MoSPI explores data partnership with fintech to boost innovation

The statistics ministry secretary on Wednesday chaired a closed-door meeting with fintech industry representatives on exploring collaboration with fintechs to strengthen the national statistical system and drive innovation.

"Discussions covered a wide range of topics including single view of data for better data accessibility, data gaps which needs to be filled to facilitate Fintech innovation and ways and means to reduce information asymmetry," the ministry of statistics and programme implementation ( MoSPI) said in a statement.

Preceding this, Saurabh Garg, secretary, MoSPI, participated in a fireside chat on ‘ Data as Public Good: Harnessing Official Data for Innovation and Growth’ with G. Padmanabhan, former executive director of the Reserve Bank of India.

The conversation focused on striking the right balance between treating data as a public good and protecting individual privacy. Garg noted that there should be a three-tier data access framework, similar to the one outlined in the National Data Sharing and Accessibility Policy (NDSAP).

He said that the datasets should be classified into three categories: open access, which can be freely shared; registered access, which requires user identification for traceability; and restricted access, which applies to sensitive information available only to authorised agencies under strict safeguards.

The secretary also highlighted the government’s efforts to democratise Artificial Intelligence (AI) resources to ensure equitable access for all citizens.