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EXCLUSIVE


'FINTECH SECTOR AN EXAMPLE OF WONDERS, ENABLER OF INCLUSION’: PM MODI AT GFF

‘People involved in the fintech domain know well that constant innovation is the
name of the game. Rapid, relentless and proactive work in ensuring security,
safety and reliability is important to uphold the enormous trust that the people
have placed.’

 * ETBFSI
 * September 20, 2022, 11:38 IST

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Prime Minister Narendra Modi while addressing the Global Fintech Fest 2022 said
the fintech sector has been an example of the wonders that can be worked when a
government that encourages innovation comes together with the energy of young
and inventive minds.

“From a largely unbanked population to a country that is not only surging
towards saturation in banking access but is also digitally equipped, it has been
a phenomenal journey. Innovation for inclusion has been our mantra, leading to
the revolution in public delivery ensured by the JAM Trinity, success of UPI in
making digital payments a way of life, and India’s global rise in the fintech
and start-up space as a hub of innovation and investment,” PM Modi said.



Congratulating the organisers and participants for the GFF, PM said, “it is
heartening to learn that the National Payments Corporation of India, Fintech
Convergence Council and Payment Council of India are collaboratively organizing
the third edition of the Global Fintech Fest 2022.”

“The theme of the GFF 2022 is about creating a sustainable financial world. I am
sure that there will be many deliberations around these but I would mention a
couple of topics as crucial for the future. People involved in the fintech
domain know well that constant innovation is the name of the game. Rapid,
relentless and proactive work in ensuring security, safety and reliability is
important to uphold the enormous trust that the people have placed,” he added.

“In India, the fintech domain has earned goodwill by being an enabler of
inclusion. There is a need for continued focus on empowering the poorest of the
poor by taking quality financial services to them,” PM said.

“I am sure the deliberations in the GFF 2022 will focus on how our fintech
sector can play a crucial role in the Amrit Kaal, leading to the creation of a
strong, prosperous and inclusive India,” he added.

The Global Fintech Fest is being organised from September 19 to 22, 2022. The
theme for the four-day-long hybrid event, is “Creating A Sustainable Financial
World - Global | Inclusive | Green.”



Prime Minister Narendra Modi while addressing the Global Fintech Fest 2022 said
the fintech sector has been an example of the wonders that can be worked when a
government that encourages innovation comes together with the energy of young
and inventive minds.

“From a largely unbanked population to a country that is not only surging
towards saturation in banking access but is also digitally equipped, it has been
a phenomenal journey. Innovation for inclusion has been our mantra, leading to
the revolution in public delivery ensured by the JAM Trinity, success of UPI in
making digital payments a way of life, and India’s global rise in the fintech
and start-up space as a hub of innovation and investment,” PM Modi said.

Congratulating the organisers and participants for the GFF, PM said, “it is
heartening to learn that the National Payments Corporation of India, Fintech
Convergence Council and Payment Council of India are collaboratively organizing
the third edition of the Global Fintech Fest 2022.”

“The theme of the GFF 2022 is about creating a sustainable financial world. I am
sure that there will be many deliberations around these but I would mention a
couple of topics as crucial for the future. People involved in the fintech
domain know well that constant innovation is the name of the game. Rapid,
relentless and proactive work in ensuring security, safety and reliability is
important to uphold the enormous trust that the people have placed,” he added.

“In India, the fintech domain has earned goodwill by being an enabler of
inclusion. There is a need for continued focus on empowering the poorest of the
poor by taking quality financial services to them,” PM said.

“I am sure the deliberations in the GFF 2022 will focus on how our fintech
sector can play a crucial role in the Amrit Kaal, leading to the creation of a
strong, prosperous and inclusive India,” he added.

The Global Fintech Fest is being organised from September 19 to 22, 2022. The
theme for the four-day-long hybrid event, is “Creating A Sustainable Financial
World - Global | Inclusive | Green.”


