Finance Minister Nirmala Sitharaman has asked Fintech (Financial Technology) companies to find solutions to prevent or deal with incidents such as digital arrest and cyber fraud. According to PTI news, he said that it is important to ensure that startup companies bring solutions so that people are not arrested digitally at home or the operators do not grab their money overnight.
Deepfek technology is also described as a big danger
According to the news, Sitharaman said that another major danger is also deep -shed technology, which is causing great damage to the public on a large scale. Today, we should be careful in dealing with them, so we need a group of fintech companies that are constantly working to give solutions for new challenges. The Finance Minister credited Fintech to accelerate financial inclusion and help the payment system take to far-flung areas of the country. The Finance Minister also called for further expansion of digital loan facilities in the major MSME sector from Fintech region.
Indian is a lot of capacity in Fintech Innovation
The Finance Minister said that Indian Fintech Innovation has the ability to become a global public object, which can benefit other emerging and developed economies. This will open new markets for Indian firms. Today, through UPI, international traders payments are now accepted at selected traders 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.
We have talent, we have the measure of the market and we have a proven solution. This will open new markets for domestic firms.
A lot of potential in Indian Fintech
Sitharaman said that the Indian Fintech market is estimated to increase by more than US $ 400 billion by 2028-29. It’s not too far. Only three years. Given the estimated annual growth of 30 percent, the measure of the opportunity is huge. I firmly believe that its best chapters are yet to be written. Since 2014, about Rs 44 lakh crore has been transferred through DBT and a savings of Rs 3. 48 lakh crore have been done.
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