Month: December 2022

The words digital and automation have glided into our everyday life quite effortlessly. These buzzwords are also the reason behind the revolutionary financial ecosystem powered by the technology we experience today. With over 26,000 Fintech globally of which, India alone boosts 7,460, the word and functionality of Fintech have deeply penetrated commonplace. The ‘on the spot’ functionality that Fintech has accustomed us to has massively changed the way we take finance-related decisions. Whether it is UPI payments, BNPL, robo-advisory investments or digital credit lines, Fintech, with the help of Artificial Intelligence has undoubtedly revolutionized the way we function. However, to a large extent, these benefits are limited to the urban population given that the rural population lacks basic digital and financial literacy along with avenues. Of the 64.61% rural population, only 28% of rural Indians are equipped with internet-enabled smartphones. However, a poor level of digital literacy restricts them from availing of services that 35.39% urban population has access to. Certain financial institutions with a vision to uplift and empower the 900 million rural population have designed and launched unique business models leveraging existing infrastructure. For instance, iServeU leverages over 3 lakh + Kirana stores located in rural India to further their vision of financial inclusion. The question arises – what is the core service such uniquely positioned Fintech offer to boost financial inclusion? For 120 million internal migrant workers within India, accounting for 80% of domestic remittances, who may or may not be digitally literate and equipped, availing Fintech services is a far cry. Bank branches and ATMs are restricted from catering to the said population because they don’t grasp the concept of technology. However, tapping their pain point, i.e., domestic remittance is one way to begin servicing them. Most low-income migrants belong to India’s rural hinterlands where job opportunities are limited and follow a daily wage system. The majority of these migrants are therefore unbanked because of their profile, location, lack of literacy and opportunities. However, these migrants send money back to their villages through informal modes. A CRISIL report predicts that Rs 80,000 crore to Rs 90,000 crore domestic remittances industry will increase from 11% to 13% CAGR over the next few years. Trying to bring these migrants into the financial realm means offering them basic domestic transfer services. By spreading across 25,000+ villages and impaneling 3 lakh + Kirana stores, Fintech like iServeU offers families of these migrants the service of collecting money from the nearest store based on their fingerprints or Aadhaar card. Domestic money transfer allows migrants to send cash by simply presenting their Aadhaar Card. This entire process is driven by Aadhaar identification for seamless and transparent money transfers. A receiver can simply walk into the nearest Kirana store and access the money. This service is not only hassle-free but also highly secure. Furthermore, the elimination of middlemen helps save costs for the migrants. Where migrants were often duped or charged exorbitantly by middlemen and agents in informal setups, uplifting and educating them enough to resort to the digital method is the first step toward financial inclusion. Financial inclusion is the step towards equitable opportunities and growth. The urban and rural populations can never be weighed on the same scale owing to various restrictions and limitations but devising population and location-centric services may be a way towards inclusivity.

