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Further expansion of the digital ecosystem while addressing key challenges such as interoperability, policy frameworks, cybersecurity, and others will empower the fintech sector to provide out-of-the-box financial solutions to a broader audience, experts said on Tuesday.

According to Gaurav Jalan, founder & CEO of mPokket, in the next five years, growth is expected to keep up at this pace and even accelerate further.

"The major development is going to be the use of artificial intelligence (AI). Given the rapid advances in AI, there are going to be many new business models that become viable, and customer needs are going to be met even more efficiently," Jalan told IANS.

As per a recent report by Tracxn, a leading market intelligence platform, India secured the third position globally in terms of funding raised for the fintech sector in the first quarter (Q1) of this year.

In addition, Rishabh Goel, co-founder & CEO of Credgenics, said, "We look forward to policies that further enable ease of doing business, nurture tech startups with sustained access to funding, and safeguard the intellectual property."

He also mentioned that the focus on sustainable infrastructure development, large-scale skill enhancement, and bridging the gaps in digital connectivity will "provide the necessary impetus for businesses to scale and thrive".