Mr Maya, Director of Lares, Explains Why the Union Budget 2024 Should Focus on Cloud Technology and CBDC

January 31, 2024
Top Quote The FinTech sector in India is one of the most exciting and promising sectors in the world, with a huge potential for growth and impact. The cloud technology and CBDC union budget 2024-2025 can play a key role in supporting and boosting the FinTech sector, by focusing on cloud technology and CBDC, two of the most important and relevant technologies for FinTech. End Quote
  • New York, NY (1888PressRelease) January 31, 2024 - The Union Budget is an essential document that tells us how the government plans to spend money and earn money in the next year. The cloud technology and CBDC union budget 2024-25 will be presented by the Finance Minister on February 1, 2024. This Budget is expected to have a big impact on the FinTech sector. FinTech companies help people and businesses in their day-to-day financial activities. "I am optimistic that the government will prioritize cloud technology and CBDC (Central Bank Digital Currency) in this Budget to foster innovation and growth within FinTech", said Mr. Maya, Director of Lares Algotech, a prominent hedge fund management company in India.

    Fintech leaders have some expectations from cloud technology and the CBDC union budget 2024. They want the government to make some policies that will help them grow and innovate in the FinTech sector. Some of the policies they want are:

    1. Cloud technology: Cloud technology makes it easier, faster, and cheaper for FinTech companies to provide their services to more people and businesses, especially in remote areas. FinTech leaders want the government to support the use of cloud technology in the FinTech sector. This decision will make cloud technology more secure, affordable, and accessible.
    2. CBDC: CBDC stands for Central Bank Digital Currency. It is a new type of money that is issued by the central bank of a country and can be used digitally, without any physical notes or coins. CBDC can make it easier, faster, and safer for people and businesses to make payments, especially across borders.

    FinTech leaders want the government to explore the possibility of introducing cloud technology and CBDC union budget 2024 in India, and to make some rules and regulations for its use.

    => Why Cloud Technology and CBDC Union Budget 2024 is Important for FinTech?

    The cloud technology and CBDC union budget 2024 is important for FinTech because it can help FinTech companies to:

    1. Reduce costs: The Cloud Technology Union budget 2024 can help FinTech companies save money on buying and maintaining their servers, computers, and software. They can pay only for the amount of cloud services they use, and scale up or down as per their needs.
    2. Increase efficiency: Cloud technology can help FinTech companies to improve their performance and speed, by allowing them to access and process large amounts of data and information faster and easier. They can also use cloud-based tools and applications to automate and optimize their operations and services.
    3. Enhance security: The cloud technology union budget 2024 can help FinTech companies to protect their data and systems from cyberattacks and frauds, by using advanced encryption and authentication methods. They can also backup and recover their data and systems in case of any disaster or emergency.
    4. Expand reach: Cloud technology can help FinTech companies to reach more customers and markets, by enabling them to offer their services online, through mobile phones, and other devices. They can also customize and personalize their services for different customers and regions, by using cloud-based analytics and artificial intelligence.

    => Why CBDC is Important for FinTech?

    CBDC is important for FinTech because it can help FinTech companies to:
    1. Increase convenience: CBDC can help FinTech companies to offer more convenient and user-friendly payment options to their customers, by allowing them to use digital wallets, QR codes, and biometrics to make payments. They can also reduce the need for cash, cards, and other intermediaries, and make payments faster and easier.
    2. Reduce risks: CBDC can help FinTech companies to reduce the risks and uncertainties involved in making payments, by providing a more stable and reliable form of money, backed by the central bank. They can also avoid the volatility and complexity of cryptocurrencies, which are not regulated or controlled by any authority.
    3. Promote innovation: CBDC can help FinTech companies to innovate and create new products and services, by using the features and functionalities of CBDC, such as programmability, traceability, and interoperability. They can also collaborate and compete with other FinTech companies and traditional financial institutions, by using CBDC as a common platform and standard.

    Conclusion

    The FinTech sector in India is one of the most exciting and promising sectors in the world, with a huge potential for growth and impact. The cloud technology and CBDC union budget 2024-2025 can play a key role in supporting and boosting the FinTech sector, by focusing on cloud technology and CBDC, two of the most important and relevant technologies for FinTech. As the Director of Lares, a leading hedge fund management company in India, I am hopeful that the government will recognize and address the needs and expectations of the FinTech sector, and will create a conducive and progressive environment for FinTech innovation and development in India.

    About Lares Director: https://laresalgotech.com/directors-column/
    Linkdin: https://in.linkedin.com/in/mayasharansingh

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