Global Fintech Festival (GFF 2024) event was an enriching experience. The event had a footprint of 80,000+ participants from Banks, Financial Services companies, Fintech, Investors, Start Ups and entrepreneurs.
Key takeaways for me are :
1) Fintech continues to grow sustainably in India. Around 11000 Fintech companies are founded in India with an investment of around US$ 6 Billion.
Fintech expected to grow in India with the following five fundamental pillars:
a) Digital Financial Inclusion
b) Digital Public Infrastructure
c) Consumer Protection and Cyber Security
d) Sustainable Finance and Environmental Protection
e) Global Integration and Collaboration
To achieve the sustainable growth, Reserve Bank of India will establish Regulatory Framework with a balanced approach.
2) In the Global Fintech Festival held in India on Aug 28th, 2024, Mr. Nandan Nilekani talked about Finternet, a new approach to global finance, where technology eventually converges to unlock exponential value.
Finternet empowers people to participate in the upside of the economy and it enables regulators to regulate and innovators to innovate.
Finternet is a network of networks:
- Connecting individuals and businesses
- Sector and border agnostic connections
- Universal rails with permission flows.
3) Cross-Border payments have made significant strides in areas like consumer remittances. B2B payments account for a staggering $150 trillion in global cross-border payment volumes. Yet, our focus often skews towards C2C and B2C transactions. We need to expand and potentially shift our attention to be more exhaustive. Micro and Small/ Medium Enterprises (MSMEs) are increasingly operating across borders, thanks to e-commerce and digital platforms. These MSMEs form the backbone of many economies, often accounting for over 90% of businesses and more than 60% of employment worldwide (World Bank). Current B2B cross-border payment systems are often too complex, slow, and expensive for MSMEs, hindering their growth and global competitiveness. Innovations in B2B payments could unlock tremendous value. Even a 1% efficiency gain could free up significant value in global trade. Improved B2B payments can foster greater participation in global value chains, particularly for businesses in developing economies.
4) The role of cutting-edge Technologies Cloud, AI, Blockchain etc. in the payment space is not just of an enabler but a must have to build personalized and globally accessible experience that is 24 X 7 available.
5) Current trend and future are moving towards banks, their corporates and Fintech collaborating to leverage each other's strength for mutual growth.
6) Financial innovation and inclusion have progressed around the world. Billions of people are being held back from opportunities. Technology driven products that are easy to use are making sure those who are underbanked are empowered which is leading towards inclusion.
Our very own Mr. Sundar Kasturirangan is at the #GFF2024 where innovation and finance meet. It's the perfect opportunity to exchange ideas and insights with fellow industry leaders, and to explore how fintech is shaping the future of business.
From digital payments to AI-driven financial services, the fintech landscape is rapidly evolving—and Mr. Sundar is right in the middle of it all, soaking up knowledge, sharing his experience & Techwave's capabilities, connecting with visionaries, and bringing back fresh ideas for us.
We’re excited to see what new opportunities this event will unlock for us, our clients, and prospects. Stay tuned for more updates and insights!
#techwave #GFF2024
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