Theme: Year-end quotes by Fintech players on the overall Fintech Ecosystem and projection of 2024

Nirav Choksi, CEO & Co-founder at CredAble

Over the years, FinTechs have consistently transformed customer expectations by identifying and mitigating friction points, ultimately enhancing the overall user experience.

FinTechs servicing the B2B market will continue to be a disruptive force given how the unmet credit needs of SMEs worldwide are projected to be $5 trillion. Even though the current economic environment is challenging, it presents a major business opportunity for banks and FinTechs that can offer innovative trade financing solutions as a response to underfinancing pain points for SMEs.

Businessman use electronic pen writing rising colorful graph from 2023 to 2024 year of business planing and stock investment growth concept.

Banks will be the cog that will drive inclusive trade finance. Their unwavering focus on digitalisation, strategic FinTech collaborations, and the use of API integrations will be instrumental in delivering vital financial solutions to businesses both big and small.

In 2024 and the years to come, FinTech companies are primed for growth considering how the growing shift toward embedded finance and the boom of AI are driving efficiencies across the financial services landscape. ‘Verticalisation’ of software is now becoming a well-defined playbook that is ensuring that the long tail of small and medium-sized businesses can now benefit from sophisticated, enterprise-grade software experiences. In the coming months, we can expect to see a surge in SaaS businesses embedding FinTech capabilities, such as lending and card issuing, along with need-based financing solutions for vertically niche use cases.”


Mr. Ram Kewalramani, Co-founder and MD at CredAble

Amidst economic headwinds, the FinTech landscape in India experienced a recalibration in 2022 and 2023. As a result, FinTechs are pivoting towards a sustainable operational paradigm, emphasising not just growth but a strategic focus on maintaining robust profit margins.

We need to look at times of economic downturn as the catalyst for change and transformation.

In my opinion, looking ahead to 2024, FinTech companies are poised to design products around unique customer journeys, ushering in an era characterised by high-quality, service-centric digital experiences. We will also witness extensive AI integrations, particularly in critical domains like creditworthiness assessment, risk evaluation, and robo-advisory services. As AI’s influence continues to grow, it will not only fortify fraud detection but also enhance customer service on various fronts, shaping the future landscape of FinTech.

 Steering away from in-house development and to remain relevant, banks are progressively opting to acquire cutting-edge solutions from niche Fintech providers. The FinTech sector globally will see an industry-wide push for speedy go-to-market plans in 2024 and beyond. To meet the escalating customer demands and avoid being on the back foot, FinTechs need to prioritise modernisation—whether that includes adopting a micro-services approach or offering an ‘as a service’ solution.


Mr. Ashutosh Taparia, Chief Revenue Officer and MD, CredAble

Given how FinTech solutions have been previously more effective and efficient at a lower scale, small businesses will be one of the key beneficiaries of the sector’s disruptive power. In 2024, by employing innovative approaches to credit origination, risk assessment, and SME funding—FinTechs will continue to offer alternative channels for small businesses to secure working capital, supporting their varied expansion needs.

The FinTech space has gained significant traction in recent years by focusing on single-purpose solutions. Striving to adhere to the principles of low cost, high volume, and scalability, digital lending systems present a promising future in the years to come. A key avenue for growth lies in their synergy with digital public infrastructure, particularly in augmenting MSME lending.

To bridge the credit gap among MSMEs, adopting an ecosystem-based approach is imperative. The launch of India Stack has received widespread recognition and engagement from financial institutions, MSMEs, and segments previously excluded from formal credit channels. This robust digital infrastructure will serve as a link, addressing both credit and commerce gaps and promoting a more inclusive and sustainable value chain.”


Aditya Gupta, Founder & CEO, Credilio

In the ever-evolving realm of finance, the definition of Fintech has transcended its initial disruptive role and evolved into a force that goes beyond reshaping traditional financial services. Fintech has become a catalyst for reimagining the very fabric of our financial interactions. The integration of technology aims to craft experiences that are not only seamless but also personalized and secure, ensuring that financial services are accessible to all.”

“A key focal point in this transformation is the emergence of embedded finance, which holds the promise of extending financial services to a broader consumer base, seamlessly integrating financial experiences into everyday activities. This approach envisions a future where financial interactions are woven into the fabric of daily life, simplifying, and enhancing the way individuals manage their finances.”

“Looking towards India, the landscape is ripe for leading the global fintech revolution. The nation possesses a robust talent pool, a regulatory environment conducive to innovation, and a vast population eager for increased financial inclusion. It is within this dynamic ecosystem that fintech has the potential to not only thrive but to lead on a global scale.

“The ongoing evolution of fintech is further propelled by the convergence of embedded finance, open banking, and artificial intelligence. These forces are reshaping the industry, fostering collaboration, and unlocking new realms of innovation. As we peer into 2024 and beyond, the horizon promises the emergence of even more creative and disruptive fintech solutions, underscoring the sector’s commitment to pushing boundaries and transforming the way we engage with money.”