Buy Now Pay Later (BNPL) is a form of credit line embedded at the point of sale when customers choose to purchase with the decision to avail of immediate credit. This form of credit line being embedded means customer is not directed to a separate platform for financial services or lenders. The decision is often quick and on the go with limited hard credit checks and no interest fees. BNPL has gained considerable popularity, especially amongst millennials and Gen Z. It is bringing an all-encompassing change in how we look at and avail of a loan. This drift can be easily attributed to dynamic customer expectations coupled with heavy involvement and acceptance of technology. However, the risks attached to it are real and increasing considering the absence of hard credit checks. According to a survey, India’s BNPL market stands at $ 3-3.5 billion as of FY 2022 and is projected to touch $ 45-50 billion by FY 2026. Furthermore, the statistics in the number of users is also projected to be on an upward trajectory from 10-15 million in FY 2022 to 80-100 million in FY 2026. Artificial Intelligence refining BNPL Ascertaining and analyzing customer preferences requires substantial data which traditional banks own in abundance. These banks benefit from the insight they receive from legacy data with the help of Artificial Intelligence (AI). AI can lead to better customer-centric services; BNPL is a classic example of this statement. While the notion of availing of a loan and paying installments is not new, BNPL has remodeled the way it is undertaken with the help of open APIs, cloud and artificial intelligence. Its integration has helped create new levels of speed, scalability, agility and security for offered customer platforms. The rapid gain in acceptance of BNPL also raises legitimate concerns from a regulatory point of view especially since the Indian regulatory framework has not sculpted a concrete policy for Fintech. Areas like credit and background checks, repayable ability and eligibility are and should be of growing concern. Knowing customers gives financial providers the initial blueprint of services they can offer and design for enhanced CX. However, understanding a customer’s financial personality, i.e., monthly income, spending obligations, past transaction history, job and salary status, etc., in depth is impossible to touch without the help of technology – Artificial intelligence. It allows the bank to retrospect individuals/businesses struggling with cash flow thereby letting the bank manage default risk by marking pre-underwritten credit risk. AI goes on to harness this data and provides a positive impact in the long run. A typical AI-powered scenario A classic BNPL purchase is presented with the provider bank’s payment option at the time of checkout. Customers are given options amongst amount, tenure, interest rate, etc as per their needs and convenience. A threshold is created by banks with the help of AI weighing various customer criteria. The customer is only presented with options viable to the bank in terms of risk-taking. To ensure a win-win situation, AI not only estimates and offers insights to banks but also offers budgeting recommendations, EMI adjustment options, affordability options, etc to the customers. For financial institutions, especially banks, BNPL is a stream of additional revenue that builds customer loyalty, trust and retention for existing clients while luring new ones with lucrative offers and rewards. Adding AI into the picture has only furthered the growth within a safety net of trustable data-oriented insights. On the other hand, for customers, BNPL is a means of affordable, formal and quick credit line that allows them to enhance their spending threshold and choices. Bringing AI into the picture for the customer means an enhanced customer journey and CX. Just as technology has penetrated deep into our lives offering service and usage opportunities for each domain, deep-diving into AI-related growth in the financial arena may also offer sustainable growth opportunities within the financial ecosystem.

Since its inception, Fintech has shown novelty in every segment it has spread its branches to. Through practical collaboration with banks, Fintech has allowed traditional banks to lower their acquisition and service costs while making use of their unconsumed legacy data. They have enabled financial services to low-income groups in underserved areas owing to their digital asset-light model. Fintech can integrate loans, insurance, investment options, etc., and present it on a single platform through its technology-led approach. Partnering with Fintech allows banks to expand their customer service channels, resulting in higher user management, increased market reach for their products and network-wide cross-selling. Fintech has also introduced the concept of ‘Banking as a service’ that allows third-party organizations or partners to integrate financial services on their platform through open APIs. It allows businesses to offer digital financial solutions to their customers while nurturing a lasting relationship and evolving the component of a multi-product proposition. In the long run, Fintechs are expected to evolve as NeoBanks wherein banks can use Fintech’s frontend to open bank accounts in semi-urban and rural areas. Also, by acting as a transaction service provider, Fintechs will have access to large amounts of transaction data, that will act as a good data point for credit underwriting.  Furthermore, the idea of NeoBanks aligns with financial inclusion and typically serves MSMEs and rural individuals. The reciprocal partnership between Fintech and other businesses is proof that Fintech has penetrated major segments and holds huge potential for the future. Here are a few anticipated Fintech developments – Expansion of Tokenisation RBI has expanded the scope of tokenization to cover additional use cases like laptops, desktops, wearables (wristwatches, bands, etc.), internet of things (IoT) devices along with card-on-file tokenization (CoFT). It will also ensure that the whole consumer check-out experience is preserved, in addition to improving card-related security. Tokenisation will boost small-value transactions for in-store and transit payments as the quantity and use of wearable devices across the segments rises. Introduction of Retail Digital Payment Solutions in Offline Mode A framework for retail digital payments in offline mode is being developed across