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UP favoured destination for Fintech companies
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Top Stories |
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IANS | 23 Jun, 2022
Noida and Greater Noida have emerged as favourite destinations for
setting up financial technology (Fintech) companies over the last four
years.
A Fintech City would soon be developed over 100 acres spread across Noida and Greater Noida.
According
to government spokesman, there are 239 Fintech start-ups in Noida.
These are working largely in one or more of the four main fintech areas -
digital lending, payments, blockchain and digital wealth management.
Most
companies are witnessing a fast pace of growth in view of the rapid
adoption of digital payments across all sectors in India.
The
availability of world-class infrastructure, uninterrupted electricity
supply, internet connectivity and trained human capital have made Noida
and Greater Noida favourite destinations for Fintech companies.
Companies
like Pine Labs, Spice Money, Paytm Payments Bank, Advisory mandi,
DIGISPICE, OneCode, Wishfin, GramCover, FanTiger, Marquee Equity,
Easypolicy, Buddy4Study, Oye Loans, PayMe India, PortDesk, Nivesh.com,
and many more have been doing business in Noida/Greater Noida.
The
areas in which they are working include diversified payment solution
for businesses and merchants, agent-based payment solutions to consumers
and businesses, digital bank for individuals and businesses, equity
research platform focused on stocks, suite solutions for government
agencies, referral-based marketing solutions, comparison platform for
consumer loans, online life and non-life insurance comparison platform
focused on rural areas, NFT-based trading platform for music, deal
management and investor discovery platform, customisable cobranded
prepaid card solutions for businesses and retail loans.
Incidentally,
some of the large data centre projects slated to be set up in this
region of UP during the recently-concluded third ground breaking
ceremony (GBC), are powered by top Fintech companies like Paytm.
Growth
of Fintech in India is driven by various macroeconomic factors, such as
enabling government and regulatory initiatives, India's demographic
dividend, increasing national disposable incomes, large unbanked
population, improving internet access and smartphone penetration, and a
rapidly evolving e-commerce.
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