ASX fintech Findi to grab huge opportunity as 350 million Indians set to enter banking services

• Hundreds of million Indians are still unbanked, while more still are underbanked
• Findi could grab this opportunity, being a pure-play Indian-focused fintech
• We reached out to Findi’s non-executive chairman, Nicholas Smedley

Despite increased internet usage and tremendous growth, more than 350 million Indians are still either unbanked or underbanked.

Distance to a banking facility is a major barrier, particularly for those living in rural areas where cash still rules. These people often rely on alternative financial services such as money orders or transfers.

The Indian government, for its part, has encouraged people to open a bank account by launching ambitious programs like the People’s Wealth Plan, or by asking banks to offer zero-balance accounts with no opening fees.

As these programs are continually being rolled out across the country, there’s an obvious big opportunity here to provide banking services to the masses.