the country by RBI. E-RUPI is a classic example of what the government envisions in collaboration with Fintech to bring the rural and other underserved populations under its net. This will extend the reach of digital payments even farther, providing new options for both individuals and enterprises. Building a marketplace crucial to enable the participation of rural users Building a financial services marketplace in underserved areas will be critical in enabling rural customers to participate in financial activities, which will come at the back of financial literacy and counseling on how to get started and use digital payments. As apprised by the Indian Finance Minister in her 2022 Budget speech, 100% of the 1.5 lakh post offices will be connected to the core banking system. Furthermore, a plan of establishing Digital Banking Units (DBUs) by scheduled commercial banks in 75 districts was announced to enable banking services to the last mile. Innovative Payment Services Driving innovative instant payment services like UPI 123Pay to digitize payments among customers with feature phones is expected to be critical to unlocking the widespread adoption of digital payments. The feature phone user can utilize UPI 123Pay to make payments using a pre-defined IVR (interactive voice response) number, payments by missed call, payments via an app created for feature phones or payments based on proximity sound. Digitization in various sectors Other sectors, such as e-commerce in rural areas with last-mile delivery and pick-up and drop services, could benefit from similar digitization. This might be expanded to include on-demand video and audio doctor consultations in local languages, as well as the delivery of necessary medicines. Furthermore, aggregating agri-services such as on-demand harvesting labor, farm equipment rentals, and warehouse space for storage would encourage rural and agri-focused clients to go digital. All of the above are expected to significantly scale the last-mile access of banking in underserved areas too and enable true adoption of financial inclusion across rural India. In today’s time, detaching fintech from individuals or businesses is an unworkable say. With consumers, urban or rural, becoming reliant on the convenience and security it offers, Fintech poses mass potential in the coming years.

The Fintech ecosystem is constantly reshaping and redefining traditional ways.  The transformation in the financial arena is at an important stage, especially since the digital modernization of how we control and manoeuvre our finances. The noteworthy point amidst this whole transformation is how the government is not only accepting this revolution but also building sandboxes to further the growth. The reforms and assistance from the government have set the disruption in motion! The financial ecosystem has spread its branches to various financial solutions and no longer are known only for financial assistance. They’ve evolved with technology-backed solutions that heavily rely on data, analytics and metrics to ensure a smooth customer journey while providing an array of financial services. The Internet has played a significant role in bringing this transformation to ease our lives; an element Fintech has leveraged the best to its benefit. Fintech has brought financial solutions to our fingertips. The evolution is set to break bigger financial barriers and here are a few key trends in the Fintech domain we can watch out for – WealthTech The estimated value of total equity in the Indian stock market was US$ 990 billion in FY2021, and it is expected to expand 2.3 times to US$ 2.2 billion in FY2026. WealthTech appears to be a lucrative business potential in India, thanks to expanding literacy, awareness and demand for financial assets, the addressable market has increased significantly over the years. InsurTech Insurance technology is the fastest-growing Fintech subsector in terms of market size. The addressable market is expected to grow around 6x from US$ 56 billion in 2021 to US$ 339 billion in 2025. For the next three years, the fast adoption of non-life insurance, which covers health, education, vehicles, and other areas, will drive the growth of this segment. Fintech SaaS The Covid-19 pandemic boosted the adoption of digital financial products and services among Indian SMEs, resulting in increased demand for Fintech SaaS solutions for app-based accounting and bookkeeping and no-code payment aggregation. In the following three years, India’s fintech SaaS industry is predicted to grow by 2.7 times, from US$ 4.6 billion in 2022 to US$ 12.6 billion in 2025. Buy Now Pay Later (BNPL) BNPL enables payment for goods and services. It is a method of short-term financing allowing consumers to make instant online or offline purchases and pay for them at a future date. The model has witnessed an increase in adoption among varied sectors including Fintechs and banks. BNPL is expected to grow at a CAGR of 45% touching US$ 15 billion and account for 9% of all e-commerce payments by 2024. The underlying vectors are supposed to be India’s large addressable market, low retail credit penetration and consumption-oriented mindset. Market Consolidation The higher a company’s market share, it stands to reason, the better its chances of a successful IPO, as it boosts investor confidence. In fact, significant market share is one of the key factors used by experts to measure a company’s competitive position. The current Fintech space is highly fragmented; hence, a flurry of M&A deals is expected to come about. Furthermore, the need for full-stack solutions to quickly acquire potential clients and new markets is expected to spur the top players on an acquisition spree. Blockchain Blockchain; a salient fragment of Fintech, has proven its potential for mass adoption in workflow dynamics. Its ‘highly secure’ characteristic has allowed its quick deep penetration into the financial ecosystem and is considered one of the most trusted technologies that enable safe, convenient and regulation-compliant transactions and investments. Quoted by our Indian Finance Minister, Nirmala Sitharaman, “use of blockchain technology will rise by about 46% in the next few years.” Major businesses are set to embrace blockchain technology to ensure a technology-led safe expansion of their businesses. These major trends can be a defining point for the financial ecosystem in the coming years given the awareness and adoption rate of the said trends.  

