FinTech Conclave 2019

NITI Aayog had organised a day-long FinTech Conclave 2019 in New Delhi. The objective of the conclave was to shape India’s continued ascendancy in FinTech, build the narrative for future strategy and policy efforts, and to deliberate steps for comprehensive financial inclusion.

The conclave looked into various dimensions of the future of the FinTech, particularly the areas of:

  • Digital Onboarding of Customers and Merchants for Financial Inclusion.
  • Building Financial Products for Bharat.
  • Emerging Areas of FinTech.
  • Fast-tracking investment in FinTech industry.
  • Financial Inclusion of MSMEs.

FinTech in India

Fintech or financial technology companies use technology to provide financial services such as payments, peer-to-peer lending and crowdfunding, among others.

India is one of the fastest growing fintech markets globally and it has been projected that $1 trillion, or 60% of retail and SME (small and medium-sized enterprises) credit, will be digitally disbursed by 2029.

The Indian fintech ecosystem is the third largest in the world and attracts nearly $6 billion in investments since 2014.

Reserve Bank of India (RBI) is encouraging banks to explore the possibility of establishing new alliances with fintech firms to further drive the agenda of financial inclusion through innovation.

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Categories: Economy & Banking Current Affairs