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What is the News?
The Minister for Communications, Electronics and IT inaugurated the Fintech Open Summit.
What is the Fintech Open Summit?
Organized by: NITI Aayog in collaboration with PhonePe, AWS and EY.
Aim: To bring together regulators, fintech professionals, industry leaders, start-up community and developers to collaborate, exchange ideas and innovate.
Objectives of the Summit: a) Encourage an open ecosystem across the fintech industry, b) Foster innovation and growth and c) Ensure financial inclusion and leverage new models like Account Aggregator to unleash the next wave of fintech innovation.
What is an Open Platform?
An open platform is created using public investment, wherein numerous private entrepreneurs, start-ups and developers can join to create new solutions.
For example, today, 270 banks are connected with the UPI and many entrepreneurs and start-ups have provided solutions that have helped increase the country’s fintech adoption rate—which is the highest globally at 87%.’
Source: This post is based on the article “Union Minister Flags Off NITI Aayog’s Fintech Open Summit” published in PIB on 8th Feb 2022.