FM Sitharaman Chairs Meeting with Start-up and FinTech Leaders to Boost Sector Growth
GG News Bureau
New Delhi, 27th Feb. Union Minister for Finance and Corporate Affairs, Nirmala Sitharaman, led a pivotal meeting with prominent figures from the Start-up and FinTech ecosystem on Monday.
Dr. Bhagwat Kishanrao Karad, Union Minister of State for Finance, alongside high-ranking officials from various departments and leaders from numerous Start-ups and FinTech entities, participated in the discussions aimed at enhancing operational capabilities for global competitiveness within the sector.
Highlighting India’s significant presence in the FinTech landscape, with approximately 10,244 entities, the Finance Minister acknowledged the sector’s rapid evolution over the past decade. Encouraging an open exchange of ideas, Smt. Sitharaman welcomed suggestions to further streamline business processes and enhance consumer experience.
During the dialogue, emphasis was placed on fostering innovation while ensuring strict adherence to regulatory frameworks. Integral initiatives such as Aadhar, UPI, and API Setu were recognized for their role in simplifying business operations. Additionally, supportive measures like regulatory sandboxes and the recognition of P2P Lenders as NBFCs were noted for their positive impact on the ecosystem.
Acknowledging the pivotal role of GIFT City and IFSCA in creating new avenues for Start-ups and FinTechs, the meeting underscored the sector’s potential in driving job creation and economic growth. With over 1.17 lakh recognized Start-ups generating more than 12.4 lakh jobs, and India hosting over 10,000 FinTech companies, the ecosystem is poised for further expansion.
Key outcomes of the discussions included plans for workshops with Law Enforcement Agencies to address sector-specific concerns, expedited patent examination processes, rationalization of lending costs, and digitization of KYC procedures. Additionally, collaborative efforts will be made to address ownership control issues and strengthen cybersecurity measures in alignment with the proposed Digital India Act.
The meeting concluded with a shared commitment to fostering an enabling environment for Start-ups and FinTechs, propelling India’s journey towards becoming a global FinTech hub.
