Finance Minister Nirmala Sitharaman credited the role of fintech innovation in the growth of digital public infrastructure in India and the easing of access to financial services for small businesses during a visit to Noida-based fintech firm Pine Labs.
A series of posts on the social media platform 'X' has been published by the minister’s office.
Nirmala Sitharaman visits Pine Labs
“The Hon'ble FM interacted with the employees and staff there, acknowledging India’s Fintech firms’ contribution to expanding country's Digital Public Infrastructure (DPI) and in enabling seamless, secure and inclusive financial services for merchants and MSMEs,” according to an official post.
Another tweet from the minister's office quoted her as saying: "We want every State to speed up on digitisation. We are also helping them in expediting it. While giving the 50-year interest-free loans to States for capital expenditure, we underline that we will incentivise States who get on to digitise their records at the earliest. So, we want digitisation to happen sooner and in every sector.”
During the visit, the Finance Minister witnessed demonstrations by Pine Labs for prepaid instruments, the account aggregator framework, and digital services used in the Public Distribution System (PDS) and other government schemes and services.
The minister’s visit to the fintech enterprise comes in the context of the massive adoption of digital payments across the economy, including among small businesses and retailers, giving a strong boost to the formalisation of the economy.
"Smt @nsitharaman visits the office of Pine Labs (@PineLabs), a digital Fintech company, in Noida. The Hon'ble FM interacted with the employees and staff there, acknowledging India’s Fintech firms’ contribution to expanding country's Digital Public Infrastructure (DPI) and in enabling seamless, secure and inclusive financial services for merchants and MSMEs," read another post.
India, a global fintech hub
In a February report, EY noted that India has positioned itself as a competitive fintech hub globally with the highest fintech adoption rate.
"When compared to its peers and other FinTech hubs like the UK, US, China, and Singapore, India scores high in regulatory and government support, funding, technological preparedness and entrepreneurial spirit," it said.
The report added that the Indian fintech market is expected to expand by 30% to reach $180-200 billion by 2029, fuelled by increasing income, awareness and digital infrastructure.
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