July 16, 2024

Investments & Exits

Indian Operations Soon to Happen- ICC Fintech

ICC Fintech, a UAE-based fintech solution provider, plans to start its operations in India by investing 30 million dollars in the next financial year. ICC Fintech was founded in 2019 and is present in various parts of the Middle East, contributing the lion’s share of the revenue. In 2021, it made a revenue of 65 crores. It has enormous markets in Saudi Arabia and UAE, with operations in Qatar and Egypt. ICC Fintech has well-established offices in Uttar Pradesh and Noida and its CEO and Founder, Amit Narang believes India is a tech development hub.

The fast-growing Indian Fintech market is estimated to reach 1.3 trillion dollars by 2025. ICC Fintech wants to be a part of it, and unlike the other domestic fintech companies, it focuses extensively on non-resident Indians. Narang says they have planned to set up a financial tech company based in Mumbai, India. He also states that they are keener on getting a niche space in the Indian Fintech market as none of the other Indian Fintech firms are driving the NRIs.

ICC Fintech plans to start with gift cards enabling NRIs to give gifts in India. There is no single platform to do this, and ICC Fintech also aims to collaborate with an Indian public sector bank. Narang says they will be opening accounts and offering services like paying mobile and utility bills. ICC Fintech is desperate to fulfill all NRI needs like healthcare, property management, and education services.

The Middle East operates differently from India in the Fintech market. Narang states that the regulatory environment is not liberal in the Middle East, whereas, in India, RBI supports them in every space. He says it is going to be all about volumes in India, and as Middle East countries are not opening up quickly, they are still five years behind India.

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