It hasn’t been long since the finance world and cutting edge collided in order to create a total new set of products. Emerged not more than half a decade ago, Financial Technology, commonly abbreviated as Fintech is a new industry and has turned out to be one of the most important industries in the world. This industry is gaining fame all over the world and the only vision of this industry is mass adoption. It certainly seems to be in the process of creating a new paradigm altogether.
Thefamiliarity that the industry has been shown by the major countries is eventually going to decide how quickly fintech gets adopted. In terms of the adoption of fintech the leading nations has turned out to be India and China and a new study by Ernst and Young has proved this. This report by E&Y has been titled as the Global Fintech Adoption Index 2019 and it is talks about the pace of fintech adoption in various countries around the world. The findings of the report suggests that the overall global adoption of fintech has risen by 64% in 2019 itself. Nevertheless other findings of the report also points out that the gains were driven primarily by large scale markets in developing markets like India and China. With an adoption rate of 87%, the charts were led by both India and China jointly while Russia and South Africa had an adoption rate of 81% each as stated in the chart.