Is Indian fintech ready to conquer the world?

Walk across any marketplace in India and you will notice QR codes displayed at the checkout counters of almost every store. It is a quick and convenient way to pay. Now imagine using the same method to shop seamlessly at the flea markets in Bangkok or the food court in Ho Chi Minh City. No problems with currency exchange or fear of pickpockets. India Stack digital infrastructure has already revolutionized access to finance in India and now it’s time for us to go global.

Our fintech ecosystem sprouted on the Application Program Interface (API) layer of the India Stack, with innovations such as UPI (Unified Payment Interface) as growth catalysts. The government has embarked on an ambitious project to give a facelift to the India Stack and make it a ‘Global Stack’. A logical extension of this mission is to take the Indian fintech ecosystem outside of India.

Being early in this area makes a lot of difference. Take the case of American internet companies, where the internet was first built. These providers started operations in the US and steadily expanded into markets such as India and China as internet penetration deepened. Today, Indian fintech is getting a similar opportunity. Fintech entities built around the India Stack can replicate their business model in other countries and transform into large multinationals based out of India and expand the country’s soft power.

The Reserve Bank of India has promoted the proliferation of Indian fintech providers with visionary regulations. This includes card tokenization, credit card UPI linking and guidelines for customer protective digital lending. NPCI has also made efforts to take UPI global through partnerships with countries such as France, Singapore and the UAE. As a step forward, the RBI and the government can facilitate fintech players to expand internationally by opening up channels for communication, collaboration and exchange of ideas. Through local partnerships in each market, we can help Indian fintech achieve global success.

Made in India, but for the world

The biggest advantage of expanding our Indian fintech ecosystem together with India Stack is the scalability of the interoperable model. For example, UPIs

the success story in India has made the rest of the world take notice. This increases the relevance of Indian fintech in some of these markets in Southeast Asia.

A recent one study showed that India has over 7,300 fintech startups. Serving the Indian market has helped Indian fintech firms develop capabilities to serve various markets globally. I am convinced that today’s Indian fintech companies are well positioned to bring relevant financing solutions to the rest of the world. All we need are the right platforms to expand our business horizons.

Engage and empower

The main enablers for Indian fintech firms to go global will be government interventions in the form of cross-country seminars, industry forums and brainstorming sessions. Through such initiatives, we will be able to meet like-minded partners in other countries.

Since the government has already started expanding UPI globally, Indian fintech can also fit seamlessly into this process. For example, the government could create a forum for fintech companies to collaborate with decision-makers in these countries. I I am of the opinion that Southeast Asia is a good place to start, given the similar demographics in terms of aspirational population and low penetration of traditional finance.

Indian fintech can make a difference by bringing customized solutions for each of these markets. It is a win-win for the economies and consumers because fintech accelerates the pace of digitization. I envision Indian fintech as the default service provider for the world.

The benefits for India

Empowering Indian fintech to go global strengthens India’s soft power as one technology manager. The country can position itself as a global fintech leader by enables platforms for Indian businesses’ internationalization and takes our learning from India’s public infrastructure to other countries. I believe that India will be able to sway opinion and influence global decisions by leveraging its fintech strength.

When Indian companies help other countries improve access to finance and payments, it propels India as an innovation powerhouse. This will further cement our status as a country that takes the lead in bringing practical solutions to the global masses. Once we achieve this, I envision a future where India plays the role of a mediator during tense diplomatic situations internationally.

As India prepares to use its fintech resources to bring about a financial revolution, the time is ripe to build bridges for the internationalization of Indian fintech. Together we can make it happen.

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