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Below The Views On National Fintech Day - August 20, 2023 Sanjeev Kumar, Co-Founder, Executive Director & CEO, Spice Money

“India’s fintech industry has witnessed an unprecedented surge in recent years. Bolstered by the government's clear vision for the sector and pioneering initiatives like UPI, which has exceeded 300 million daily transactions, along with the transformative JAM trinity, ONDC, and OCEN, as well as the emergence of over 3000 fintech start-ups, has significantly contributed to this growth. The rising disposable income coupled with the digital financial revolution paves the way for the fintech sector and offers a golden opportunity to fintech players offering financial products for customers as well as nanopreneurs.

Another sector that has added massive tailwinds to India’s economy is the MSME sector. As of August 2, 2023, more than 12 crore individuals were employed by the MSME sector. The Ministry of Micro, Small, and Medium Enterprises has been driving growth through diverse schemes. Recent support measures including the Rs. 5 lakh crore Emergency Credit Line Guarantee Scheme (ECLGS), Rs. 50,000 crore equity infusion offered through the MSME Self-Reliant India Fund, and initiatives like ‘Champions’ and the RAMP program have further augmented the sector's growth. Additionally, a majority of fintech start-ups have been actively working towards providing credit accessibility to the MSME sector. Initiatives like ONDC and OCEN have helped building nanopreneurs as well as in addressing the discoverability issues for small business owners across the length and breadth of the country.

At Spice Money, we are delighted to be part of India's successful fintech journey and contribute to the country’s overall economy. We have been at the forefront of this revolution, leveraging our innovative technology platform and trusted network of 12.7 lakh nanopreneurs to serve the unserved and underserved populations of Emerging India. We have come a long way in our mission to make financial services accessible, affordable, and convenient for the citizens of Bharat.

India has been at the forefront of the technological advancements in the fintech sector with initiatives like taking UPI to a global scale making it a peer-to-global payment network. With these initiatives, India has already secured a prominent space for itself in the global fintech landscape. With sustained efforts of the two joining forces, the government as well as fintech start-ups, the future of  India's fintech sector looks extremely promising, poised to navigate a trajectory of innovation, transformative advancements, and sustainable growth, reshaping the financial landscape for years to come.”

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