India Financial Daily, 19 June 2026

Research evidence excerpt

India Financial Daily, 19 June 2026

nal), S&P Global/HSBC India Services CPI Y/Y

CEO, Vikas Bansal, highlighted fintechs should treat compliance as a competitive advantage to 07/14/202607/15/2026 MonthlyExports YoY,WPITradeNSA Y/YBalance NSA, Imports YoY

Global Composite PMI SA (Flash), S&P Global PMI Manufacturing SA (Flash), S&Pbuild trust & improve customer experience. As the sector matures, growth is shifting towards 07/17/202607/24/2026 ForeignS&PGlobal/HSBCReserve India Services PMI (Flash), Foreign Reserve

sustainable, customer-centric models driven by operational discipline, with long-term success . 07/28/202607/31/2026 IndustrialForeign ReserveProduction NSA Y/Y

driven by regulatory alignment, cost discipline and AI-led capabilities. (Jun 18, ET) Source: Bloomberg, Jefferies

Cross-border payments to drive next phase of fintech value creation. India’s payments

ecosystem is shifting from volume-led scale to value creation, with cross-border payments

emerging as a key opportunity given their complexity. Fintechs that can navigate multi-

currency and regulatory requirements can build strong moats, with bilateral corridors seen as

more practical than a global model. Going ahead, growth will depend on trust-led systems, Prakhar Sharma * | Equity Analyst

better monetisation and AI-ready infrastructure, as payments increasingly become a backend 91 22 4224 6129 | prakhar.sharma@jefferies.com

layer in digital and AI-driven commerce. (Jun 18, ET) Bhaskar Basu, CFA * | Equity Analyst

91 22 4224 6130 | bbasu@jefferies.com

Fintech infra to shift focus towards trust, access & interoperability. India’s fintech ecosystem Supratim Datta * | Equity Analyst

is shifting beyond digital rails to focus on trust, access and interoperability.