Global Fintech Fest 2024 Showcases Innovation

The Global Fintech Fest 2024, one of the world’s largest fintech gatherings, was held in Mumbai [India] from August 28- 30 [2024], showcasing emerging opportunities & issues in the sector. The three-day event, in its fifth edition, brought together global policymakers, regulators, central bankers, industry leaders, and academicians to explore the future of financial technology, aligned with this year’s theme- ‘Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient’.

The conference was jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC). It featured more than a thousand speakers from 70 countries and over 350 sessions. There were more than 60 product launches and 300 exhibitors, which attracted 100,000 people over the three days.

Keynote Address

Mr. Shaktikanta Das, Governor, Reserve Bank of India, said in his keynote address, “India is now a fast-growing economy, 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 emphasized India’s engagement in international fora and bilateral agreements to foster economic cooperation with many countries and said, “Going forward, strengthening financial infrastructure, including cross-border payment systems, will be our key focus areas. India, with its tech talent and evolved financial fintech ecosystem, holds potential to serve as a global hub for digital innovation and fintech startups.”

Mr Nandan Nilekani, Co-Founder & Chairman, Infosys Technologies delivered a keynote address “Finternet: Transforming Financial Services through Digital Innovation.

Ms Tan Su Shan, Global Head of Corporate & Commercial Banking, DBS Bank delivered an address on ” Driving a Culture of Innovation & Digitalisation by leveraging new tech such as Gen AI & DLT”.

Eminent International Speakers

US

Mr. Christopher Waller, Member, Federal Reserve Board of Governors of the United States in his address, highlighted the potential role of public and private sectors in advancing cross-border payments. Commenting on the practical aspects of interlinking fast payment systems, Mr Waller said, “Domestic networks need to be developed first. If this condition is not in place, interlinked networks could end up being a road to nowhere.”

Highlighting Federal Reserve’s efforts, Mr Waller added, “We will continue our engagement with international fora to improve the speed and efficiency of cross-border payments and to investigate the issues critical to interlinking payment systems. Our chief focus in the near-to mid-term, however, is continuing to build the FedNow network domestically and increasing participation in the service.”

APAC

Mr. Allen Forlemu, Regional Industry Director, Financial Institutions Group, Asia and Pacific, International Finance Corporation (IFC) discussed the critical role of fintech in driving sustainable finance, emphasizing its importance for a greener and more equitable future. “Looking ahead, it is clear that collaboration will be essential and fintech companies, traditional financial institutions, governments and regulators must work together to scale sustainable finance solutions and amplify positive impact on sustainability”, remarked Mr Forlemu.

He further said, “At IFC, we are optimistic, and we believe that by investing in innovation and fostering collaboration across sectors, we can build a financial system that is inclusive, resilient and sustainable for everyone.”

Germany

Discussing ‘Recent Developments in Digital Finance – Experiences from German and EU Regulation,’ Dr. Florian Toncar, Parliamentary State Secretary, German Federal Ministry of Finance, commented, “India has shown immense capacity to innovate and spread new technologies at an impressive speed, with UPI being popular far beyond Indian borders.”

Highlighting the importance of cooperation between security agencies and anti-money laundering agencies, Dr Toncar added, “Appropriate resourcing of prosecutors or police, specialized financial investigators, and information exchange across borders and countries is key.”

UK

Mr. Harjinder Kang, His Majesty’s Trade Commissioner for South Asia and the British Deputy High Commissioner for Western India, UK Department for Business and Trade, said, “UK finds India as a very important partner, and it’s not just in fintech, but across different sides of the business.”

Japan

During a panel on ‘Innovation in Fintech Regulation: Balancing Innovation and Regulation in Global Financial Services,’ Mr. Ryosuke Ushida, Chief Fintech Officer, Financial Services Agency of Japan provided insights into the country’s regulatory landscape and said, “In Japan, our regulatory scope covers a wide range of financial institutions, including banks, insurance companies, investments, and currency exchange. A key focus has been on blockchain technology, in response to past challenges, particularly incidents involving exchanges in Tokyo. Japan has established a comprehensive regulatory framework for the crypto industry.”

He further emphasized that these regulations are designed not only to protect the industry but also to create a stable environment that encourages innovation. “The goal is to support the growth of international tech companies and ensure that Japan continues to lead in this field, in line with global counterparts”, he added.

Singapore

Addressing the session on ‘The Role of Technology in Shaping the Future of Global Finance,’ Mr. Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore, said, “The challenges of integrating DPIs across borders—from pricing to technical standards—are significant. Initiatives like Project Nexus are underway to tackle these issues, but achieving seamless connectivity across different markets will take time.” He added, “Fintech must expand beyond payments and lending to include other asset classes such as wealth advisory and capital market infrastructure.”

Other notable international speakers included Mr. Camilo Tellez-Merchan, Deputy Managing Director, UN based Better Than Cash Alliance, United Nations; Mr. Alan Lim, Director, FinTech Infrastructure Office, Monetary Authority of Singapore; Mr. Paul van Sint Fiet, Head of APAC cross-currency solutions, J.P. Morgan Payments; Mr. Edward Bass, Inward Investment Manager, UK Department for Business and Trade; Mr. David Finch, Global Managing Director Fintech, TransUnion CIBIL, and Mr. Jan Pilbauer, Chief Executive Officer, Al Etihad Payments.

India

Prime Minister Shri Narendra Modi

Prime Minister Modi addressed the audience on the final day of the conference stating “India’s FinTech revolution is improving financial inclusion as well as driving innovation.India’s FinTech diversity amazes everyone he continued.He emphasized India’s fintech achievements, including a 500% startup growth, the widespread adoption of UPI, and the role of Jan Dhan, Aadhaar, and mobile technology in driving financial inclusion and transparency.

Ministry of Commerce and Industry

India’s Union Minister of Commerce and Industry Mr. Piyush Goyal said on the final day that the Indian fintech ecosystem had turned into a hotbed for innovation. Addressing the Global Fintech Fest 2024 he said, “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 fintech sector.”