Mumbai (Maharashtra) [India], September 20 (ANI): Chief Economic Advisor V Anantha Nageswaran on Tuesday stated India is among the many quickest rising fintech markets on the planet with a market dimension of USD 31 billion in 2021 that’s anticipated to reach USD 1 trillion by 2030.
Speaking on the Global Fintech Fest 2022 (GFF 2022) right here, Nageswaran stated, “A major shift towards a more equitable distribution of investment across sectors including InsurTechs, WealthTechs, etc, has started taking place. We are talking about bridging the digital divide and the economic divide. Therefore the focus now is on how the combination of technology and finance is enabling access to finance and access to opportunities.”
GFF 2022 is organised and introduced by the Department of Economic Affairs, Ministry of Finance, Government of India, Reserve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of India, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC).
This is the third version of the Global Fintech Fest, and the primary one the place area specialists are collaborating from throughout the globe in particular person and nearly.
Nageswaran additional stated that the subsequent wave within the fintech sector could possibly be the money circulation lending to MSMEs utilizing Account Aggregator, UPI and OCEN. The lending potential of USD 3 trillion subsequent yr will probably be based mostly on GST invoices and financial institution statements made accessible on Account Aggregator and banks adopting OCEN.
He stated the federal government is now pivoting from digital monetary inclusion to digital monetary empowerment. This is being performed by means of Jan Dhan 2.0, robust gender focus, PM SVAnidhi Scheme, eKYC and digital onboarding and safety of digital prospects, stated Nageswaran.
Speaking on the expansion of well being insurance in India, Chief Executive Officer, National Health Authority RS Sharma, stated, “The National Health Authority has successfully implemented two flagship programs – Ayushman Bharat -Pradhan Mantri Jan Aarogya Yojana (PMJAY) and the Ayushman Bharat Digital Mission that have transformed the health insurance industry.”
He stated PMJAY is offering well being insurance cowl to over 500 million individuals on the backside of the pyramid to the tune of Rs 5 lakhs per thirty days, per household and is the world’s largest well being insurance scheme. “Today we have a huge opportunity to digitize the entire health space that will ultimately impact the health insurance industry in this country,” said Sharma.
He stated the Centre has already constructed the enabling platform within the type of the ‘Health Claims Exchange’. He stated the work is underway to develop the adapters from the suppliers’ and payers’ sides, after which the platform will make sure the interchangeability of data in a really seamless method.
“With standardization and cost optimization, the Health Claims Exchange will be to India’s health technology what the JAM trinity was to the country’s fintech,” Sharma added.
Speaking concerning the obstacles and drivers to develop digital funds for the subsequent half a billion customers, Praveena Rai, Chief Operating Officer, National Payments Corporation of India (NPCI) stated, “As per the RBI Payments Vision 2025, digital payments are for everyone, everywhere, and every time, where everywhere and every time boils down to the quality of connectivity required to commit to digital payments and digital solutions. ‘Everyone’ challenges us the most because it needs to address some of the biggest barriers – affordability, access to identity, and literacy as we go deeper and broader into our markets and user base.” (ANI)
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