Fintechs in the country have grown in the last decade, both in the number of entities and scale. The key growth sectors have been payments, credit, insurance and wealth management, fuelled by angel investors, venture capital (VC) and private equity.
However, in the last couple of years, the access to risk capital for fintechs has dropped considerably, with total funds raised in 2023 ($1.2 billion) being less than a quarter of what was raised in 2021 ($5.1 billion). As they gained scale, fintechs’ heightened scrutiny has resulted in issuance of guidelines and regulatory expectations. Some of these have
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