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Financial institutions, fin techs, MSMEs to participate in Niti Aayog’s `Fin Tech Conclave’

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Leading financial institutions and financial technology companies (fin techs) such as HDFC Bank, Tata Capital, SBI Card, BankBazaar and PayTM, leading venture capital investors, state governments, micro, small and medium enterprises (MSMEs) and industry subject matter experts will participate in a a day-long `FinTech Conclave’ organised by NITI Aayog on Monday.

“The objective is to shape India’s continued ascendancy in fintech, build the narrative for future strategy and policy efforts, and to deliberate steps for comprehensive financial inclusion, The conclave will feature more than 300 representatives from across the financial space – central ministries, regulators, bankers, startups, service providers and entrepreneurs,” according to an official release.

The Reserve Bank of India (RBI) Governor will inaugurate the event and senior government officials, including Secretary (Department of Economic Affairs), Secretary (Department of Financial Services), Chairman (SEBI), Secretary (MeitY), Secretary (Department of Revenue), Secretary (MSME) and Deputy Governors of RBI, are scheduled to participate.

The valedictory session of the conclave shall include presentations consolidating sector-specific findings of the various breakout panels on themes such as digital on-boarding of customers/merchants for financial inclusion, building financial products for millennial India, emerging areas of fin tech, fast tracking investments in fin tech Industry and financial inclusion of MSMEs.

India is one of the fastest growing fin tech markets globally and industry research has projected that $1 trillion or 60 per cent of retail and SME credit, will be digitally disbursed by 2029. The Indian fin tech ecosystem is the third largest in the globe, attracting nearly $6 billion in investments since 2014.

Source: The Hindu