The Global Fintech Fest 2023 was started yesterday in Mumbai and aims to act as a platform for the funding of $15-$20 million for the top fintech ventures. In this global fintech fest, more than 800 speakers and more than 50,000 delegates participated. On Tuesday, Union Finance Minister, Nirmala Sitharaman spoke at the Global Fintech Fest 2023. During the fintech event, she highlighted the growth of India’s financial ecosystem in the last four years.
- Union Finance Minister, Nirmala Sitharaman delivered an inaugural address at the fest and discussed India’s financial ecosystem and its transformation in the last few years. She said, “There was a time when conventional financial activities were the backbone of the financial ecosystem, but today, fintech has become a more robust and dynamic financial inclusion tool.”
- FM also discussed the income tax returns and highlighted the recently released RTI data. She said the tax filing across all the income brackets surged almost three times. Apart from this, Sitharaman advises banks and financial institutions to ensure their clients nominate heirs, reducing unclaimed money.
- Global collaboration is a necessity today for fintech and government financial institutions. During the address, FM emphasised globalisation, the main highlight of the Global Fintech Fest. During this, she also talked about digital literacy’s importance in creating a global financial ecosystem in India.
- Dilip Asbe, MD and CEO of NPCI said that the UPI aims to be self-sufficient for cross-border payments. He also highlighted the globalisation of Indian DPIs in the coming years to leverage the global opportunity. Dilip also said that we currently have a domestic payment facility, and India has 100 times the potential to grab the global opportunity in the next few years.
- In his address, Deputy Governor of RBI, T Rabi Sankar, said that Fintech, RBI, banks, and SROs can work together as fintech has sensitive data whose security must be a priority. He also highlighted that fintechs must act as collaborators to provide secure transactions to the people who use digital payments daily.
These are the key highlights of day 1 of Global Fintech Fest, including the globalisation of DPIs, Fintech collaboration, and the future Indian financial ecosystem. It will be interesting to see the major announcement in the next two days.