North India Statesman
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Union Finance Minister Nirmala Sitharaman has asked Fintech (financial technology) companies to find solutions to prevent or deal with incidents such as digital arrests and cyber fraud. He especially emphasized that the startup should come up with such a solution, so that people could not be ‘arrested’ digitally sitting at home or the operators could not grab their money overnight.
Deepfek technology is also a big danger
Sitharaman warned that deepfeek technology is also a major threat, causing a lot of damage to the general public. He said that today we have to be careful in dealing with it. So they emphasized the need for a group of fintech companies that are constantly working to provide solutions to new challenges.
Fintech’s contribution to financial inclusion and payment system
The Finance Minister credited the Fintech region to accelerate financial inclusion and help the payment system reach remote areas of the country. He also called for further expansion of digital loan facilities in the MSME (Micro, Small and Medium Enterprises) sector from the Fintech region.
Global possibilities in Indian Fintech innovation
Sitharaman said that Indian Fintech innovation has the ability to become a global public object, which would benefit other emerging and developed economies. This will open new markets for Indian firms. He exemplified that international traders payments through UPI (Unified Payments Interface) are now accepted at selected merchant outlets in seven countries – Bhutan, France, Mauritius, Nepal, Singapore, Sri Lanka and UAE. He said that our players should aim to export their successful models abroad and capture global markets.
Immense possibilities in Indian Fintech
The Finance Minister insisted that the price of the Indian Fintech market is estimated to be more than $ 400 billion by 2028-29. He said that it is not far away, it is just three years away. Given the estimated annual growth of 30%, the scale is very large. He firmly expressed that the best chapters of Fintech were yet to be written. He also mentioned that since 2014, about Rs 44 lakh crore has been transferred through DBT (Direct Benefit Transfer) and a savings of Rs 3.48 lakh crore have been saved.
