India is poised to become largest digital markets with fast expansion of mobile and internet network, which can be leveraged to make it a fintech hub, commerce and industry minister Piyush Goyal has said. "This can be leveraged to make fintech hub," he said addressing, Global FinTech Fest, on Thursday.
''Today, India is one of the fastest-growing markets with more than 2,100 fintech operational,'' Goyal said adding ''the non-financial services sectors are also proactive in adopting fintech solutions. With the expansion of their value chains, the demand for fintech services will grow exponentially''.
Jan Dhan, Aadhaar, and Mobile trinity has enabled India to leverage its technical capabilities for developing the fintech sector, he said – adding that fintech companies are playing a crucial role in financial inclusion in the country.
Goyal also said the fintech sector has demonstrated the resilience and adaptability of citizens towards technology and at 87 percent, India has the highest fintech adoption rate in the world against the global average of 64 percent.