‘Fintech Firms Must Tackle Developing Countries’ Challenges for Global Expansion: Mahaveer Singhvi

GG News Bureau
New Delhi, 3rd Sept. At the 2024 Global Fintech Fest, Mahaveer Singhvi, Joint Secretary for the New Emerging and Strategic Technologies Division in the Ministry of External Affairs, emphasized the need for fintech companies to focus on creating solutions tailored to the unique challenges faced by developing countries.

Speaking on Thursday, Singhvi highlighted that cross-border cooperation among fintech firms is crucial for the global expansion of India’s fintech sector.

Singhvi pointed out significant opportunities in developing markets and urged Indian fintech firms to develop products and use cases that address these needs. “By innovating solutions for these markets, Indian fintech companies can expand their global footprint and support the government’s diplomatic initiatives,” he stated.

While acknowledging the ongoing collaborations between Indian fintech companies and their international counterparts, Singhvi stressed that there is room for further growth. He suggested potential partnerships with fintech firms in Africa and Southeast Asia to co-develop solutions for financial inclusion.

Additionally, he proposed working with European and American firms on blockchain-based trade finance platforms.

“These partnerships are not only beneficial for business but also align with our diplomatic goals,” Singhvi remarked.

He also underscored the importance of maintaining high practical standards within the fintech sector, including data privacy, preventing financial crimes, and promoting financial inclusion.