'UPI & Fintech Propels India's Growth': Startup Expert Ravi Ranjan Shares His Thought At Slush 2022

In the capital of Finland, one of the world's largest and leading startup events, Slush, is organised every year and sees participation from more than 30,000 parties, especially startup founders and entrepreneurs.

This year, the Embassy of India, Helsinki, in collaboration with Startup India, organised a Slush side event on the topic of 'Made in India Fintech Solution: Unified Payments Interface (UPI).' The event witnessed participation from Ravi Ranjan, an entrepreneurship evangelist, and a startup expert, Raveesh Kumar, Ambassador of India to Finland, and other panel members.

Growth In Fintech Sector

The panellists highlighted several points, including possible collaborations between India and Finland in fintech, recent trends in fintech, and learning from UPI for the fintech world. Entrepreneurship Evangelist Ravi Ranjan mentioned the potential growth of India through promoting startup culture and fintech innovations.

In recent years, Finland has proved to be one of the most advanced fintech sectors in the world, with up to 93 per cent of the Finnish population using online banking services. The sector has been growing rapidly, with innovations such as neo-banking services leading the way.

At the same time, the Indian FinTech market has also seen accelerating digital adoption, including the demand for e-payments solutions and contactless banking services. According to reports, nearly 260 million people are using the UPI, and another 150 million use the Aadhaar-enabled payment system to withdraw money from their bank accounts.

Vibrant Startup Ecosystems

The startup ecosystem of India and Finland is now recognised at global stages for innovation and technology. The next-generation startups from both countries are coming under the spotlight. While Helsinki is seen as the second-best city for startup employees, India is regarded as the third-largest ecosystem regarding the number of startups.

Both countries are witnessing growth in several startups, international companies, and ventures. The entire thing has been made possible through a business-friendly infrastructure and a well-educated workforce.

While talking with The Logical Indian, Ravi Ranjan mentioned, "Indian startup ecosystem has been growing phenomenally over the last few years. At the event, I highlighted how UPI and fintech innovation contribute to India's growth."

"The increasing UPI payments, digital transactions, and ease of transaction across the country is the result of an excellent startup ecosystem and it contributes to the digital economy of the country. Through several ties, both countries contribute to each other's growth. We can also look at some of the best practices of Finland and implement them in India."

The development of the fintech sector in India is directly connected to the ease of business facilities, excellent infrastructure for startups to enter the market, and an enthusiastic, visionary workforce that aspires to take the country to greater heights.

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