Mumbai
India should use its experience in fintech, Unified Payments Interface (UPI) and digital public infrastructure (DPI) to expand into international markets, particularly countries in the Global South, Commerce Secretary Rajesh Agrawal said on Wednesday.
Speaking at the Global Fintech Fest in Mumbai, Agrawal said India has a major opportunity to increase financial services exports by securing a larger share of the growing global fintech trade. He said that if India captures even 10 per cent of global fintech services trade, its exports could rise substantially from around $8 billion currently to an estimated $60-80 billion.
Agrawal said India is already sharing its digital public infrastructure experience with other countries. The country has signed memoranda of understanding with around 23 nations for cooperation in DPI. The government is also exploring payment-system integration with partner countries, particularly those with large Indian diaspora populations. Such interoperability could make cross-border transactions easier and more affordable.
The Commerce Secretary said technology can help reduce the cost of financial services, including remittances and lending. Wider adoption of interoperable digital payment systems and Indian fintech solutions could improve access to financial services in developing economies. He said countries in the Global South could particularly benefit from India’s experience in building large-scale digital systems.
Agrawal also highlighted the importance of free trade agreements (FTAs) in supporting fintech exports. India is seeking to address regulatory barriers involving financial services, telecommunications, cross-border data flows, artificial intelligence, investment and movement of professionals through trade negotiations. He said services trade, including financial services, is an important part of these discussions.
According to Agrawal, India has concluded nine FTAs over the past four to five years covering countries with a combined GDP of around $60 trillion. These agreements could create new opportunities for Indian fintech and financial services companies seeking to expand overseas.