Frictionless credit, next big bet

According to World Bank, a staggering 92% of SMEs lack access to formal lines of credit. It estimates this credit gap at around $300 bn. The AA framework was made possible after the rollout of Aadhaar in 2009. Together with another layer of payments and personal data, this led to the 'India Stack' - a DPI pioneered by India that allows private or public entities to build innovations on top of these public digital rails.