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Fintech Market Overview

This article does not constitute legal advice.

Client identification in India

Fintech Software

India has the world's largest human digital identification number scheme. Known as 'Aadhaar', this digital identity is issued by the Indian government under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act 2016 (the Aadhaar Act) through a centralised agency called the Unique Identification Authority of India (UIDAI). Aadhaar is a 12-digit random number issued by the UIDAI to duly verified Indian residents.1

Any resident of India, upon submitting the requisite demographic and biometric information, is eligible for Aadhaar. Foreign nationals can obtain an Aadhaar identity after residing in India for a continuous period of 182 days. Aadhaar is used as a strategic policy tool for social and financial inclusion by linking it to several government initiatives.1

Digital onboarding in India

Fintech in India

Fintech in other countries

Notes
  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/india
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