Neeraj Aggarwal, managing director and Senior Partner at Boston Consulting Group (BCG) predicts that by 2030, the fintech sector in Asia will surpass the size of industry in North America.

Speaking to CNBC-TV18 on the sidelines of Global Fintech Fest 2023, Aggarwal highlighted India's pioneering role in fintech, which is creating a blueprint for various industries.

"In the fintech space, what India and as a result of that Asia more broadly is doing is creating a playbook which I think will play out in many more sectors in times to come.

The fintech industry will become $1.5 trillion by 2030 and $600 billion will come out of Asia. By 2030 the size of fintech industry in Asia will be bigger than the size of the industry in North America," stated Aggarwal.

The Global Fintech Fest commenced in Mumbai, with Union Finance Minister Nirmala Sitharaman inaugurating the event. She commended fintech's role in promoting financial inclusion in India.

As the event commenced, a report by Boston Consulting Group indicated that the Asia-Pacific region is on track to become the world's leading fintech market within the next seven years.

Aggarwal also emphasised the importance of India's ability to attract investment and explore new funding sources to support the growth of the fintech industry.

Watch the accompanying video for the entire discussion.

First Published:Sept 5, 2023 7:27 PM IST