Infosys co-founder and chairman Nandan Nilekani said that startups using DPI platform are worth $100 billion in aggregate. At the Global Fintech Fest in Mumbai, Nilekani said the aim of putting together platform as Aadhaar and UPI was to lay a basic form of ‘tracks’ or rails on which the private sector and entrepreneurs can run.
Mobile Mahence Nilekani, who was instrumental in the making of Aadhaar and UPI, has predicted the world of finance to be in Finternet. As per him, Finternet will be more human centric and integrated where all forms of assets are interconnected through a similar structure. He said that the existing financial systems are not able to address user need for number of choices and control.
Finternet, in its turn, is designed to unite all the forms of assets, such as land and properties, bonds and financial investment, art and paintings under one tokenized platform. Relative to the traditional approaches, this approach will allow for increased participation and will give the users control over a diverse range of the asset classes. Nilekani called it as a place to own and control assets, content and non-fungibles, and to register and authenticate assets such as land and financial instruments.
However, with the help of his co-authors Pramod Varma, Siddharth Shetty, Agustin Carstens the paper on the Finternet concept with the participation of Nilekani and the team of the Bank for International Settlements was released in April 2024.