FINTECH VERSE

Payments occur via online mediums and require no physical exchange of money. Simply put, they are the transfer of funds between payment accounts using a digital device or channel. (A subset of Digital Payments includes Prepaid Payment Instruments (PPIs) - instruments that enable purchase of goods/services, access to financial services or remittances against the value stored in them)

Digital Banking refers to present and future electronic banking services provided by a licensed bank for the execution of financial, banking and other transactions and/or orders/instruments through electronic devices / equipment over web sites (i.e online banking), mobile phones (i.e mobile banking) or other digital channels as determined by the bank, which involve significant level of process automation and cross-institutional service capabilities running under enhanced technical architecture and differentiated business model / strategy.

(Super apps – Super apps are characterized by their ability to deliver a wide range of services within a single application, providing an ecosystem that addresses multiple consumer needs. In the financial sector, super apps integrate services such as banking, payments, investments, and insurance, creating a digital ecosystem that enhances user convenience and engagement)

Digital lending refers to a lending and credit life-cycle that is conducted “largely by use of seamless digital technologies”, even if a limited physical interface exists. This may include customer acquisition, credit assessment, loan approval, disbursement, recovery, and associated customer service.

WealthTech refers to technology-enabled platforms that facilitate, enhance and democratize the delivery of wealth management and financial advisory services. While Investech includes tools that facilitate investment decision-making, trading, and portfolio management across asset classes

InsurTech covers technology-led innovations that create new insurance business models, applications, processes and products—e.g., IoT, AI, digital platforms—across risk assessment, product design and pricing.

Banking Correspondents are individuals or entities engaged by banks or Lending Service Providers (LSPs) to provide banking services in remote areas where bank branches are not present. They may use the infrastructure developed by Technology Service Providers (TSPs) such as biometric devices, apps, and so on.

Agents or Agent networks, often managed by Banking Correspondents Network Managers (BCNMs), act as the last-mile delivery for banking products and services, extending banking reach beyond traditional branches and ATMs. Further, they may act as the physical touchpoints and collators for financial information to be used by FIPs and FIUs

B2B Fintech refers to financial technology solutions and services designed and provided by one business to another business (including SMEs and Large Enterprises). It focuses on automating financial transactions between businesses and includes a wide range of services like payment processing, cash management, lending, and risk evaluation.

Fintech Infra refers to the essential tools and technologies required for completing the transactions online efficiently and securely. It includes B2B, B2B2B/C.

RegTech is described as “an application or platform that makes regulatory compliance more efficient through automated processes and lowers the cost of compliance.”

Open Banking is a system where banks open their Application Programming Interfaces (APIs) to third-party providers to access financial information, enhancing transparency and competition.

Account Aggregators or NBFC-Account Aggregator (NBFC-AA) are licensed non-banks that undertake the business of an Account Aggregator—collecting and furnishing a customer’s financial information, for a fee or otherwise, under the consent-based AA framework

Green Fintech / Sustainable Fintech, refers to the use of financial technology to promote environmental sustainability, support climate goals, and enable green finance. It combines fintech innovation with ESG (Environmental, Social, Governance) principles to create financial products, services, and platforms that help reduce carbon footprints, mobilize capital for green projects, and empower individuals and institutions to make sustainable financial decisions.

All fintechs not categorized above will fall under this category.