What happened (India’s FinTech ‘digital prosperity’ push)

Union Minister of State (Independent Charge) for Science & Technology and Earth Sciences and Minister of State in the Prime Minister’s Office, Department of Atomic Energy, Department of Space, Personnel, Public Grievances & Pensions, Dr Jitendra Singh, said India’s FinTech growth should move from financial inclusion to financial empowerment. He made the remarks while addressing the 3rd India International FinTech Festival in New Delhi.

What existed earlier: financial inclusion through access-focused programmes

Dr Jitendra Singh linked India’s start in digital financial growth to programmes initiated under PM Sh Narendra Modi, particularly Jan Dhan Yojana. He said these programmes substantially advanced financial inclusion, and he argued that India should now shift the focus from enabling access to enabling better outcomes for citizens through trustworthy digital systems.

What changed now: a frontier-technology-led ‘trusted financial ecosystem’

Dr Jitendra Singh said India must build an intelligent, secure and trusted financial ecosystem using emerging technologies. He listed the key technology drivers for the next phase of FinTech growth as Artificial Intelligence, quantum technologies, cybersecurity, blockchain and trusted digital innovation. He also highlighted the collaborative ecosystem behind FinTech—banking sector institutions, financial institutions, technology companies and StartUps working together under public-private partnerships.

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