India’s maturing fintech ecosystem attracting UAE-based firms

India’s maturing fintech ecosystem attracting UAE-based firms

A golden era of entrepreneurship has been ushered in since the last one year, with India’s maturing Fintech ecosystem, attracting UAE-based companies to leverage on the country’s fintech strategy, experts said at a summit on Tuesday.

Companies presenting emerging new models are already seeing traction on the back of the phenomenal India-UAE Comprehensive Economic Partnership Agreement (Cepa) that was signed last year.

Jointly organised by International Business Linkage Forum (IBLF) and Dubai International Chamber, one of the three chambers operating under Dubai Chambers, the India-UAE Partnership summit follows a rise in business interest between the two countries on the back of the Cepa agreement and the announcement of Golden visas in the UAE.

Speaking at the India-UAE Partnership Summit, currently taking place at the Dubai Chambers, Sunjay Sudhir, Ambassador of India to the UAE, said fintech is certainly one of those areas, which is seeing a lot of investments…going in startups.

"The target was $100 billion in five years (after signing of Cepa). We have been just about eight months and for this financial year, we are already hitting about $88 billion. We have seen some landmark investments, including say an investment of $2 billion by International Holding Company (IHC) Abu Dhabi into Adani