The Global Fintech Fest (GFF) is a premier annual fintech conference organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).
The 5th edition of GFF, held in Mumbai from August 28-30, 2024, was a major expansion from previous years, centred around the theme “Blueprint for the Next Decade of Finance: Responsible AI, Inclusive, Resilient.” In today’s complex world marked by socio-political tensions, economic uncertainties, and rapid technological changes, creating a globally responsible and inclusive financial ecosystem is crucial.
GFF 2024 aimed to bring together top global fintech experts to shape the future of finance with a focus on ethical principles, inclusivity, and resilience. The event featured over 800 prominent speakers, including policymakers, regulators, and fintech founders from across the globe, participating in more than 300 sessions. The fest highlighted cutting-edge technologies, innovative solutions, and transformative trends in the fintech industry, offering a comprehensive view of the sector’s future.
The fest commenced with a notable lineup of keynote speakers who set a strong foundation for the discussions. T Rabi Sankar, Deputy Governor of the Reserve Bank of India (RBI), emphasised the importance of fintechs being mindful of social and macro-economic priorities rather than prioritising business interests alone, highlighting the role of Self-Regulatory Organisations (SROs) in fostering such culture.
Prime Minister Narendra Modi highlighted India’s emergence as a global FinTech leader. He praised the Indian FinTech ecosystem as not only the largest but also among the most inclusive worldwide. The rapid adoption of the Unified Payments Interface (UPI) and the government’s dedication to financial inclusion were highlighted as significant drivers of this success.
PM Modi discussed various policy measures the government is implementing to support the FinTech sector. He also pointed out the abolition of the Angel Tax as a positive step for sector growth.
Modi emphasised India’s impressive fintech growth, with the sector expanding by 500% and investments reaching around $31 billion, a success attributed to widespread smartphone adoption, affordable data, and the implementation of zero-balance Jan Dhan accounts. More than 530 million people have Jan Dhan bank accounts. The total number of broadband users in India has increased to 940 million. He added that our best is yet to come.
One of the most exciting aspects of GFF 2024 was the showcase of emerging technologies that are driving the fintech revolution. The expo featured numerous startups and established companies presenting their latest solutions, ranging from blockchain and cryptocurrency platforms to advanced AI-driven financial analytics tools.
At the Global Fintech Festival 2024, RBI Governor Shri Shaktikanta Das unveiled two new product offerings developed by the National Payments Corporation of India (NPCI). The new solutions are Bharat BillPay (BBPS) for Business and UPI Circle, both designed to enhance the digital payment ecosystem in India by improving inclusivity, security, and efficiency.
Bharat BillPay for Business aims to standardise, simplify, and automate invoice payment processes for business operations, regardless of the business size or the ERP and accounting platforms used.
UPI Circle introduces a feature that allows UPI users to act as primary users and delegate payments to trusted secondary users through their UPI app, whether for partial or full delegation.
The Reserve Bank of India and the Securities and Exchange Board of India (SEBI) were among the key regulators present.
Madhabi Puri Buch, Chairperson of the SEBI, stated that to foster innovation in financial technology, the regulator has focused on establishing standards and infrastructure. This includes accelerating the initial public offering (IPO) process, approving online bond platforms, and supporting execution-only platforms for mutual funds. She further added that the regulator is working on over a dozen projects using artificial intelligence, half of which aim to speed up the approval process.
Notably, the processing time for IPO applications has improved significantly, with most draft documents now being approved within 3 months.
The fest concluded with the Global Fintech Awards, which recognised outstanding achievements and contributions in the fintech industry. The awards celebrated innovations in various categories.
PayGlocal received the Fintech Startup of the Year award, while Sameer Nigam, Founder and CEO of PhonePe, was named Fintech Person of the Year – India. IndusInd Bank earned the Best Payment Solutions award, and L&T Finance was recognised as the Fintech for Good [Champions of ESG]. Epifi Technologies (Fi Money) was awarded the Best Digital Banking Security Practices, and Punjab National Bank won the Green Banking Initiative of the Year.
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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