Govt, industry can together take FinTech to next level: Official

(141014) — SINGAPORE, Oct. 14, 2014 (Xinhua) — Workers prepare to dismantle the street circuit structures in Singapore’s Marina Bay, Sept. 29, 2014. Singapore’s economy grew by 2.4 percent on a year-on-year basis in the third quarter of 2014, the same pace of growth as in the previous quarter, the Ministry of Trade and Industry (MTI) said on Tuesday. (Xinhua/Then Chih Wey)
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New Delhi, June 24 (IANS) India Inc should brainstorm and work jointly with the government for taking ‘FinTech 2.0’ to the next level, a top Finance Ministry official said on Wednesday.

Additional Secretary, Investment and IER, in Department of Economic Affairs, K. Rajaraman noted that FinTech has enabled financial inclusion and the government welcomes the initiatives of the industry for public good and recognises its transformational value.

Addressing a FICCI webinar on ‘Future of FinTech in Light of Covid-19’, he said that India’s FinTech sector has inspired and won the confidence of global investors. He urged the industry to participate in the inter-ministerial committee meetings headed by DEA Secretary and highlight the concerns faced by the sector.

Rajaraman said that the department is working with various stakeholders including the RBI, SEBI, IRDAI and NBFCs, ministries, banks, industry, for finding innovative and holistic solutions to take forward the FinTech sector.

“Covid-19 has created a temporary disruption for businesses and the government has come out with a number of liquidity measures for businesses and is also providing cash and employment support to vulnerable sections of the society,” he added.

Sudhakar Ramasubramanian, Chair, FICCI Fintech Committee said that the pandemic has brought in a behavioural change in financial transactions and helped the digital world.

At the release of the FICCI-PwC report, he said that the report will become the blueprint for the FinTech industry going forward.

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