Which Tech Majors Are Vying For India's $1T Digital Loan Market?

Bloomberg reports that the Indian digital loan market seems to be an attractive bait for companies ranging from Facebook Inc FB to Xiaomi Corp XIACY.
Boston Consulting Group projects the market to reach $1 trillion in the five years since 2019, subject to impending government regulations.
Facebook announced its small business loan program ranging from ₹500,000 ($6,720) - ₹5 million with collateral-free interest rates of 17%-20%. Xiaomi also teamed up with Indian banks and digital lending startups to offer loans, credit cards, and insurance products.
European investment firm Prosus NV's PROSF PROSY PayU unit recently agreed to acquire Indian online payments service BillDesk for ₹345 billion ($4.7 billion). The deal aims to create a digital payments powerhouse with a total volume of $147 billion, reaching an investment of over $10 billion in the country.
Amazon.com Inc AMZN also recently participated in a $40 million round by fintech startup Smallcase Technologies Pvt.
Alphabet Inc's GOOG GOOGL Google collaborated with small Indian lenders for opening time deposits after successfully offering wealth management products on its Google Pay platform.
Price Action: FB shares traded lower by 0.36% at $379.30 in the premarket session on the last check Tuesday.