“India is among the fastest growing fintech markets in the world with a market size of $31 billion in 2021 that is expected to reach $1 trillion by 2030,” said V. Anantha Nageswaran, Chief Economic Advisor of India, Ministry of Finance, Government of India.
“A major shift towards a more equitable distribution of investment across sectors including InsurTechs, WealthTechs, has started taking place. We are talking about bridging the digital divide and the economic divide. Therefore, the focus now is on how the combination of technology and finance is enabling access to finance and access to opportunities,” he said while speaking at the Global Fintech Fest 2022 (GFF 2022) in Mumbai on Tuesday.
“The next wave in the fintech sector could be the cash flow lending to MSMEs using Account Aggregator, UPI and OCEN,” he added.
He said the lending potential of $3 trillion next year would be based on GST invoices and bank statements made available on Account Aggregator and banks adopting OCEN.
“The government is now pivoting from digital financial inclusion to digital financial empowerment. This is being done through Jan Dhan 2.0, strong gender focus, PM SVAnidhi Scheme, eKYC and digital onboarding and protection of digital customers,” he added.