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EXCLUSIVE


INDIAN FINTECH MARKET TO RECORD ‘10 TIMES’ GROWTH; ACHIEVE $1TN IN AUM, $200BN
IN REVENUE BY 2030

India is now being recognized as one of the largest FinTech unicorn ecosystems,
home to 21 FinTech Unicorns as of March 2022.

 * ETBFSI

Click Here to Read This Story
 * 
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 * 
 * 
 * 
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 * 
 * 

Indian Fintech market is expected to record a 10 times growth to achieve $1Tn in
Assets Under Management (AUM) and $200Bn in revenue, said the report titled ‘$1
Tn India FinTech Opportunity'.

The report released by Chiratae Ventures in collaboration with Ernest and Young
(EY), highlighted that much of the growth will be driven by the digital lending
market, which is expected to grow to $515 Bn in book size by 2030.

The market is expected to reach $1Tn in AUM with contribution from lending to be
highest at 50%+, while from a revenue standpoint payments and lending make 75%+
of the pool, the report highlighted.



India is now being recognized as one of the largest FinTech unicorn ecosystems,
home to 21 FinTech Unicorns as of March 2022. An organic and collaborative
ecosystem is driving this growth, which is being supported by key government
initiatives, such as Digital India, Smart City, the development of UPI, and
other initiatives.

Payments, Digital Lending, WealthTech, InsurTech, and Neo-banking will all be
contributing to growth in the FinTech space with Agri+FinTech and Prop+FinTech
considered to be big bets.

Tailwinds due to favorable demographics, growing technology adoption, higher
disposable incomes, and aware customer are further fuelling this growth.
Fintechs have been innovating in product and delivery to cater to the evolving
needs of the customers.

The report also highlights that Buy Now Pay Later has become mainstream and is
on an accelerated growth trajectory, emerging strong not only in B2C but also in
the B2B payments space.

On the launch of the report Sudhir Sethi, Founder, and Chairperson, Chiratae
Ventures said, “The Indian Fintech market has been a formidable global force,
contributing to the largest share of unicorns in India. We have been a
technology-first investor believing in the power of both data and technology and
hence have backed companies such as EarlySalary, Kristal.ai, PB Fintech, ShopSe,
and Vayana amongst others”



Co-lending to emerge as a preferred model that supports lending partners in
mitigating their risk exposure. New asset classes, Crypto & NFT will also
continue to attract investor interest as fintech continues to solve for
traditionally underserved customers.

Technology-based Innovation on the underwriting side of the insurance value
chain will help deliver solutions for the highly unpenetrated market at
affordable rates.

“FinTechs have innovated for the underserved financial markets through a strong
and supportive ecosystem, which will continue to keep accelerating growth and
penetration of Fintech in India. These include fast-growing digital adoption and
mobile penetration on the back of the cheapest data rates in the world offered
by private telecom players, to enabling regulatory environment coupled with
world-leading digital infrastructure (Aadhar, UPI, BBPS etc.), and structural
reforms and initiatives (GST, TReDSetc.),” said TC Meenakshi Sundaram,
Co-Founder and Vice Chairperson, Chiratae Ventures.

“We also expect FinTechs to continue solving for the substantial and growing
sub-markets with novel solutions,” he added.

With 5X growth in the digital tech talent, India has the opportunity to address
the global digital skill gap and establish itself as the destination of digital
and tech talent.

“India is recognized as a strong FinTech hub globally and is increasingly
becoming a talent destination for fintech businesses. We are glad to partner
with Chiratae Ventures and delve into the emerging trends in regulatory
innovation, technology advancements, new business models, industry convergence,
and inclusive digital financial services in the Indian fintech space,” said
Rajiv Memani, Chairman and Managing Partner, EY India.

The report also highlighted that the regulatory support will enable the industry
further as already established models go international through collaborations.

The actively encouraging innovation through regulatory sandboxes, new
distribution models, and the launch of innovative products has provided a good
regulatory environment.



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