Indian FinTech industry is estimated to grow from $31 Bn in 2021 to about a $150Bn by 2025. That makes it the 3rd largest fintech ecosystem globally. This and other news headlines for the day in today’s BMB Newsflash.
BMB Newsflash: Indian Fintech Sector
India – Global FinTech Superpower
India is the 3rd largest fintech ecosystem globally and in the last decade has emerged as a global FinTech superpower. At 87%, India has the highest FinTech adoption rate globally. This is significantly higher than the global average of 64%.
Indian FinTech industry is estimated to grow from $31 Bn in 2021 to about a $150Bn by 2025.
Technological innovation and high volume of funding for the sector from venture capital, private equity and institutional investors are the major growth drivers for the sector. And then there is the positive impact of the increasing internet and smartphone penetration.
There are more than 6500 Fintech startups in India and the sector has received more than $23 Billion in funding in the last 5 years. There are 16 Fintech unicorns including BharatPe, MobiKwik, Zerodha and PayTM. The growth story will continue for sure.
Gen Z: Redefining Workplaces
This decade at work will belong to Gen Z – those born between 1997 and 2012. Worldwide, Gen Z has surpassed millennials as the largest generation, making up 32% of the global population.
These 20 to 25 year old employees will redefine workplace culture. This generation has been raised on the internet and social media. They are the digital first generation. Their choices are shaped by internet culture and social media feeds. A majority of Gen Z employees prefer a hybrid work model which combines remote and office work.
Gen-Z is also leaning more towards the entrepreneurship path rather than getting involved in corporate jobs right out of college. This is a generation that will be more involved in side hustles and gig work.
Businesses will have to adapt the work culture and policies to attract and retain this new more diverse workforce.
June 21st: International Yoga Day
Today we celebrate Yoga, a gift from India to the world. 21st June is celebrated as International Yoga Day. Yoga benefits both your mental and physical health, and can be done just about anywhere.
Yoga is a physical, mental and spiritual practice that originated in India about 6,000 years ago. So far, more than 170 countries worldwide have shown their support for this day.
Today’s a good day to sign up for a class, or find a local yoga group or YouTube channel to help you get started.
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