• Tuesday, September 27, 2022

Business

UK report: India leads world in Financial Technology investment returns

An Indian bank teller checks his phone as he walks past a poster advertising electronic payments at a Digital Wealth Fair in Mumbai on January 3, 2017. India is attempting to move towards a digital or cashless economy following the government’s move in November 2016 to withdraw high-denomination 500 and 1,000 rupee banknotes from circulation in a bid to tackle tax evasion. / AFP PHOTO / INDRANIL MUKHERJEE (Photo credit should read INDRANIL MUKHERJEE/AFP/Getty Images)

By: Sarwar Alam

India is a dominant force in the financial technology sector globally with 29 per cent annual returns on investments, a report released by the City of London Corporation said today. The Corporation — the municipal governing body of the British capital — released the report as part of its launch of a new “Asia Next Decade” campaign. The report also found that the “demonetisation wave” in India led to a 1,000 per cent increase in demand for digital transaction technologies last year after the government banned the high- value bank notes of Rs 500 and Rs 1,000. “Annual returns on…

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