Home / Companies / People /  India’s fintech ecosystem leading the world in terms of innovation: WhatsApp India head

Facebook-owned instant messaging platform WhatsApp is looking to “partner and invest" in India’s fintech ecosystem, said Abhijit Bose, WhatsApp’s India Head.

“Over the next two years, we’re committing to opening up in entrepreneurial ways we never have before," said Bose at the virtual Global Fintech Fest on Wednesday.

He said the company will launch “many experiments", some of which are already set in motion, including digital banking, increased financial services and digitization of small businesses.

Bose said the company will use the venture model to help banks and financial institutions, partnering with WhatsApp, to come up with solutions . “We will take risks, but we’ll do it with controlled pilots. And, based on user acceptance, we will invest and scale the solutions that deliver results," he said.

The Indian fintech sector is leading the world in terms of innovation, Bose said, adding: “The fintech innovation happening here and the outcomes that all of us are going to do together, are years ahead of any other country, including the US."

He said the scale companies need to think in India is “way beyond" what other markets could offer. “The practical operations and constructs on the ground also have to be thought of at a very different level." India has been one of the biggest markets for the company. It is working to launch WhatsApp Pay, which will be based on the government’s Unified Payments Interface (UPI).

WhatsApp has 15 million users , including many small businesses, in India on its business platform, it had said earlier this month. Bose said WhatsApp has been working with its banking partners to build more products. ICICI Bank, HDFC Bank and Kotak Mahindra Bank have deployed WhatsApp-based services and have been “very well received".

WhatsApp isn’t the only company that is bullish on India’s fintech market. According to a May report by Research and Markets, fintech adoption in India saw the highest adoption rate of 87%, compared to the global average of 64%.

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