The Global Fintech Fest (GFF) 2024, one of the world’s largest gatherings dedicated to financial technology, concluded in Mumbai on Friday, marking a significant moment for the fintech industry both in India and globally. The three-day event saw participation from over 300 exhibitors worldwide and drew an impressive 100,000 attendees. With more than 1,000 speakers from 70 countries, the conference offered a platform to discuss the future of financial technology, under this year’s theme: ‘Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient’.
The event was inaugurated by India’s Union Minister of Commerce and Industry, Piyush Goyal, who emphasised the pivotal role of fintech in the nation’s economic growth. “As our country is poised to become the third largest economy, the success story of a developed India rests on the wonderful work being done by the fintech sector,” said Mr. Goyal, highlighting the sector’s contribution to India’s ambition of becoming a global economic powerhouse.
The conference, jointly organised by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA), attracted prominent global policymakers, regulators, and industry leaders. It provided a crucial forum for discussing innovations and challenges in the sector.
Shaktikanta Das, Governor of the Reserve Bank of India, spoke on India’s rapid digital transformation, stating, “India is now a fast-growing economy, an economic powerhouse with an increasingly tech-savvy population. India’s financial sector has witnessed a remarkable transformation, driven, among other factors, by the FinTech sector.” He further stressed the importance of strengthening financial infrastructure, particularly cross-border payment systems, to maintain India’s position as a leader in digital innovation.
International perspectives were also well-represented, with Christopher Waller, a Member of the Federal Reserve Board of Governors, addressing the challenges of advancing cross-border payments. He underscored the need for robust domestic networks before interlinking them internationally, warning that without this, the initiative could become “a road to nowhere”.
In addition, the event featured discussions on sustainable finance, with Allen Forlemu, Regional Industry Director at the International Finance Corporation (IFC), advocating for collaboration across sectors to scale sustainable finance solutions. “Fintech companies, traditional financial institutions, governments, and regulators must work together to amplify positive impact on sustainability,” Mr. Forlemu stated, underscoring the need for a resilient and inclusive financial system.
The conference also highlighted international cooperation, with Dr. Florian Toncar from Germany’s Federal Ministry of Finance praising India’s innovation capabilities, particularly in the success of the Unified Payments Interface (UPI). Similarly, UK’s Trade Commissioner for South Asia, Harjinder Kang, reiterated the importance of India as a crucial partner for the UK, not just in fintech but across various business sectors.
Japan’s approach to fintech regulation was discussed by Ryosuke Ushida, Chief Fintech Officer at the Financial Services Agency of Japan, who explained the country’s comprehensive regulatory framework for the crypto industry, aimed at both protecting the sector and fostering innovation.
The event, with its diverse range of speakers and topics, underscored India’s growing influence in the global fintech landscape. As the fintech industry continues to evolve, the insights and collaborations forged at GFF 2024 are expected to shape the future of finance, both within India and globally.
For more information, visit Global Fintech Fest 2024