Chinese tech giants along with dozens of hyper-funded upstarts have designs on the world. They are quietly taking over the global fintech market at a scale that’s unheard of before.
Whatsapp has incorporated an entity called WhatsApp Application Services Ltd in Telangana and appointed former SIDBI executive Rakesh Rewari as a director.
Changes are underway in the financial services sector: a fusion of Wall Street smarts with Silicon Valley technology. India’s largest private sector lender, HDFC Bank, has ambitions too.
These startup founders believe technology can save chit funds and are investing all they have to start companies focused on digitising the savings scheme.