Nigel Morris, co-founder of QED Investors, anticipates a cautious lending environment as inflationary pressures and geopolitical tensions rise. He notes that lending businesses are tightening their underwriting standards, with some portfolio companies already implementing stricter measures. Morris warns that AI could disrupt jobs, leading to higher unemployment and increased credit stress as more charge-offs occur. Despite these challenges, he remains optimistic about India's fintech market, having invested over $220 million since entering in 2020 and planning to invest an additional $250–300 million in the coming years. Regulatory scrutiny has intensified, affecting companies like FPL Technologies and Jupiter, but Morris believes these challenges will ultimately strengthen the ecosystem. He also highlights the rapid growth of fintech, which currently accounts for about 4% of global financial services revenue and is expected to grow significantly in the next decade, outpacing traditional financial institutions.