Bengaluru, NFAPost: France has always been a leader in biometrics, in terms of smartcards and others. Both India and France can work together on account aggregator ideas, said Infosys Chairman and Co-founder Nandan Nilekani.
He was speaking at the Bengaluru Tech Summit on Friday. Talking about ‘Why the future of Fintech is French’, Nilekani said data is very critical and individuals or businesses can get their transaction and other details in the account aggregator ecosystem.
Account aggregation involves the collection, assembly and synthesis of information from multiple accounts, such as loan/credit accounts, savings and current accounts, credit cards and investment accounts; government accounts such as public provident fund and income tax returns data; and supplementary business or consumer accounts such as those of ecommerce, food or mobility aggregators in a single place.
He called for cooperation between the two countries to generate ideas in account aggregation. He said French technology is very advanced.
Earlier talking about Aadhaar, Nilekani said 1.25 billion people have Aadhaar cards now. “UPI payment in India is very advanced and robust. Close to 2 billion transactions are happening in a month,” he said.
French company Morpho’s latest-generation technology had played a pivotal role in the program for de-duplication of the biometric records.
There have been talks about the launch of Indo French Tech Cross Border Incubator dedicated to both French and Indian startups.
Ambassador of France to India Emmanuel Lenain said French is a great land for innovation. There are 150 French companies in Karnataka, all connected to innovation and French Tech City Bengaluru is home to the gathering of young French and Indian entrepreneurs aiming at bringing closer both ecosystems.
Kat Borlongan, Director of La French Tech, spoke in detail about the fintech industry in France. Senior representatives of the Indian and French Fintech ecosystems spoke at the panel discussion.
The aim of the session was to showcase the existing French startup and innovation ecosystem and to go forward with the adoption, growth and innovation of digital payments by forging links with Indian counterparts on digital cooperation.
The fintech industry has kept growing in France over the past few years. The amount of funds raised by fintech companies is increasing every year, and has exceeded 350 million euros as of the first semester of 2019, says Statista, which specializes in market and consumer data.
The success of fintech in France can be noticed by the flourishing number of startups that emerge in the country. In 2010, five million euros were raised in total by fintech startups in France. In 2019, this figure reached 354 million euros in the first half of the year.
