Fintechs in India are driving more inclusion and influencing India’s financial ecosystem. “Today, fintech has become a robust and dynamic financial inclusion tool. According to a 2022 BCG Matrix Report, in lending, which is one of the core businesses of the banks, fintechs had 36% share of new-to-credit customers versus 22% share of brick-and-mortar banks. Fintechs are reaching out far more even in lending, an area which is a conventional bank function,” said Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs, in her inaugural address at the Global Fintech Fest 2023 (GFF 2023) on Tuesday.
Sitharaman further said, “We should be well seized of the threats and challenges, including physical border threats such as conventional warfare, cyber threats and attacks, crypto threats, drug and drug mafias, tax havens and tax evasions. Addressing these threats, which are before us and active, are key to building a responsible, inclusive, resilient and sustainable financial ecosystem.” In this connection she also appealed to fintechs to invest heavily to protect against cyber threats. She underlined the important role of the fintech industry in building a responsible, financial ecosystem.
For technology to be effective, global cooperation is absolutely critical. The FM noted, “We are living in a multipolar, dynamic and robust world that is facing a lot of challenges, and therefore, it is absolutely necessary to have global collaboration, whether it is on strategic issues, the economy or any other. In that, technology is a powerful tool through which we are going to bring a lot of changes and influence a responsible and inclusive financial ecosystem.”
FM also unveiled a report titled, ‘The Second Wave – Resilient, Inclusive, Exponential Fintech’, prepared by the Boston Consulting Group (BCG). Sitharaman later on also inaugurated the GFF 2023 Exhibition. Being held in a huge space of 150,000 sq ft, the exhibition is showcasing cutting-edge fintech innovations by more than 300 exhibitors.
Kris Gopalakrishnan, Chairman, GFF 2023 Advisory Board, Chairman, Axilor Ventures and Co-founder, Infosys, said, “The “mission of the GFF is to provide a unifying platform for fintech visionaries to come together, collaborate and chart the course of the future of our industry”.
Naveen Surya, Chairman, Fintech Convergence Council (FCC), and Advisory Board Member, GFF 2023, delivered the vote of thanks.