Macro and Micro economic growth are paramount for all the business activities we undertake. However, as per the International Monetary Fund’s (IMF) World Economic Outlook Report of April 2022, the overall global growth is estimated to decline from 6.1% in 2021 to 3.6% in 2022. The ongoing Ukraine-Russia war and sanctions in Russia play a major role in the economic setback and are expected to contract global growth further in the coming months as it has a direct impact on several economic elements. Another contributor to the near-term global outlook is inflation, which has been on the rise even before the war began. In response to this, many central banks have tightened their monetary policy which has led to a rapid increase in nominal rates across advanced economy sovereign borrowers. A similar trend has been witnessed in emerging and developing economies as well.  Moreover, low tax revenues in 2020-21 and higher COVID-related spending has eroded the policy space in several countries. As the Governments of major economies are working towards rebuilding the buffer, they are increasingly challenged by rising borrowing costs. Hence, given the low bandwidth, fiscal support is expected to decline in 2022 and 2023, particularly in advanced economies. In 2023, global GDP growth is projected to moderate to about 3.3%. This estimation is based on the assumption that the conflict would remain limited to Ukraine, further sanctions on Russia would exclude the energy sector and the pandemic’s health and economic impacts would subside over the course of 2022. Global Fintech Industry Total investment of US$ 210 billion in 2021 was driven by a record number of Fintech deals. This was mainly driven by funding from venture capitalists, wherein they made the highest-ever investments of US$ 115 billion surpassing their previous high of US$ 53 billion in 2018. Traction was witnessed in varied kinds of Fintechs, some of them are mentioned below- 1. Blockchain and Crypto Investments in this space soared from US$ 5.4 billion in 2020 to more than US$ 30 billion in 2021, given the increased recognition of the role of crypto and its core technologies in modern financial systems. While the growing traction has received high support from certain countries, some countries are either considering the development of digital currencies, while some countries like India and China have completely banned the mining and trading of cryptocurrencies. 2. ‘Buy Now Pay Later’ (BNPL) Another area that witnessed robust investments in 2021 was the BNPL space. Block (formerly Square) recently announced the acquisition of Australia-based AfterPay by 2022. The deal is apparently the largest M&A in the history of acquisitions in Australia, hence, the growth in this space is expected to continue. 3. Growing attention on core banking replacements Financial institutions have been under immense pressure to enhance their core banking systems to facilitate better customer experiences by leveraging the cloud and reducing their dependence on legacy infrastructure. This trend can be seen worldwide. In 2021, a growing interest was witnessed in Fintechs who can help with such services, especially for Tier 1 banks. Progress of the Global Fintech space Global investments in the payments space witnessed significant traction in 2021. Digital transformation, growing acceptance and use of contactless and digital payments and rising demand for alternative modes of payment like BNPL were the key drivers. The payment sector not just attracted annual record-high venture capital investments but also accounted for the largest M&A deals during the year. The Indian Economy India’s real GDP grew by 8.9% in FY2022, up from a contraction of 6.6% in FY2021, as per National Statistical Office (NSO). The real GDP was impacted in the first half of the financial year as the country dealt with possibly the worst health crisis it has ever faced. However, the GDP bounced back in the second half supported by consistent fiscal measures by the government coupled with monetary and liquidity measures taken by the RBI. Just when things were starting to normalize, the recent geopolitical conflict led to the loss of pace in the recovery and dampened the outlook again. Hence, India’s growth is projected to moderate to 7.2% in FY2023. Domestic Fintech Space Indian Fintech space witnessed a 2x growth in several deals and 3.7x growth in funding amount in CY2021 compared to CY2020. Further, the average deal size rose from US$ 19.6 million in CY2020 to US$ 33 million in CY2021.4 This was due to funding rounds by PineLabs, BharatPe, and Cred, among others. Of the same, digital payment start-ups received the maximum funding amounting to 48% of the total. The number of Fintech M&A activities also increased nearly 3x to 26 in CY2021 compared to 9 in the previous year. Out of the 19 Fintech unicorns in India, 47.4% of them belonged to the payments