Tier 2, 3 and beyond cities have emerged as a hotbed of digitization, with MSMEs in these regions actively adopting fintech solutions to streamline operations, enhance customer experiences, and expand their reach
FinTech BizNews Service
Mumbai, December 27, 2023: As 2023 draws to a close, Gurjodhpal Singh, CEO, Tide India, shares interesting views on the fintech sector and MSMEs: "2023 has been a remarkable year for MSMEs and the fintech sector, marked by resilience, innovation, and a surge in digital adoption. MSMEs have demonstrated remarkable adaptability and entrepreneurial spirit, navigating the challenges of economic uncertainty while embracing technological advancements. The fintech sector has played a pivotal role in empowering MSMEs with access to capital, financial tools, and digital solutions, enabling them to thrive in an increasingly digital landscape. Tier 2, 3 and beyond cities have emerged as a hotbed of digitization, with MSMEs in these regions actively adopting fintech solutions to streamline operations, enhance customer experiences, and expand their reach.
The year also welcomed several new norms, with the most significant being the enactment of Digital Personal Data Protection Bill, 2023. Considering that the act includes everyone, right from employees and customers to merchants and vendors, it will help set the expectations right for players across industries and give a direction to storing and managing data securely.
As we look ahead, we are optimistic about the future of MSMEs. In addition, once the UK-India FTA is signed, it will open a door of opportunities for Indian MSMEs, especially for women-led enterprises, and augment their global competitiveness by enabling them to participate in international trade. We believe that continued innovation, collaboration, and government support will further accelerate the digital transformation of MSMEs, enabling them to become even more competitive, resilient, and successful."
