According to him, fintech companies have a huge capacity for collaboration and disruption and a chance to grow both in India and internationally. Speaking of startups, he said that the industry needs to consider how it can collaborate with international businesses.
In 25 years, India’s economy would be worth $25 trillion, and 20–25 percent of that growth will be driven by digital India, according to KV Kamath, chairman of the NaBFID, in an interview with CNBC-TV18 at the Global Fintech Fest 2023.
He stated that fintech companies must benefit from India’s digital transformation. Fintechs “have the opportunity to scale in India and globally and have the ability to disrupt and collaborate in enormous ways,” he said.
Speaking of startups, he said that the industry needs to consider how it can collaborate with international businesses.
According to Kamath, India is currently lagging in almost every digital field. He praised the country for making tremendous strides in a variety of digital fields, underscoring India’s expanding significance on the world arena.
We still find it difficult to comprehend that we utilize the most data for the least amount of money, according to Kamath. This statement highlights India’s distinct position as a data powerhouse while providing its population with affordable access, making digital services omnipresent and available to everyone.
In the fintech industry, the NaBFID Chairman also emphasized the importance of profitability. “There is no growth without profit,” he said. If there is, it won’t last long. This statement emphasizes how crucial profitability is to the long-term viability and sustainability of fintech companies. Kamath’s remarks coincide with a period in which many businesses put expansion ahead of revenues, raising questions about their long-term viability.
Also according to Kamath, “We’ve been able to roll out data at a price never seen before, which makes it pervasive.” This accomplishment demonstrates India’s dedication to digital inclusion and its effectiveness in democratizing technology access, both of which are necessary for the nation’s continuing economic development and progress.
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