FinTech to play a crutial role in shaping India’s 4th Industrial Revolution

By OEM Update Editorial March 11, 2021 2:51 pm

FICCI Fintech Expo 2021 and Conference – Showcasing Indian FinTechs to the World took place involving many industry experts.

Mr. Injeti Srinivas, Chairman, IFSCA recently said India can be the frontrunner in the Fourth Industrial revolution. “We already have with us all the ingredients to lead the way. Potential for fintech is enormous and the Fourth Industrial revolution will be shaped by India,” he added.

Addressing the virtual ‘FICCI Fintech Expo 2021 and Conference – Showcasing Indian FinTechs to the World’, Mr. Srinivas said that the creation of a world-class fintech hub, as announced in the budget recently, also highlights the importance of fintech in India. “IFSCA can act as the second engine of the Indian economy. It can be the external engine that will not only channelize global capital flow into India but also provide international jurisdiction to companies wanting to explore global markets,” he added.

The IFSCA, he emphasised, attaches huge importance to developing a fintech hub in India. “We want to be the frontrunners in this. Under the IFSCA, you (the industry) have a unified regulator who regulates all the segments of the financial sector. For fintech to have an international presence, this is another viable option,” added Mr. Srinivas.

Technology is transcending the limitations of time, space, and cost and by nature it is democratic. There is no use of technology if it is not easily accessible and affordable. “We are at the epicenter of making technology available, accessible and affordable and finance is the lifeblood of an economy. Technology and finance are common to all services,” added Mr. Srinivas.

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