Developing a secure FinTech application and distribution systems is key for digital ecosystem

New Delhi, October 19, 2022: Fintechs, slowly and steadily, have been cementing their foot in the world of financial services. Some are chasing profits while some are reporting profits, but fintechs continue to garner a larger pie of funding from venture investors. A comparative analysis of how fintechs in India have raised funds in the year 2021 vs 2022 undertaken by the Confederation of Indian Industry & The Fintech Meetup reveals how monetary policy and liquidity availability have changed the funding scenario for start-ups.

The whitepaper titled The State Of Fintech Funding In India was released today at the CII Conference on Digital & Cashless Economy in New Delhi today. The Conference aimed to provide a platform to discuss the various aspects and Industry lens how the innovations have come about in the industry and how the FinTech ecosystem is gearing up for streamlined growth. 
 
Speaking at the conference, G Narendra Nath, Joint Secretary, National Security Council Secretariat said, “Developing a secure FinTech application and distribution systems is key for the digital ecosystem. Government of India is taking various steps to build capacities and enhance skills in Cyber Security. Better connectivity would help to drive rapid digital payment across the length and breadth of the country. Innovative public-private partnerships and new technology would help to improve citizens’ lives and governance mechanisms.”
 
In his address, Mahabaleshwara M S, MD & CEO, Karnataka Bank Ltd said that India has migrated itself to Digital Payment systems developing a future digital community. Digitalization is going to unite us irrespective of geographical and age factors. He also highlighted the paramount importance of cyber risk management ability cannot be ignored.
 
In her welcome remarks, Richa Mukherjee, Conference Chairperson and Director, Public Policy & Corporate Affairs, Payu India mentioned that the fintech industry can count on the government as a partner in the sector’s development. “We are extremely pleased to witness the government’s continued focus in developing the fintech sector, including the creation and growth of indigenous players, and in creating the necessary infrastructure to support the growth of fintechs,” said Ms Mukherjee. 
    
Speaking at the Inaugural session, Ravi Rajagopalan, Conference Co-Chairman and MD & CEO, Boson Systems Pvt Ltd highlighted risk perception, lack of awareness or a feeling that the value at risk is more than they can afford is one of the roadblocks to further the growth of digital payment systems in India.
 
Introducing the theme of the conference, Abhishant Pant, Founder, The Fintech Meetup, said that the fintech industry is not just a sunrise industry anymore. It is deeply integrated into the financial services ecosystem and applications beyond core financial services. He also said that the next wave of growth would come in the form of enabling credit and insurance for the next half billion Indians, strengthening the payments infrastructure for businesses and cross-border payments.
   
As per the report, fintech start-ups with sustainable business models and a clear path to profitability will continue to raise funds and build valuable organizations in the coming future.