Financial technology is the new innovation and technology that seek to compete more precisely with conventional financial instruments in the provision of financial solutions. It is also an emerging market that makes use of cutting-edge technology to enhance financial activities in finance. Finance technology is related to financial instruments like equity markets, derivatives, credit systems, loan systems etc. The term itself indicates the financial activities concerned. In simple words, it is the application of science to carry out financial activities. Financial technology has emerged as a new term to be used in the financial arena.
There are several players in the biotech industry. The banking sector is the most important player in the financial technology industry. The other players include investment banking, corporate financing, mortgage banking, retail banking, savings and loans, mutual funds and money marketers. All these players are contributing to the fast growth of the finance industry in India.
Most of the biotech companies are based in India. Some of the well-known companies in this sector are HDFC, ICICI bank, ING bank, Reliance, ICICI Lombard, Credit Brothers and many more. Most of the banks offer various financial services, directly or indirectly. The financial services offered by the banks have enabled them to expand their business successfully and to attract a large number of customers.
According to the latest census, there are nearly 18 million people employed in the biotech industry in India. This number is expected to increase in the next few years. The reason behind this growing demand for financial services from customers is rising inflation. People are finding it difficult to manage their finance, with rising prices and salary deduction. It has become extremely important to adopt the best practices in the fintech market to survive in this competitive environment.
In order to take advantage of the growing demand for the financial products in the biotech industry, most of the leading financial institutions are offering new loan schemes under the National Credit Act. The legislations are expected to be passed in march or April, so that all the banks can start offering services under the banner of National Credit Act. The main intention behind introducing these legislations is to make the life of the customers easier.
In order to take advantage of this situation, many multinational companies have decided to establish their manufacturing units in India. These companies provide financial services at lower cost, thereby allowing customers to save a lot of money. According to an estimate, by the end of this year, the biotech industry in India will be employing more than one billion professionals. This figure is expected to touch one billion in 20 lie years, which is very high when compared with other economies.
Moreover, the main reason for the high number of biotech startups is because of the availability of a large population in India. India is one of the fastest growing and largest democracy in Asia. There is a huge purchasing capacity of the people of India, who can be tapped for any purpose. In fact, according to estimates, by the end of this fiscal year, there are expected to be around two to three hundred financial service companies in India that will be funded on a full-time basis. This huge inflow of fund will significantly change the scenario of the economy.
Mobile banking and online shopping are some of the areas in which the biotech industry is focusing as there is huge potential for profit in both of them. Fintech startups working on these projects can increase their customer base within a very short period of time, which will ultimately help them expand their business. By investing in such startups, investors not only reduce their risk level but also see immediate return on their money. If you wish to invest in biotech startups, you can search for their angel investors, intermediaries, venture capitalists, private investors as well as other sources of funding.