Which of the following statement is true about Financial Technology 1 There are over 600 start ups i...........

Finance (Phase -I & II) Banking and Financial system in India

Which of the following statement is true about Financial Technology ?

1.There are over 600 start-ups in the country in the financial technology.

2.More than 30 of those start-ups are focused on the peer-to-peer lending space alone and their market potential is expected to reach $5 billion by 2020.

only 1

only 2

Both 1 and 2

Neither 1 nor 2

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Explanation:

There are over 600 start-ups in the country in the financial technology (fintech) space, letting them operate in a ‘live, but controlled environment with some regulations will provide a solid evidence base’ on their strengths andweaknesses.
More than 30 of those start-ups are focused on the peer-to-peer lending space alone and their market potential is expected to reach $5 billion by 2020.
Several start-ups are working in areas such as virtual currencies like Bitcoins, Blockchain based settlements and so on.