Pre-budget insights on fintech, tax technology and services by Cygnet Infotech

Niraj Hutheesing, MD & Founder at Cygnet Infotech
by Niraj Hutheesing, MD & Founder at Cygnet Infotech

“Budget 2023 is likely to focus on enabling the ease of doing business by streamlining compliances and plugging revenue leakages. On the digital front, financial products and services providers have enormously transformed the way people save, invest, borrow, and pay over the last decade. The pandemic was the first test of resilience for fintech companies. Backed by the Digital India initiatives by the Government, financial institutions are increasingly looking to provide a more personalized customer experience by partnering with fintech companies to create new products and services. For example, digital financial inclusion is evolving from ‘spend’ to ‘lend’ and tends to fill a gap left by the traditional financial institutions. The consent-based GST returns, e-invoice and e-way bill data is likely to be allowed by making suitable amendments in the law to allow flow-based lending. The new age fintech companies are well-positioned to use such data and analytics to disrupt the traditional forms of doing business, target niche markets and orient their products to maximize consumer satisfaction.”

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