• Control of Vehicular & Industry Emission

Micro, small and medium-sized enterprises are contributing a great towards the progress of the Indian economy. MSMEs provide employment opportunities to more than 100 million people, and moreover contributes to 28.77% to the GDP, it has nearly 40% contribution towards exports, and close to 45% in industrial inputs. So, there is a need to provide financial aid and motivate the MSME sector by granting them affordable policies and regulations.

This is where the role of the Fintech industry comes into the picture to ease up the process for the MSMEs. Fintech has been at the forefront of revolutionizing financial transactions through the extensive usage of technology. With the advent of technology and greater participation of private financial organizations to cover the gap created by the absence of large-scale government financing, there has been an enormous leap in advantages. Fintech companies help MSME owners in filing their tax returns and filing them too. There is also the specialized skill set required for financial planning. The algorithm of these tools is powerful enough to create financial plans for those who seek. Fintech services also provide credit ratings. A good credit score is necessary to avail of a loan. Many applicants fail to qualify for MSME loans because of unsatisfactory credit scores. There are fintech services that provide accurate credit scores and also advise the incumbent on ways to improve them. Risk assessment and risk evaluation is another area where fintech has been able to make a mark. Risk analysis is pertinent for any business house, especially those in the business of providing loans to MSMEs. Banks and financial institutions employ fintechs to create a risk profile of consumers. Based on this risk profile would they be able to provide loans. Risk profiles are also responsible for drawing up the credit profile of an individual. With powerful mathematical models and systems that work at break-neck speed, fintech can provide an accurate risk profile of consumers in the shortest possible time.