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Account Aggregation: the next UPI | Fego
In the West, the big tech companies own the platforms that run the digital rails of the economy. In India, the government is building neutral frameworks which tech companies can plug into and run the rails of the digital economy.
The best-known example of this has been the UPI, but the fintech industry is even more excited about the Account Aggregator framework.
Account aggregation is a process that enables one to gather all their financial data from multiple sources into a single location. This technology is set to change our relationship with finance fundamentally.
Kumar is a second-time entrepreneur whose first venture OptaCredit was a data-driven socially responsible new-age lender committed to creating practical and new-age financial products for white-collared employees across India.
With Fego, he hopes to empower India's fintech ecosystem by solving complex compliance & engineering overheads. Fego is an Open-finance platform that offers a full-stack solution to developers to connect their customers' financial accounts, get insights, and uncover trends to determine what drives their users' financial behavior.
Other Ways to Listen:
Some of the things he shared:-
Why second-time founders are valued
Learnings from the first venture
Two types of lending models
History of the account aggregation framework
Reasons for multiple account aggregator operators
Finance is no longer a separate vertical but an embedded feature
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