India's fintech success a case of 'owner's pride, neighbour's envy', says Piyush Goyal

Minister Piyush Goyal underscored that the ability of the fintech ecosystem to innovate and adapt has helped bring a large section of Indians into the fold of banking services.

Commerce Minister Piyush Goyal has called the success story of India's fintech startups a case of owner's pride and neighbour's envy, making India poud of its achievements.

Addressing the Global Fintech Fest 2024 in Mumbai on August 30, Minister Piyush Goyal underscored that the ability of the fintech ecosystem to innovate and adapt has helped bring a large section of Indians into the fold of banking services. The low cost solutions of the fintech startups the ecosystem an 'envy of the world', which many countries could not achieve despite investing billions of dollars. India's fintech industry has created a 'phenomenal success story' through a revolution that has democratised financial service like never before.

"A lot of India's economic success rests on the shoulders of the fintech sector, especially during the pandemic, wherein innovations by the sector aided the economy then," Piyush Goyal said. The valuation of the India Stack has now grown many times over compared to what it was just four years ago, he added.

The Commerce Minister also urged the fintech sector to look at ethical AI and find ways to combat money laundering and financial crimes via ethical use of AI.

Earlier in the day, Prime Minister Modi addressed the GFF 2024, and said the fintech ecosystem as has increased quality of life for the common people, with greatee access to capital and banking services. "The fintech industry has received over $31 billion investment in the last 10 years and startups have recorded 500 percent growth... cheap data, mobile phones, and zero balance Jan Dhan bank accounts have done wonders in the country," Modi said at the Global Fintech Fest in Mumbai.