September 22, 2022
1 min read

‘Fintech market set to reach $1 tn by 2030’

The next wave in the fintech sector could be the cash flow lending to MSMEs using Account Aggregator, UPI and Open Credit Enablement Network (OCEN)…reports Asian Lite News

India’s fintech market is expected to reach $1 trillion by 2030, from $31 billion in 2021, Chief Economic Advisor Dr V. Anantha Nageswaran said here on Tuesday.

Speaking at the ‘Global Fintech Fest 2022’ (GFF 2022), he noted that a major shift towards a more equitable distribution of investment across sectors including insurtech and wealthech, 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,” Nageswaran told the gathering.

The next wave in the fintech sector could be the cash flow lending to MSMEs using Account Aggregator, UPI and Open Credit Enablement Network (OCEN).

“The lending potential of $3 trillion next year will be based on GST invoices and bank statements made available on Account Aggregator and banks adopting OCEN,” said Nageswaran.

About the barriers and drivers to grow digital payments for the next half a billion users, Praveena Rai, Chief Operating Officer, National Payments Corporation of India (NPCI) said that as per the RBI’s Payments Vision 2025, digital payments are for everyone, everywhere, and every time.

“‘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,” said Rai.

ALSO READ: Samsung keeps top spot in chip market

Previous Story

Fintech, a force multiplier: RBI Guv

Next Story

India to toughen stand with UK, Canada over Sikh radicals

Latest from India News

India Strikes Terror Bases in Pakistan

‘Justice is served’, says Indian Army as Operation Sindoor unfolds In a significant military response to the deadly terror attack in Pahalgam that claimed 26 civilian lives, the Indian Army on Wednesday

Zero Tariffs? Trump Claims Big Win Over India

Trump Claims India to Eliminate Tariffs on U.S. Imports..reports Asian Lite News U.S. President Donald Trump announced on Tuesday that India has either already removed or is in the process of removing

UNSC Grills Pakistan Over Pahalgam Attack

Though Pakistan claimed that the meeting largely served and achieved the objectives of the UNSC’s meeting, reports showed that it flopped miserably…reports Asian Lite News The United Nations Security Council (UNSC) reportedly

Azeez Bags Top Kerala Media Award

Anasudhin Azeez serves as the executive editor and managing director of London Daily, a newspaper headquartered in Fleet Street, London. British-Indian journalist Anasudhin Azeez has been chosen as first recipient of the
Go toTop

Don't Miss

IAF soldier killed, 4 injured in Poonch terror attack

Terrorists attacked an Indian Air Force vehicle convoy in the

West Flooded with Negative Narratives on India, Says UK Journalist

Stevenson, having recently traveled to India, underscored the significance of