Looking for India’s capital: mapping the FinTech ecosystem across Indian cities

Keywords: India, FinTech, finance, Mumbai, Bangalore, New Delhi, payments, ecosystem
Session Type: Virtual Paper Abstract
Day: Tuesday
Session Start / End Time: 3/1/2022 08:00 AM (Eastern Time (US & Canada)) - 3/1/2022 09:20 AM (Eastern Time (US & Canada))
Room: Virtual 12

Abstract

This paper demonstrates how the rise of the FinTech industry reconfigures India’s financial geography through the emergence of Bangalore and New Delhi as dynamic hubs of financial technologies. We use a mixed method combining network analysis, data visualisation and corporate interviews to chart the development of 1400 FinTech firms across Indian cities. Using the notion of ecosystem, we examine the geography of cross-border and domestic investments that provide capital for Fintech firms, highlighting the critical role of investors headquartered in USA, Japan and China. We underline the regulatory changes, labour market dynamics and technological innovations that support the growth of this hybrid industry. Through two case studies, we focus more specifically on the digital payments and financing. Results indicate that both transnational and local dynamics in FinTech place Bangalore and New Delhi ahead of Mumbai, the historical financial capital of India.