India among most vibrant fintech hubs: WEF study

Releasing the report during its Annual Meeting 2024 in Davos, the World Economic Forum said fintechs are increasingly expanding operations across borders, mainly in the same region as their headquarters.

India is among the most significant operating countries for hosting a thriving cluster or fintech headquarters, a WEF study showed on Thursday.

Releasing the report during its Annual Meeting 2024 in Davos, the World Economic Forum said fintechs are increasingly expanding operations across borders, mainly in the same region as their headquarters.

"The study reveals that vibrant hubs such as Singapore, the UK, the US, and India have hosted a thriving cluster of fintech corporate headquarters.

"Among the countries surveyed, the most significant operating countries for fintechs include the US, the UK, Singapore, Mexico, and India," it added.

According to the report, the global fintech industry remains strong, with customer growth rates averaging above 50% across industry verticals and regions.

Consumer demand is the main driver of growth, and fintechs are offering tailored financial services and products to traditionally underserved segments of the population, it noted.

The report said the global fintech industry is demonstrating strength and resilience and continues, despite an unclear economic outlook, to expand financial services offerings to traditionally underserved consumers and businesses.