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FinTech leaders emphasize technology’s role in driving innovation and inclusion on national technology day

By Puja Sharma

May 14, 2024

  • Aadhar authentication
  • digital payment ecosystem
  • Financial Inclusivity

On the week of National Technology day, leaders from the FinTech sector shared insights on technology’s transformative power to drive innovation and inclusion.

Anirban Roy from Financial Software and Systems (FSS) noted the importance of platforms in fostering growth and enabling financial inclusion. He emphasized the need for platforms to support the exponential growth projected in India’s mobile wallet market.

Roy said, “National Technology Day is a momentous occasion that celebrates the extraordinary journey of innovations. These innovations have paved the way for a more connected and empowered future, a future where everyone is united under a single platform. With India’s mobile wallet market projected to reach a value of over ₹531.8 trillion by 2028, we need platforms that can build the necessary infrastructure to support this exponential growth.

Platforms can change entire industries and how we live. As we move toward a technology-driven future, we should understand that building technology isn’t enough; it has to be built with intention and foresight, focusing on solutions that empower people and drive economic progress. The FSS Blaze is one example of that, a platform built to leverage technological interventions and bring financial services to the unbanked and underbanked, fostering a more inclusive and prosperous future.”

Arun Nayyar, MD & CEO, NeoGrowth, “At NeoGrowth, we believe in harnessing technology as a strategic tool to drive business goals and impact. Our commitment lies in achieving sustainable and profitable growth by seamlessly integrating technology into every facet of our operations. From enhancing risk management and operational efficiency to delivering unparalleled customer experiences, we leverage digital innovation at every step. We have a well-integrated digital infrastructure; encompassing the India Stack, Aadhaar authentication, GST,  digital payment ecosystem and Account Aggregator Framework we ensure a seamless and simplified process for our customers.

Our operational capabilities driven by tech and data enables us to process nearly 90% of loans within a mere 3 days, demonstrating our unwavering commitment to speed and efficiency. This synergy between technology and business objectives is pivotal in fostering an inclusive credit ecosystem tailored to the unique needs of India’s MSMEs”

Nayyar highlighted  the strategic use of technology to achieve sustainable growth and enhance customer experiences. NeoGrowth’s digital infrastructure, leveraging India Stack and other digital innovations, ensures a seamless process for customers, with nearly 90% of loans processed within three days.

Arpan Sahoo, Chief Operating Officer, KaleidEO said, “India is at the forefront of the space technology revolution, with nearly200 active space tech startups showcasing our commitment to innovation and exploration. These advancements hold promise in addressing humanity’s most pressing challenges.

Today, Earth Observation (EO) solutions exemplify how space technology aids us in tackling diverse challenges on the ground, spanning defense, agriculture, financial inclusion, and sustainability, among others. As we celebrate National Technology Day, we reaffirm our dedication to delivering futuristic tech solutions that empower decision-makers, stakeholders and end-users to address the challenges of ever-changing world.”

Sahoo emphasised India’s leadership in space technology and the role of Earth Observation solutions in addressing various challenges. KaleidEO focuses on democratizing data access from space to empower decision-makers across sectors.

Overall, these leaders underscored the importance of leveraging technology to drive innovation, inclusion, and sustainability in the FinTech landscape.

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