sector followed by WealthTech at 21.1% and InsurTech at 15.8%. This surge in investment activity is attributed to the increased scale and rapid adoption of digital payments in the pandemic, as well as the increased interest of regulators and policymakers in the industry. Other drivers have been technological advancements, the strong technology talent pool helping to rapidly build and scale Fintech business models. However, much has changed in 2022, as worldwide venture capital funding has slowed down. The situation in Ukraine, high inflation, and stock market volatility have prompted a flight to safety putting start-up values at risk. The total funding amount to Indian fintech companies was US$ 1.9 billion for 101 deals between January to May 2022. India’s digital payments business is at a tipping point, with revenues estimated to more than treble by 2026, from US$ 3 trillion now to US$ 10 trillion. In volume terms, the Indian digital payment market is estimated to exceed 21,700 crore transactions by 2026, owing to rising acceptance of established digital modes and novel payment options such as Buy-Now-Pay-Later plans and offline payments.

The current era is one with rapid growth, expansion and visibility for businesses. This can be attributed to the digital wave that has taken over the world. Businesses are now able to touch base with a larger audience and investors, both of which allow them to grow at a faster pace. However, some businesses cross the standard mark and grow at a much faster pace than others. This phenomenon was first coined as ‘hypergrowth’ by Alexander V. Izosimov in 2008 for an article in Harvard Business Review. What is Hypergrowth? Also known as ‘blitzscaling’, hypergrowth can be explained as a phase of rapid expansion for a business. A normal business grows at a CAGR of below 20%, however, a business that falls under hypergrowth climbs the growth ladder at a CAGR of 40% or higher. Normal Growth Companies CAGR is less than 20% Rapid Growth Companies CAGR is between 20% and 40% Hyper Growth Companies CAGR is more than 40% Market demand plays a very significant role for businesses aiming for hypergrowth, however, product innovation, execution and strategic focus also play a very important role in this dynamic and volatile digital era. Businesses need to constantly adapt and change according to the environment, demand and preferences. Following are a few hypergrowth strategies by fast-growing businesses- 1. Product Innovation Relying heavily on product-led innovation, businesses remodel or modernize existing products and their user journey to attract new customers and retain the old ones. For instance, Moneyfront has enhanced its product delivery to its customers by designing an entire digital journey. From insights and recommendations to advisory, customers can avail of an extensive digital journey instead of incurring costs on human advisory services. 2. Customer Centricity Customer lifetime value and acquisition cost play an important role in defining customer centricity. It comes when businesses pay close attention to customer feedback and grievances and design alternates for a better CX. Customer data and metrics are the best ways to avail of these insights. 3. Scalable Business Systems Businesses that fall under the hypergrowth category often face the challenge of scaling their business after a while due to technology or regulatory challenges, however, scaling a business is vital and should be undertaken periodically. For instance, Niyogin’s journey began as a Fintech that offered financial assistance to MSMEs. Scaling the business for Niyogin meant bringing Wealth Distribution Tech and Rural Tech under its wings too to complete the entire financial services ecosystem. As of today, Niyogin continues to grow by adding well-thought products and services to its stack. 4. Agility The environment we live in is highly dynamic and for businesses, this means adaptability and agility. Businesses must have agile processes to absorb and adapt to the changes thereby meeting customer demands. Agility comes to simple and scalable terms of operations that impact all the functions of a business, be it customers, partnerships or finance. For instance, Niyogin partnerships ensure it gives them an edge over market competitors. To improve stickiness and operational efficiency, Niyogin has partnered with renowned enterprises to digitize its lending process. From application and score checks to acceptance, the operational journey is effectively digitized. 5. Technology The majority of hypergrowth businesses today are all about technology and its effective implementation. Businesses may not have innovation at all times but how they use their existing innovation in a diversified audience also plays a critical role. This means, expanding their business and penetrating underserved areas. For instance, iServeU is a classic example of leveraging existing innovation and infrastructure to cater to an underserved audience, i.e., the rural population. MicroATMs, Aadhaar Enabled Payment Systems, Bharat Bill Payment Systems and much more are offered to individuals residing in rural areas through existing innovation and by impaneling Kirana stores. ‘Unicorns’ are businesses that have achieved hypergrowth through one or many different strategies that they have implemented into their business strategy. Round financing, buy-outs, innovations, angel investors, venture capitalists, etc play a vital role in the growth strategy and therefore, businesses must aim at distinctive strategies, may it be innovation, operational or marketing to bring the best onboard!

