in the global fintech economy. India Fintech Forum is partnering with leading companies such as Amazon Pay, PayU, CashRich, TransUnion CIBIL, and Big Four auditing firm Deloitte. These are leading companies focused on promoting fintech adoption and will support the forum. US-based Asset Vantage, BCT Digital, ClearTax, OneAssist, and Paytm Money with Perfios are among the finalists for the Fintech Scale of the Year Award from India.
