Finance Minister Sitharaman is asking for FinTech innovation; Emphasize his role in MSME growth | Mint

Finance Minister Nirmala Sitharaman emphasized the role of FinTech innovation in the growth of digital public infrastructure in the country and relieving access to financial services for small businesses during a visit to Pine Labs, a Fintech firm in Noida. The minister underlined the growing role of Fintech in the digital transformation of the economy, and the minister reviewed innovations in prepaid instruments and digital instruments that support the delivery of welfare schemes, according to a series of posts on the social media platform ‘X’ by the minister’s office. “We want every state to speed up digitalization. We also help them speed up. While giving the 50 -year interest -free loans to states for capital expenditure, we underline that we will encourage states that will digitize their records at the earliest. Framework for the Account Aggregator (AA), a system that enables people to share their financial data on institutions. (@Pinelabs), a digital fintech business, in Noida. The Hon’ble FM died with the employees and staff, acknowledged the digital public infrastructure of India and the country’s digital public infrastructure (DPI) and to put another tweet. MSMEs refer to micro, small and medium businesses. Also read: Upcoming IPO: Pine Labs is planning IPO by the 2nd half of 2025 Despite the poor market mood, Sitharaman was witness to the innovative solutions of the Fintech firm for prepaid instruments, the framework for the aggregator and digital services used in the public distribution system (PDS) and other government schemes and other government schemes. Digitization of payments and financial services The Government was the key to focusing on digitizing payments and financial services, and India has emerged as a pivot of Fintech solutions and innovations over the past few years, with several startups coming up in this space. In a February report, EY noted that India has positioned itself worldwide as a competitive fintech center with the highest adoption rate of the Fintech. “Compared to its peers and other fintech hubs such as the UK, the US, China and Singapore, India is high in regulatory and government support, funding, technological preparedness and entrepreneurial spirit,” it said. The report noted that the Indian Fintech ecosystem is still developing and that there are challenges to address, including regulatory problems, data security and low financial literacy among users. Indian Fintech Market The EY report noted that the Indian Fintech market is expected to expand by 30% by 2029 to reach $ 180-200 billion, fueled by rising revenue, awareness and digital infrastructure. “By transforming challenges into opportunities by innovation, India can use its fintech potential to achieve its Vikksit Bharat 2047 vision to become a developed nation,” he said.