Global Fintech Fest 2024: Shaping Finance's Future

The Global Fintech Fest 2024, organized by the Payments Council of India, National Payments Corporation of India, and Fintech Convergence Council, will take place at the Jio World Convention Centre in Mumbai.

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

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