Various governments, including the Union government has expressed their desire to use blockchain and AI in the financial sectors
The Maharashtra government in a conference in Mumbai on Friday said it sees at least 500 FinTech companies in near future in line with its FinTech policy.
Highlighting that Maharashtra government was the only state government to have a comprehensive FinTech policy, Kaustubh Dhavse, Joint Secretary & officer on special duty to Chief Minister said the government is working towards a quality evaluation of new FinTech startups in AI, blockchain and machine learning.
“As far as the road ahead is concerned, we envisage that in near future we will at least have 500 FinTech startups who are enabled, stable, have successful sizeable funding and are going to make India and Maharashtra proud,” Dhavse said.
He also announced about two initiatives taken by Maharashtra government — Maharashtra FinTech policy 2018 & Maharashtra FinTech Registry where all startups will be registering themselves to avail various incentives like an opportunity to represent them, online auctions, participating government policies.
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The conference was attended by representatives from the sectors of asset management and insurance, distribution, cloud adoption, payments, blockchain, lending & digital onboarding.
Commenting on the current stage of Blockchain in 2018, Rohan Angrish, Head- ICICI Labs, ICICI Bank said, “Blockchain’s journey from proof of concept to mainstream is absolutely going to happen but the real question is to see whether blockchain is able to do what couldn’t be done before. The answer to this question, in my opinion, is YES, it can.”
As one of the most exciting and disruptive technology in the near future, the Indian government has also expressed its desire to use blockchain in the financial sector. FM Jaitley said India will use “blockchain technology for ushering in a digital economy”.
Niti Aayog - the government think-tank - has been tasked with bringing in blockchain solutions as part of an initiative called IndiaChain, billed as “the country’s largest blockchain network”.
Reportedly, the government is also keen on using AI and blockchain to track inbound and outbound shipments.
“There is a lot of emphasis on data and analytics. So, we are looking at how we can clear consignments without human interface, but may have to check if machines are working properly once or twice a year. We need to build intelligence into those machines,” a senior government official in know of the matter told Moneycontrol in March.