FinTechs can bridge digital divides, foster healthy competition, and drive innovation: RBI governor

Reserve Bank Governor Sanjay Malhotra speaking at the annual Global Fintech Fest said that fintechs can bridge the digital divide, foster healthy competition, and drive innovation. We stand at an important juncture in our digital finance journey, he stated. The past decade has demonstrated how technology can expand access and empower businesses. The next phase must build on this strong foundation, while keeping trust and stability at its central theme. The role of FinTechs in this next phase will be even more crucial, he added. FinTechs can be the architects who design and construct digital highways and also the products and services on this digital highway that generate social and economic value, the governor noted.

By embracing the principles of inclusion, customer-first approach, innovate in credit delivery, prioritise trust and compliance and think global, anchor local and by building on India?s unique strengths of DPI, a vibrant ecosystem, a digitally connected population, enabling policies, and tech talent, FinTechs can bridge digital divides, foster healthy competition, and drive innovation, RBI governor said. In doing so, FinTechs will not only secure their own growth but also play a pivotal role in driving progress and contributing to the vision of Viksit Bharat 2047, he noted.

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