Mr. Ashutosh Singh Co-Founder & COO, Ayekart

“As we’re stepping into 2024, I am thrilled to reflect on Ayekart’s journey in pioneering a transformative vision for the Agri-supply chain. Our commitment to creating a holistic ecosystem where MSMEs thrive has been unwavering. We’ve empowered these businesses with market linkage, embedded finance, and cutting-edge digital tools, simplifying processes, increasing convenience, and fostering financial literacy among MSMEs and farmers.

We prioritize security and data integrity, employing robust measures such as automation, OCR, and stringent trail audits. Machine Learning and Data analytics have fortified our decision-making processes, while best-in-class reporting and internal tools enhance traceability and transparency in transactions.

Looking ahead, we are poised to embrace IoT, AI, Blockchain, and digital twinning, leveraging technology to meet evolving industry needs. The rise of embedded finance is a cornerstone of our commitment, revolutionising access to financial services for MSMEs and FPOs. Ayekart is steadfast in being at the forefront of this transformation.

As we remain true to our core values of innovation, inclusivity, and impact, Ayekart aims to make a profound difference in the lives of millions of MSMEs and FPOs/Farmers. We firmly believe that technology and financial inclusion have the power to transform rural economies, unlock agricultural productivity, and contribute to building a more resilient and prosperous future for our nation.”


Balaji Srihari, Business Head, CoinSwitch.

“Indian investors booked healthy profits from crypto towards the end of the year with several top coins growing at a healthy clip. While the ecosystem focused on building real world solutions using crypto, investors backed them with patience and traders reaped benefits from the volatility in the market. In 2024 approvals for Bitcoin and Ethereum ETFs are highly anticipated events and could lead to more institutional capital coming into the ecosystem,“


Mr. Ankit Ratan, Co-founder & CEO at Signzy

“The year winding down has witnessed significant regulatory interventions with an increased collaboration and interaction between regulators, banks and financial institutions, fintech firms and other technology solution providers. This in turn has helped the wider financial services industry identify opportunities, embrace new ways of working and navigate the evolving regulatory approach. The surge in data breaches has made us realize the vulnerability of data privacy in the face of modern technology. In response, there has been a global proliferation of new laws aimed at regulating the handling of users’ data by companies and organizations. In this effort, the European Union’s implemented General Data Protection Regulation (GDPR), designed to safeguard data privacy of the users. This has triggered a notable “GDPR domino effect,” with countries worldwide adopting privacy frameworks inspired by the principles laid out in GDPR, thereby reinforcing the collective commitment to fortifying data protection measures. In alignment with global standards, India also took the milestone step to enact the Digital Personal Data Protection Act, which not only offered clear guidelines to businesses on usage and storage of customers’ personal data but also promoted responsible innovation. This will positively impact end consumers’ trust in the digital ecosystem and give much needed control and protection to them over data privacy. Next, the Reserve Bank of India (RBI) strengthened cybersecurity measures through Master Direction amendments, urging regulated entities to adopt a risk-based approach for KYC updates. This has helped in enhancing digital trust and combatting advanced tactics of fraudsters. On the back of this rapidly evolving landscape, we also saw an increasingly diverse range of uses for fintech and regtech applications, ranging from credit risk analysis, data governance to cyber risk resilience and information security. The amendments introduced by the regulators have made compliance easier which will also lead to enhancement of financial inclusion.

Looking ahead to 2024, we believe that the financial institutions will expand within the digital ecosystem. E-KYC, onboarding, fraud detection, and compliance services will aid in regulatory compliance while protecting user data and building digital trust. Onboarding, especially in a country with 1.4 billion Aadhaar holders, requires a deeper understanding of individuals beyond mere data possession as businesses don’t know ‘if the person is who he says he is?’. It is important for the banking industry to use Transaction monitoring which will help in distinguishing between good and bad actors.

A notable trend for 2024 is the evolution of Generative AI, transforming how alerts are validated, especially given the daily generation of around 10,000 alerts. This innovation reduces analysis time and enhances scalability without proportionally increasing human resources. Along with Gen AI, artificial intelligence (AI) and machine learning (ML) continue to play pivotal role in enhancing customer experience. Through the utilization of machine learning techniques, AI systems can proficiently analyze vast quantities of data, recognise complex patterns, and subsequently generate informed predictions or decisions. ML serves as a cornerstone in elevating the capabilities of AI, rendering it more intelligent, adaptive, and efficient. To combat sophisticated fraudsters, increased investment in AI & ML is crucial to outsmart them and protect user data, fostering a trust-oriented digital environment. As we enter the new year, businesses will be compelled to adopt digital-first technologies. KYC/KYB processes will be pivotal in preventing money laundering and terrorism financing. With escalating data leaks and identity theft incidents, organizations need to prioritize trust and security, creating a robust risk infrastructure to safeguard user data. Simplifying the user journey through secure, transparent, and frictionless experiences across sectors will pave the way for innovation and scalability.


