The fintech sector is eagerly waiting for the Union Budget 2024-25 announcement, with high expectations for provisions that will promote collaboration between fintech companies and traditional banking systems. This is seen as crucial for building a robust financial ecosystem in the country.
Recognizing the importance of a rule-based financial ecosystem, fintech players are advocating for policy initiatives to support this direction, as per a report by ANI.
Ranvir Singh, CEO and founder of RING & Kissht, said, “We look forward to an environment where fintechs and traditional banking entities can work in tandem to increase access to services even in the remotest parts of the country. The fintech industry also seeks to evolve further through a robust regulatory framework.”
Meanwhile, Tanya Prasad, Chief Investment Officer at Legalpay, added, “We’re looking forward to policies that encourage collaborations between traditional financial institutions and fintechs, possibly through co-lending models or open banking initiatives.”
The industry also anticipates announcements regarding increased allocation to enhance digital infrastructure, cybersecurity measures, data protection frameworks, and incentives to drive innovation.
Ranjan Kumar, Head of Finance and Accounts at FincFriends, expressed, “For 2024, fintech industry leaders expect significant budget allocations to enhance cybersecurity, improve digital customer experiences, and drive innovation in financial technologies.”
Additionally, the sector is hoping for easy access to capital and affordable interest rates, ease in tax funding and skilling initiatives for the sector. The industry is also keen on participating in incentives for digital payments, similar to those received by banks for UPI.
