New Delhi, Feb 6 (IANS): The Indian enterprise fintech industry is poised to expand, with projections estimating a market size of nearly $20 billion by 2030, a new report said on Tuesday.

According to a report released by Chiratae Ventures, in collaboration with The Digital Fifth, investment in technology across financial segments is expected to witness high growth over the coming decade.

"Chiratae projects the enterprise fintech industry to be over $20 billion opportunity by 2030, and with FinTech being a focus area, we are keen to work with founders transforming India's financial services," said Sudhir Sethi, Founder and Chairman, Chiratae Ventures.

According to the report, banks and NBFCs will evolve to become fully digital for the retail and MSME segments in the next 10 years.

"Financial Sector Enterprises are at a cusp of digital transformation, and with regulators' continued support, FinTechs building technology-led solutions will play a pivotal role and capture this burgeoning opportunity," T.C. Meenakshisundaram, Founder and Vice-Chairman, Chiratae Ventures, said.

Moreover, the report noted that fintechs and embedded finance players are driving customer engagement in partnership with banks, and this digital push is gradually expanding to complex business banking, including trade finance and treasury.

India is swiftly transforming into a less cash economy and will aim to eliminate it over the next decade.

India is the ninth largest life insurance market globally and is expected to reach $200 billion by 2027, the report said.

"The distinctiveness of this sector lies in its capacity for multiple contenders to drive the market. Every breakthrough in this sector ripples through the BFSI realm, advancing it tenfold," Sameer Singh Jaini, Co-Founder and CEO, The Digital Fifth, said.