Performance of fintech start-ups in India has been phenomenal, says MoS Finance Pankaj Chowdhary

 Minister of State of Finance Pankaj Chowdhary while speaking at ASSOCHAM’s India International Fintech Festival today said that the performance and progress of start-ups and fintechs in India has been phenomenal. Chowdhary, while speaking and addressing the people, said that financial sector in India is going through transformation in India.

“Fintech sector in India is expanding and growing faster in India than ever before, it is changing India fast,” Chowdhary added.  According to Chowdhary, the fintech sector in India is expected to become a $150 billion market. He went further to add that innovation has introduced competition and increased inclusion, particularly in emerging markets and developing economies. In this 3-day long International Fintech Festival organised by industry body ASSOCHAM, all big fintech players had gathered to throw light on state of the industry, problems and possible solutions conducive for the growth of whole fintech ecosystem in India.

While speaking at this festival, the union minister was of the opinion that in India, most fintech start-ups are of an age less than 10 years but their growth, in proportion to the number of years they have been in the industry, has been phenomenal. “The fintech industry is one of the fastest-growing sectors of India,” he added further.

In 2021, a report by BLinC Insight mentioned that the global fintech market is growing at the rate of 23.4 per cent on year. However, India still remains an untapped market due to lower penetration of financial services. According to the report, 14.6 per cent of the Indian population remains unbanked compared with that of 6 per cent in the US.

But the minister said that the potential for fintech sector in India is enormous as multiple steps have been taken by the government in last many years, from JAM trinity to increase in mobile phone penetration.

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