Global Fintech Fest 2024: Shaping Finance's Future

Global Fintech Fest 2024 Overview

• Venue: Jio World Convention Centre in Mumbai between 28 to 30 August.
• Theme: "Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient"
• Attendance: 800 experts including industry leaders, policymakers, regulators, bankers, and academics
• Organized by: Payments Council of India (PCI), National Payments Corporation of India (NPCI), and Fintech Convergence Council (FCC)

Key features:

• • Over 300 sessions including keynotes, panel discussions, and garage sessions
  • GFF Expo showcasing cutting-edge fintech innovations
  • Global Fintech Awards (GFA) recognizing exceptional contributions in fintech
• Prime Minister Narendra Modi to speak at a special session highlighting fintech innovations
• Industry growth: PM Modi noted $31 billion investment in fintech over the last 10 years, with 500% growth in startups

Fintech Industry Trends and Challenges

• Rapid growth outpacing talent availability
• G Padmanabhan (former RBI executive director) praised India's fintech space as best for investments due to:
  • Available talent pool
  • Innovation capacity
  • Robust regulations

Key drivers of fintech growth in India:

• • Cheap data
  • Mobile phone proliferation
  • Zero balance Jan Dhan bank accounts

Challenges:

• • Hiring employable talent in a competitive market
  • Keeping pace with rapid industry development

Focus areas:

• • Digital payments
  • Blockchain technology
  • Financial inclusion
• Emphasis on collaboration between fintech companies and traditional financial institutions

PM Modi's Additional Initiatives

Vadhvan Port Development:

• • Location: Palghar, near Dahanu town
  • Cost: ₹76,000 crores
  • Purpose: Boost India's trade by improving access to international shipping routes

Fisheries Projects:

• • 218 projects with a combined value of ₹1,560 crores
  • Includes building fishing harbours and Integrated Aquaparks
  • Introduction of new technologies like Recirculatory Aquaculture Systems and Biofloc

Vessel Communication and Support System:

• • Developed by ISRO
  • Cost: ₹360 crores
  • Installation of one lakh transponders on motorized fishing boats across 13 coastal states and union territories
  • Aim: Improve communication and efficiency for fishermen