Why is it in the news ?
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A day-long FinTech Conclave has been organised by NITI Aayog at Dr. Ambedkar International Center, New Delhi on 25th March, 2019.
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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
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FinTech is the business of using technology to improve financial services.
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These services are the ways in which consumers and businesses manage, move and store their money: paying, lending, saving, borrowing, investing and so on.
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Fintech firms are aiming to fragment the finance industry by making these services more efficient, convenient and accessible.
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The ‘tech’ in Fintech is the emergence of brand new technologies, such as Artificial Intelligence, blockchain, analytics and big data.
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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.
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The Indian FinTech ecosystem is the third largest in the globe, attracting nearly USD 6 billion in investments since 2014.
More in the news
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The Conclave will be featuring representatives from across the financial space ”“ central ministries, regulators, bankers, startups, service providers and entrepreneurs.
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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.
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Government of India’s efforts focused on Digital India.
Source
PIB