Mr. Sundeep Mohindru, Promoter & Director, M1xchange

“The transformative impact of TReDS in Supply Chain Financing is reshaping the dynamics of financing for businesses. The demand for financing via TReDS is growing at 100% y-o-y as it is creating a win-win solution for all stakeholders in the value chain. One of the key factors driving this growth is the high confidence of banks and NBFCs as the default of repayments on TReDS is negligible and the model operates on SaaS with no fixed cost of infrastructure to banks. With more financial institutions seeking to increase their financing to MSMEs through supply chain financing, this is a positive trend for MSME business growth.

Further, the increase in the number of corporates joining the supply chain finance bandwagon is also a key growth driver. Adopting TReDS helps build the robustness of their supply chain ecosystem, strengthen supplier relationship and reduce thereby also bringing down their business cost.

At M1xchange, we have disbursed INR 21,000 crore for MSME invoice discounting in the first seven months of the fiscal year 2023-24, vis-à-vis INR 23,000 crore disbursed in FY 22-23. This growth is attributed to the positive regulatory changes introduced in the past few quarters thereby making the adoption of TReDS an easier mechanism for Banks, Corporates and MSMEs. Further the ease of use for all SMEs and Corporates simplified vide digital mechanism has also enabled the wide usage of M1xchange across 1800 cities.

With India welcoming the ever-increasing adoption of technology in the banking & fintech industry, the current age of AI & ML will further provide a boost to the ecosystem. The digitization wave has not only enabled fintech and banks but has also opened doors for MSMEs. Innovative technology in the invoice discounting space is enabling the availability of genuine financial and business data for MSMEs thereby allowing the flow of supply chain finance to multi layers of MSME enterprises, thereby serving the objective of Financial inclusion for the country.

Capitalizing on these emerging trends will further accelerate the adoption of TReDS thus having a positive impact on the Indian economy. With each step towards resolving the working capital challenges faced by MSMEs, we envision a bright future for the sector in the coming year.”


Gurjodhpal Singh, CEO, Tide India

“2023 has been a remarkable year for MSMEs and the fintech sector, marked by resilience, innovation, and a surge in digital adoption. MSMEs have demonstrated remarkable adaptability and entrepreneurial spirit, navigating the challenges of economic uncertainty while embracing technological advancements. The fintech sector has played a pivotal role in empowering MSMEs with access to capital, financial tools, and digital solutions, enabling them to thrive in an increasingly digital landscape. Tier 2, 3 and beyond cities have emerged as a hotbed of digitization, with MSMEs in these regions actively adopting fintech solutions to streamline operations, enhance customer experiences, and expand their reach.

The year also welcomed several new norms, with the most significant being the enactment of Digital Personal Data Protection Bill, 2023. Considering that the act includes everyone, right from employees and customers to merchants and vendors, it will help set the expectations right for players across industries and give a direction to storing and managing data securely.

As we look ahead, we are optimistic about the future of MSMEs. In addition, once the UK-India FTA is signed, it will open a door of opportunities for Indian MSMEs, especially for women-led enterprises, and augment their global competitiveness by enabling them to participate in international trade. We believe that continued innovation, collaboration, and government support will further accelerate the digital transformation of MSMEs, enabling them to become even more competitive, resilient, and successful.”


Dilip Modi, Founder, Spice Money

As we stand on the cusp of 2024, the Indian fintech industry stands on the precipice of an unprecedented transformation, poised to reshape the financial landscape in rural and semi-urban India. This transformative wave is propelled by a confluence of factors, including the widespread adoption of digital technology, a dedicated push for financial inclusion, and the integration of cutting-edge technologies aimed at empowering rural and semi-urban communities. The burgeoning landscape of women entrepreneurship in India’s MSME sector serves as a compelling testament to fintech’s transformative prowess. Women-owned MSMEs, constituting nearly 14% of the total registered units, have experienced an impressive 110% annual job growth over the past six years. On the global stage, India, in its G20 leadership role, consistently underscores efforts to establish digital public infrastructure, actively collaborating with other nations on technologies underpinning the India Stack initiative. The JAM (Jan Dhan-Aadhaar-Mobile) trinity has become the bedrock of India’s digital and fintech terrain, effectively narrowing the financial divide in rural and semi-urban areas. With over 50 crore Jan Dhan accounts, 56% designated for women, and 67% initiated in rural areas, this initiative has democratized financial access, facilitating active participation in the digital economy.

Looking ahead to 2024, the Indian fintech industry is set to intensify its transformative impact on Emerging India, creating innovative solutions tailored to the specific needs of these communities, including micro-lending platforms, mobile banking applications, and digital literacy initiatives. With its unwavering commitment to financial inclusion, Spice Money is set to play a pivotal role in bridging the financial divide and empowering rural and semi-urban communities to fully participate in the digital economy. The year 2024 promises to be a watershed moment, marking a new era of financial empowerment and redefining our interaction with money, particularly in underserved communities.