New Delhi. It is said that dreams have no age and Finternet co-founder Siddharth Shetty is a living example of this. Siddharth, who entered the world of digital innovation at the age of just 17, is in the news today because of “Finternet”. It is being said that this platform will take the world to the next level of digital economy. It is believed that this is a revolutionary innovation like UPI which will have a deep impact on people’s lives.
Created crowdfunding platform at the age of 17
Siddharth Shetty’s story seems like a script of a film. In 2013, when he was in 11th class, he created a crowdfunding platform called Fundlane. A site that allowed anyone to raise funds online for their idea, project or event. It was launched publicly in 2014 and within a few months it became one of the most popular crowdfunding platforms in the country.
However, this project had to be closed later due to technical challenges and funding freeze. The interesting thing is that Siddharth postponed his 12th exams till this dream. His parents were angry about this, but they were also the initial investors. Siddharth himself says – “Sometimes opposition from parents only makes us stronger.”
Siddharth is the unsung hero of Digital India
Siddharth’s enthusiasm did not cool down after the closure of Fundline. He tried his hand in government digital projects and did wonders. He became the DPI Advisor to the Finance Ministry and contributed to important systems like e-KYC, DigiLocker, e-Sign and UPI. He also played a role in projects like Ayushman Bharat Digital Mission, National Health Stack, Digital Sky and Public Credit Registry. His thinking was not only technical but also had a deep understanding of “public policy”. This is what makes him different from others. Before Internet, Siddharth founded Sahamati and played the role of Chief Technology Officer in it.
Meeting Nandan Nilekani changed life
After spending a few years in Mumbai, the family shifted to Goa. But, in 2015 he came to Bengaluru. It was here that I got the opportunity to work with Nandan Nilekani and Dr. Pramod Verma for the first time. Nilekani observed that Siddharth deeply understands not only coding, but also policy, public interest and system design. Then, it was from here that the biggest project of Siddharth’s life, FinterNet, started.
What is ‘Finternet’?
‘Finternet’. This is a system through which you will be able to convert your land, property, bonds or any financial asset into digital tokens. Then these tokens will be able to be traded across the world like shares. Suppose you have a property worth Rs 1 crore. Finternet will divide it into 1 lakh tokens, each token priced at Rs 10. Now you will be able to buy and sell these tokens like the stock market.
The Internet is a global digital financial system. Nandan Nilekani has prepared its blueprint with the Bank of International Settlements i.e. BIS. Its objective is to make the transaction of property or money anywhere in the world as easy as booking a taxi over the phone. This project can affect more than 8 billion population of the world.
