India's DPI: Revolutionizing Finance and WealthTech

Key Takeaways

this is Douglas arner and in this month's episode of looking back looking forward we're doing something special we're coming to you from the global fintech Festival in Mumbai in India and not only are we coming live from the global fintech Festival I'm actually joined by my friend Masher Ahmed from finnstep Asia who you'll know from the other videos in the course now the big theme of the global fintech Fest this year is digital public infrastructure DPI and this is something that we've talked a lot about over the years if we look at the key lessons from the standpoint of countries around the world in building digital Financial systems in increasing Financial inclusion and improving sustainable development outcomes the key has really been around this strategy of mobile and internet access ID Mobile or bank account access in inter operable payments and the powerful platform that this builds we used to think of this from the standpoint of India's stock since 2020 and India's presidency of the G20 we tend to call this digital public infrastructure and looking around the world we're now seeing dozens of countries following similar patterns today we can think of it as combining three pieces which is identity payments and data and what we can see here in India today is the transformative potential of this combination hello everyone mushir Ahmed here from FIA delighted to be part of looking back looking forward from GFF we are talking and looking at how Finch has enabled and changed the story of emerging India into developing India one of the features and one of the things that we don't talk about as much is the mass influential the rich in India who have grown by multifold and are numbered in you know tens of millions however when it comes to advisory Services as well as wealth management things are still yet to pick up to a high quality consistently and at scale those who are hni high netw worth individuals are well covered they have their wealth advisers but broadly the mass of fluent who have been growing in urban India as well as in parts of tier one tier 2 India having just been sold fixed deposits or mutual funds or maybe a special Forex product but not really tailored or customized for their needs what this emerging India's Mass affluence need is Solutions and tools which may use technology like AI or other tools but needs more toriz and customization it will be enabled by technology that pulls in the information to support it but it also means a large scale that needs to grow India's stock market is now the third largest in the world but the penetration of retail investors still very low and they are interested the numbers are quite high so you'll you'll be seeing more digital more advisory for wealth to grow and serve this underserved wealth segment to grow with India's GDP which is now at 3 trillion but aiming to be 5 trillion in a few years and hopefully 10 to 15 trillions in a decade so keep an eye out for wealth Tech and wealth management advis forms that are looking to rationalize and change the mass ofl story in India