The next wave of FinTech in India will be defined around efforts to onboard the next 500 million. Evidently then, the spotlight will be on another crop of Digital Public Goods (DPGs) like Account Aggregators (AA) and the Open Credit Enablement Network (OCEN), both of whom seek to take credit to sections who have previously never accessed them.
Just like JAM (Jandhan, Aadhaar and Mobile) enabled 430 million Indians to own a bank account, the OCEN network strives to meet the needs of the credit starved—especially, small and medium enterprises (SMEs). This credit gap is estimated at over $300 billion. This class of DPGs, leverage the personal data of individuals and businesses to enable access to loans. And they are able to do so by pivoting the terms of lending from collaterals to cash flows of individuals and enterprises. To understand this phenomenon we spoke to Hrushikesh Mehta, co-founder and chief evangelist, OCEN
