‘India Can Win War In Fintech By Focusing On Manpower, Money, Market Access’
Top industry experts representing the fintech category come together to discuss the future of the country with new technology for banks and other financial institutions at the BW Businessworld Fintech Summit 2017
Special chief secretary to the Chief Minister of Andhra Pradesh and advisor IT, JA Chowdhary said “will win the war in fintech by focusing on manpower, money and market access.”
He was speaking at BW Businessworld Fintech Summit 2017 held in Mumbai on Friday (8 September).
He further added, “After my work and contributions for the IT sector in Hyderabad I was asked by the CM of Andhra Pradesh to change and evolve the IT infrastructure of Andhra Pradesh. But instead of developing IT, I decided to concentrate on Fintech."
Chowdhary further spoke about the ways to improve the analytics to understand the way financial institutions function and what kind of technology support they are seeking. He also emphasized on block chain as an important type of technology which is being developed for the banking sector.
He further stated that, "Vizag will be the Fintech destination of India and also the world."
Also present at the summit, Vaidyanathan, Executive Chairman, Capital First Ltd shared his thoughts on and insights about the Fintech scenario in the country. According to him the investments made by banks and other financial institutions on fintech during the year 2013 was $25 million. 2017 saw the figures rise up to a billion dollars and he says that by 2020, $2.4 billion will be invested.
"The new digital ecosystem is a 3rd wave and all entrepreneurs are getting 1/3rd of opportunity to get caught up in this wave," said Vaidyanathan
He further added, "Fintech is on a different plain altogether because it has a unique style of working on data and creating algorithms."
Talking about the conditions of Fintech in India he pointed out that 45 per cent of poor people have no financial assets at all. With the type of infrastructure and data accumulation, fintech is going to accelerate rapidly.