FinTech Conclave 2019

Why is it in the news ?
  • A day-long FinTech Conclave has been organised by NITI Aayog at Dr. Ambedkar International Center, New Delhi on 25th March, 2019.
  • 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.
Concept
  • FinTech is the business of using technology to improve financial services.
  • These services are the ways in which consumers and businesses manage, move and store their money: paying, lending, saving, borrowing, investing and so on.
  • Fintech firms are aiming to fragment the finance industry by making these services more efficient, convenient and accessible.
  • The ‘tech’ in Fintech is the emergence of brand new technologies, such as Artificial Intelligence, blockchain, analytics and big data.
  • India is one of the fastest growing FinTech markets globally and industry research has projected that USD 1 Trillion or 60% of retail and SME credit, will be digitally disbursed by 2029.
  • The Indian FinTech ecosystem is the third largest in the globe, attracting nearly USD 6 billion in investments since 2014.
More in the news
    • The Conclave will be featuring representatives from across the financial space – central ministries, regulators, bankers, startups, service providers and entrepreneurs.
    • The discussions will be on the following themes:
      (1) Digital Onboarding of Customers/Merchants for Financial Inclusion.
      (2) Building Financial Products for Millennial India.
      (3) Emerging Areas of FinTech.
      (4) Fast Tracking Investments in FinTech Industry.
      (55) Financial Inclusion of MSMEs.
      • Government of India’s efforts focused on Digital India.
     
    Source
    PIB



    Posted by Jawwad Kazi on 25th Mar 2019
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