India, a hub of technology and innovation, counts as the second-largest country in terms of population. With 138 crore Indians scattered in urban and rural areas, India is known to be rich not only in its resources but also opportunities. Taking a look at Urban and Rural population As per statistics, along with India’s overall population, the rural population of India has also been on a steady growth showing an average of 0.32% YoY. The rural population in 2020 was close to 900 million compared to 905 million in 2022; an increase impossible to go unnoticed. Recognizing this growth and the fact that the rural population is underserved, the government of India and financial institutions are making an observable effort to bring them under one wing of financial inclusivity. Niyogin’s Urban Presence As one of its kind public listed Fintech, Niyogin’s mission is to provide cost-effective financial access to 64.61% rural population along with 35.39% urban population. The intention is to leave no segment underpenetrated or underserved giving equitable financial opportunities to every segment of society. Furthermore, a measurable consideration is also given to enhance MSME growth within India through financial assistance. Niyogin’s product range in this case is more nuanced and tailor-made to be able to create a competitive proposition in a more crowded, better-served urban backdrop. Niyogin’s Urban Growth Owing to Niyogin’s extremely customer and impact-centric service stack, partners and products, it has been able to ascend step by step effectively. The given chart gives a glimpse of Niyogin’s overall growth in terms of partners, market access, wealth tech and AUM. Niyogin’s business model has been built to deliver platform infrastructure play at scale and cannot be measured using traditional yardsticks. Simply put, our stakeholders should assess the scale and reach of our platforms, as well as the resulting revenues, which are a mix of fee and transaction-based variables. The government of India has set the rail to let the train run for financial institutions looking to cater to the rural and MSME segment of India. The introduction of UPI and Aaadhar stack has acted as a foundation for impact-centric Fintech like Niyogin to cater to a larger audience. Moreover, setting up a sandbox for Fintechs to launch their experiments has enabled many innovators to design, test and launch services that promote financial inclusivity. Through a partnership-led model that includes financial advisors, business correspondents, channel partners, banking institutions and other organizations, Niyogin reaches a wider audience by offering its partners their technology stack and distribution access via channel partners ensuring financial services to a larger audience. Niyogin’s Rural Presence Niyogin’s subsidiary, iServeU, plays a major role in building the rural market. Comprehending the limitation of committed physical or digital channels due to high operational costs and lack of smartphones, respectively, iServeU has built a technology platform that leverages existing physical distribution channels to tap its target audience. It offers a broad product stack with a modular orientation where individuals pick and choose products they are keen to build off. Constant R&D and innovation help us understand customer pain points, needs and preferences to build products and services most suitable to the said segment. The aim is to add value to the process through relationships; financial advisors, platform and product and automation. The mentioned combination can help break barriers and add value across a range of products to help serve individuals better and comprehensively while ensuring steady growth for the organization. Niyogin’s Rural Growth Given that Niyogin’s business model through iServeU is unique in its way to create and sustain in a primitive segment, i.e. rural area, its essential to continuously generate alliances to widen its reach. The given chart shows positive growth across partnerships, transaction volumes and GTV. Financial Inclusion is Niyogin’s core priority and delivering on it in an open, smart, customized, modular platform is what we aspire to achieve!  

