BFSI, Financial Inclusion and FinTech
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Financial Inclusion and FinTech are key to meeting the UNSDGs. Financial inclusion is an enabler of other development goals in the 2030 UNSDGs. It is featured as a target in eight of the seventeen goals.
- SDG 1 – Eradicating Poverty
- SDG 2 – Ending hunger, achieving food security and promoting sustainable agriculture
- SDG 3 – Profiting health and well-being
- SDG 5 – Achieving gender equality and economic empowerment of women
- SDG 8 – Promoting economic growth and jobs
- SDG 9 – Supporting industry, innovation, and infrastructure
- SDG 10 – Reducing inequality
- SDG17 – Strengthening means of implementation means a greater role of financial inclusion by greater savings mobilization for investment and consumption that can spur growth
The Fintech industry has seen tremendous growth in India over the last few years. As of March 2020, India, had the highest fintech adoption rate of 87% out of all the emerging markets in the world.
India is expected to be the third largest domestic market in the banking sector by 2040 after China and the USA.
Fintech startups have accelerated growth in all the sectors of the BFSI industry. They are also actively working towards making India a more financially inclusive economy, which is seen to be a key enabler for achieving 7 of the 17 United Nations Sustainable Development Goals (SDG) of 2030.