Fintech Solutions for Developing Nations: Official's Call

Mumbai, Aug 29 (PTI) Fintech companies should focus on creating solutions that address the unique challenges faced by developing countries, Joint Secretary for New Emerging and Strategic Technologies Division in the Ministry of External Affairs Mahaveer Singhvi said on Thursday.

Addressing the 2024 edition of the Global Fintech Fest here, Singhvi said cooperation among fintech companies across borders are essential for the global expansion of India's fintech sector.

Fintech companies should also focus on creating solutions that address the unique challenges faced by developing countries... and there is a lot of opportunities over there, he said.

"By developing products and huge cases that cater to the needs of these markets, I think Indian fintech firms will be able to expand their global footprint and support the government's diplomatic efforts and initiatives," Singhvi said.

"India's fintech companies have already been collaborating with their local counterparts, but there is much more that can be done," he said.

Suggesting that India's fintech startups can partner with those in African and Southeast Asia to co-develop solutions for financial inclusion and also work with countries in Europe and America on blockchain-based trade finance platforms, Singhvi said, "These partnerships are not only beneficial for business but also contribute to our diplomatic objectives."

As the fintech sector continues to grow, it is vital that companies uphold the highest practical standards and this includes ensuring data privacy, preventing financial crimes such as money laundering, and promoting financial inclusion, he added.