India’s fintech innovation shines at Global Fintech Fest 2024, with leaders discussing the future of financial technology and global collaboration.

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Global Fintech Fest

In the heart of Mumbai, at the bustling Global Fintech Fest (GFF) 2024, India’s vibrant fintech ecosystem was celebrated as a beacon of innovation and progress.

Over three days, the event became a melting pot of ideas, with industry leaders, global policymakers, and tech enthusiasts coming together to explore the future of financial technology.

A Growing Powerhouse

As the conference drew close on Friday, Union Minister of Commerce and Industry, Mr. Piyush Goyal, took the stage, brimming with pride and optimism.

“India’s fintech sector has transformed into a hotbed of innovation,” he declared. “As our nation is set to become the third largest economy, the fintech industry plays a pivotal role in shaping the future of a developed India.”

His words resonated with the thousands of attendees, affirming the critical role fintech plays in the country’s growth narrative.

The Global Fintech Fest—one of the world’s largest gatherings in the sector—was a grand showcase of emerging opportunities and challenges in fintech.

With over 1000 speakers from 70 countries, the event highlighted the strides India has made in financial technology, echoing the theme of this year’s conference:

‘Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient.’

Voices of Influence

Among the keynote speakers was Mr. Shaktikanta Das, Governor of the Reserve Bank of India (RBI), who emphasized the rapid transformation of India’s financial sector.

“India has emerged as an economic powerhouse with a tech-savvy population. The fintech sector has been a key driver in this transformation,” he noted, underscoring the importance of strengthening financial infrastructure, especially in cross-border payment systems.

Influential voices echoed India’s success from across the globe.

Mr. Christopher Waller, a Federal Reserve Board of Governors of the United States member, shared insights on advancing cross-border payments.

At the same time, Mr. Allen Forlemu of the International Finance Corporation (IFC) highlighted the crucial role of fintech in driving sustainable finance.

A Global Confluence

The event was not just about India’s achievements.

It brought together perspectives from around the world.

Dr. Florian Toncar from Germany’s Federal Ministry of Finance praised India’s capacity for rapid technological adoption.

Mr. Harjinder Kang from the UK’s Department for Business and Trade underscored the strong partnership between the UK and India in the fintech sector.

Japan’s Mr. Ryosuke Ushida discussed the country’s regulatory landscape, focusing on blockchain technology.

At the same time, Mr. Sopnendu Mohanty from Singapore’s Monetary Authority highlighted fintech’s challenges and future directions, particularly in integrating digital public infrastructures (DPIs) across borders.