As A Global FinTech Hub, Maharashtra Govt Is Tapping Into AI To Position Mumbai
Posted on 12 June 2019
How technology is playing a vital role in the sector, Analytics India Magazine spoke to Suniti Nanda, Fintech Officer, Government of Maharashtra, who is also leading the Mumbai FinTech Hub, that uplifts start-ups that are genuinely delivering unique solutions to problems and enhancing the entire ecosystem.
The government of Maharashtra was investing in conducting research and expanding their horizons before coming up with the FinTech policy, which was implemented in February 2018. The establishment of the Mumbai FinTech Hub last years is a direct by-product of the policy that was brought in by the government to strengthen the FinTech ecosystem in the country.
Talking about the technology side, the FinTech sector itself is a combination of technology and the financial services sector. Most start-ups and established companies, alike, are looking at incorporating some element of AI, ML in all their services. “If you were to compare us with our global counterparts, we are not far behind in the adoption of technology but the purpose that it serves is different. We are leaning more towards financial inclusion,” said Suniti. “We are making concentrated efforts towards uplifting the start-up ecosystem to make India recognizable as a global hub for innovation.”
Looking into the future, Suniti believes that the first and foremost thing is to concentrate efforts towards making Mumbai a global FinTech hub. “The idea is to understand what are the key hindrances that prevent us from being on the map and what are the future steps that must be undertaken to realize our true potential,” Suniti concluded. “We need to focus on a few key elements such as access to capital, infrastructure and ecosystem, global market access, API sandbox etc. to make our mark felt.”