Mumbai – As the global landscape of information technology continues to evolve, Nepal’s own IT industry, while not as advanced as that of other nations, is gradually making strides. The growing interplay between the banking sector and information technology has become increasingly apparent, especially in the context of digital payments and fintech. In recognition of this, India recently hosted a significant event the ‘Global Fintech Festival,’ held from August 28 to August 30, which saw participation from representatives of various companies, including those from Nepal.

Rowin Kumar Nepal, Chairman of Smart Choice Technology, shared his insights on the festival in a conversation with Banking News. Below are edited excerpts from the discussion:

How was your experience participating in the Global Fintech Festival?

This was my first experience attending such a festival, and it was quite eye-opening. The scale of the event was immense, with 80,000 attendees something that could only be organized in a country with a population of over a billion. The festival provided a platform to understand various aspects of fintech, including the pivotal role of central banks in supporting this sector, particularly in India. It also offered a glimpse into how fintech can be integrated into the broader economy.

Moreover, it was a great opportunity to interact with people from different countries and hear their perspectives on fintech. Despite the proximity of Nepal to India just two hours away the insights gained from this event could greatly benefit Nepal, which is still in the development stage.

What lessons do you think Nepal should learn from India?

There are numerous lessons that Nepal can draw from India. While Europe and America have their own advancements, the lessons we need are more closely aligned with India’s experience. India excels in both scale and skill, especially in managing payments from micropayments to larger transactions.

The banking and fintech sectors are increasingly intertwined. Banks are where people store their money, and fintech is vital for handling transactions, micro-businesses, and cross-border payment something that banks alone cannot fully manage.

If we compare the banking sector to where it was ten years ago, a lot has changed. We’ve made significant progress, and this process is ongoing. In many ways, we are not far behind India, and we’ve already learned a lot.

Nepal is beginning to adopt technology developed within its own borders. Although it may not meet international standards initially, the quality can be improved over time. The key is to start, and there are many aspects of India’s fintech success that we can adapt and implement in Nepal.