Setting up of Global Fintech Hub and implementation of Fintech policy
Government of Maharashtra Directorate of Information Technology Government Resolution No:- DIT-2018/C.R-17/D-1/39 Mantralaya- Mumbai- 400 032 Dated :- 16th February 2018
The Indian financial services sector has undergone a considerable transformation in the past few years with the growing popularity and acceptance of FinTech products and services. ‘FinTech’ describes any business that aims at providing financial services by making use of innovative technology.
The ‘Digital India Campaign’ launched in July 2015, by the Government of India has provided the much- needed push towards a digital ecosystem. With an ambitious goal to make India a ‘cashless economy’, the Government of India has introduced United Payments Interface (UPI)
and Bharat Interface for Money (BHIM) to support digital payments. This convergence of financial services and exponential technologies has resulted in FinTech having an increasingly important role to play.
Customers across the globe have been open to adopting new products and channels, often introduced by FinTech start-ups. Additionally, FinTech is unbundling traditional banking services in order to specialize in certain areas. New age start-ups are providing both traditional and innovative products, with an enhanced value proposition such as ease of use, enhanced user interface, low cost, etc.
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