The expectations include GST exemption for smaller fintech firms, enhanced and secure digital payment infrastructure, increased credit for MSMEs, and strengthened regulatory frameworks - Karan Desai, founder, Interface Ventures, tells Bizz Buzz

Curtailing Cybercrime:

• Digital KYC validation key for providing seamless financial services
• Financial ecosystem necessitates strong laws, regulations
• Need to check identity theft and cybercrime
• Industry-led regulation may further filter out dishonest, fraudulent players

Mumbai: The anticipation of the Union Budget-2024 makes the fintech industry look forward to the continuation of development of digital infrastructure and financial inclusion across the financial services ecosystem. The government’s Digital India project has greatly succeeded, with India now a global leader in digital transactions worth more than 13.3 billion monthly.

Talking to Bizz Buzz, Karan Desai, founder, Interface Ventures, says: “The expectations revolve around the following: GST exemptions for smaller fintech firms (tax breaks), enhanced and secure digital payment infrastructure, increased credit for MSMEs, and strengthened regulatory frameworks. In addition, the industry is looking forward to incentives to encourage digital innovation and investment in the sector. Digital KYC validation is critical for providing seamless financial services.”

The financial ecosystem necessitates strong laws and regulations to reduce identity theft and cybercrime. The RBI’s proposed framework for industry-led regulation may further filter out dishonest, fraudulent players.

Digital India has been a crucial government project with priority, and as they enter their third term, more investment is expected to propel this revolution further, enhancing the growth and demand of the fintech industry. While India leads in digital transactions, maintaining the cybersecurity of personal data and regulating the sector remain one of the key concerns.