Traditionally, culturally and professionally, India has consistently been the spearhead of skill, innovation and resilience. India’s rich culture, resources and vast diversity have added to its constant recognition.  Yet, outside the perceptive, urban bubbles of development, a striking lack of financial literacy, infrastructure and services has been a hindrance to the aspirations of millions. To highlight a minimum number, atleast 900 Mn Indians situated in rural India coupled with small and medium enterprises in urban India have yearned for equal opportunities to break out of the vicious cycle of mediocrity. Limited access to resources, innovation and technology in this fast-paced digital world is playing a major role in further holding these segments from making a bound. A lack in the said areas also means inadequate access to financial literacy, services and solutions. Niyogin; an enterprise visually involved in powering ambitions and powering growth, is actively working towards bridging critical financial gaps which riddle India’s rural and MSME ecosystem. By leveraging existing infrastructure and building state of art services and technology, Niyogin is ardently striving to build a financially inclusive India by bringing rural and urban areas under one sunshade. Niyogin has created a financial universe that delivers solutions for credit, asset management, financial inclusion and software as a service on a single holistic platform. Through a partnership-led business model that has the potential to embrace about 3 lakhs financial professionals, 34 banks and 2.5 lakh+ Kirana stores, Niyogin is building a leading neobank infrastructure with open API, SDK integration and a ready-to-use platform aimed at innovation and customer-centricity; facilitating a new, empowered and inclusive future. Its one-stop financial platform seeks to uplift the rural and 7.9 million MSMEs by reimagining not only its design but also its fundamental approach, whereby the incomes of these small businesses can be amplified while enabling 138 crore Indians to have access to outstanding financial products and services built by technology and on first in class innovation springing from a deep understanding of the needs of the traditionally excluded. It understands that only by adding fuel to the aspirations of the historically underserved can it power the engine of inclusion and sustained growth. Niyogin; Powered by subsidiaries iServeU Technology Private Limited While its credit line and asset management solution extend to every segment of society, urban or rural, in need of financial requirement or assistance, respectively, its MicroATM, Domestic Money Transfer, Bharat Bill Payment System and Aadhaar-enabled Payment System, are a few amongst many services, are specifically aimed to penetrate and uplift the rural masses. Its open API allows the integration with business partners seamless and quick making it a phygital end-to-end solution. Moneyfront Asset Management and Distribution is a scoring method of income augmentation over the years. With a paperless, hassle-free and digital approach, Niyogin is ensuring financial literacy and investment become an intrinsic part of individuals who reside in both, urban and rural India. The urban side of India, to a large extent, is already equipped with financial literacy, however, bringing rural India into its shade is a challenge Moneyfront has accepted and has already proven with an AUM of Rs 3000 crore. Conclusion Primitively, the rural and MSME segment were often left untouched due to their high-risk attribute; however, Niyogin understands that the most fruitful means of ensuring that development percolates to every level of society is to ensure equitable access to resources. It aims to bring a sea change in the way that resources can be effectively tapped into. Thus, it designs services that enable easy access to financial resources and empower meaningful outreach to India’s billion-strong potential customers.