Indian fintech has set an example for the world and the technocrats, showcasing remarkable success through the combined efforts of technocrats and financial professionals, stated Union Cabinet Minister Piyush Goyal.
"Your innovation, your engagement with every section of society, your imagination with newer ideas, and the passion that the fintech sector brings to the table is truly envious,” said Goyal while addressing the audience at the Global Fintech Fest in Mumbai.
Praising the fintech sector for their contribution towards banking and financial inclusion in India, Goyal acknowledged that the expectations from the industry have been largely fulfilled. Further, each one of the players in this sector deserves appreciation for keeping abreast of the developing technology, he added.
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India hosts over 9,000 fintech companies, ranking third globally, and attracts 14 per cent of start-up funding, according to Ajay Kumar Choudhary, Non-Executive Chairman and Independent Director of NPCI.
Choudhary reportedly shared these insights during the inaugural session of the second India International Fintech Festival, which was organised by ASSOCHAM in July this year. India's fintech adoption rate is 87 per cent, notably higher than the global average of 67 per cent.
“Today, what you have achieved is something that many other countries might have invested millions or even billions of dollars in, and yet they have not been successful. India, through its belief, and what technocrats have created is recognised as a phenomenal success story," said Goyal.
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Echoing similar sentiment, Prime Minister Narendra Modi also hailed the fintech sector at the Global Fintech Fest. “Fintech has played a significant role in democratising financial services," said Modi.
Modi highlighted that the sector has attracted investment of more than $31 billion. He added that start-ups in the sector have grown by 500 per cent. He also urged regulators to boost cyber fraud prevention efforts. Further, he mentioned that digital literacy should be increased among the people.
