Budget 2024 expectations: MobiKwik CEO Bipin Preet Singh seeks green finance benefits for fintech, exclusive licences
Budget Expectations 2024: Ahead of the upcoming interim budget for the fiscal year 2024-25, Bipin Preet Singh, founder and CEO of MobiKwik Systems, laid out his asks, including investments focused on synergy of AI with fintech, exclusive licences, green finance and more, while speaking with Livemint in an exclusive interview. MobiKwik made headlines after it filed a draft red herring prospectus (DRHP) with the capital market regulator, the Securities and Exchange Board of India (SEBI), for an initial public offering (IPO) for the second time earlier this month. A: Currently, English is the only language that all fintech is using, and India is a diverse country.
So, due to the language barrier, many people still don’t have access to the ease of fintechs. I call for the government to come up with standardised interfaces for fintech apps made using AI that can help remove the language barrier using language models. I’m looking for investment from the government in the budget for AI that is focused on eliminating language and behavioural barriers.
We need a national-level kind of mission for this, just like we did in payments with the National Payments Corporation of India (NPCI). Since this technology doesn’t exist on a large scale in India, everybody is importing talent and technology. It would be great if this could be developed at a national level.
A: In terms of AI, we are in the very nascent stage or early stage of leveraging AI. MobiKwik is used by around 140 million people and over 3.5 million merchants. We have a lot of data to make sense of.
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