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Laxman Pai, Opalesque Asia:

India has become one of the most dynamic digital financial ecosystems globally in recent years, rivaling Greater China directly as a top destination for private capital investment in the sector, said a report by Preqin.

India soaked up more than a quarter (27%) of both the aggregate value and a total number of APAC fintech deals in 2019, up 24 and nine percentage points respectively compared to the year prior.

In 2019, India not only recorded its largest-ever aggregate fintech deal value ($2.2bn), but also more than doubled Greater China's total of $960mn - a feat not even achieved when India last beat out Greater China in 2013.

According to the report, in India, improving internet penetration, significant digital infrastructure spending, and supportive government initiatives like Digital India have all laid the foundation for a booming fintech market.

The industry was valued at an estimated INR 1.9tn ($25bn) in 2019 and is expected to reach INR 6.2tn ($82bn) by 2025, representing a CAGR of 22.7% over the next five years. As the market matures, fintech players are emerging across the spectrum of financial services, in sectors such as digital payments, lending, insurtech, and wealthtech.

The digital payments space - which includes person-to-person (P2P) payment, mobile wallets, and remittance platforms - has garnered significant attention from investors, as well as the Indian Government, as the country pushes for a cashless socie......................

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