Chandigarh: The use of technology and digital transactions will
grow rapidly this year, but the financial institutions will have to ensure to
protect people from online frauds. Panjab University (PU) alumnus Dr Hemant
Garg gave this opinion while commenting on the future trends of fintech in 2022.
He recently made India
proud by successfully managing the Infinity Forum, a global FinTech event,
inaugurated by PM Modi and addressed by business leaders like Reliance MD
Mukesh Ambani, Infosys co-founder Nandan Nilekani, Soft Bank CEO Masayashi Son and
others. Dr Garg has done LLM from PU, Chandigarh.
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| Dr Hemant Garg |
Dr. Garg, Nodal Officer
(Social Media) at the International Financial Services Centers Authority
(IFSCA), believes that Crypto assets powered by blockchain technology will
evolve and become popular in the same way as social media evolved from what it
was in 2015. However, the RBI is in the process of releasing Blockchain CBDC (Central
Bank Digital Currency) as the only legal tender, by imposing 30% tax on Crypto assets,
the government has initiated the process towards recognising the crypto assets
in India.
In future, the focus of
Indian Fintech’s will be on securely speeding up the financial transactions
with the help of technologies like Blockchain and Quantum Computing. Financial institutions
like banks are looking for tech partners for themselves, which is a good sign for
the progress of FinTech. But banks will have to make sure to stop online
frauds. Only then will the real benefit of Fintech be available to the common users.
Before the pandemic, artificial intelligence (AI) did not have much role in
banks. But the lockdown changed the scenario. Digital banking is not just about
going paperless and cashless, but it has brought more convenience and freedom
to people, he added.
The Infinity Forum 1.0,
managed by Dr Hemant Garg, was held in collaboration with NITI Aayog, Invest India,
FICCI and NASSCOM. He has done MBA from Edinburgh
University, UK
and holds a Certified Commercial Arbitrator degree from The
Hague Netherlands.
He has published 37 international and 112 national level research papers on
law, cooperatives, crypto, blockchain, quantum computing, community health and
social media.
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