HomeBusinessCEA says Indian fintech market to reach $1 trillion by 2030

CEA says Indian fintech market to reach $1 trillion by 2030

V. Ananth Nageswaran, Chief Economic Adviser, Ministry of Finance, Government of India said, “India is one of the fastest growing fintech markets in the world with a market size of $31 billion in 2021, expected to reach $1 trillion by 2030. Hoping to arrive.” India.

“A major shift has begun towards a more equitable distribution of investments across sectors including Insurtech, WealthTech. We are talking about bridging the digital divide and the economic divide. So, now the focus is on how the combination of technology and finance is enabling access to finance and access to opportunities,” he said while speaking at the Global Fintech Fest 2022 (GFF 2022) in Mumbai on Tuesday.

“The next wave in the fintech sector could be cash flow lending to MSMEs using account aggregators, UPI and Ocene,” he said.

He said the lending capacity of $3 trillion next year will be based on GST invoices and bank statements, which will be available at account aggregators and banks that adopt OCEN.

“The government is now moving from digital financial inclusion to digital financial empowerment. This is being done through Jan Dhan 2.0, strong gender focus, PM Svanidhi Yojana, eKYC and digital onboarding and protection of digital customers,” he said.

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