Maharashtra will host India Fintech Festival (IFF) in March 2020, presenting it as a global platform to showcase the opportunities in the industry, discuss the key challenges and offer possible solutions to counter these. Mumbai Fintech Hub (MFH) and FinTech Convergence Council (FCC) will organize this collaboratively. The platform is also powered by World Bank, NITI AAYOG and Invest India, while MEDICI, a global innovation and insights platform for fintech, is the program partner.
Backed by the state government, the event will be driven by its Fintech Policy, which is operationalized under MahaIT. The Maharashtra administration and FCC want to nurture next-generation innovation facilitating financial empowerment and technological advancement across the entire financial services ecosystem. They said in a statement that initiatives like these will develop the sector for global competence.
Ajit Patil, IAS – MD, Maharashtra IT Corporation Limited stated, “With over 400 fintechs, an API sandbox, investment platform, education platform, fintech adoption by state, we are leading India’s fintech movement. We want to make Mumbai a global fintech hub, foster investments and new fintech setup in the state.”
Announcing the event, Naveen Surya, chairman of FCC said, “India has led its digital initiatives across the globe thanks to the potential of innovation, investment and collaboration in the country. Though still in a nascent stage, this sector is evolving rapidly. It is therefore imperative for opportunities to be harnessed in the right ways thus cementing India’s position as a leader in the digital landscape. IFF is conceived as a global platform to facilitate communication and collaboration through shared learning experiences across the globe.”
About 5000 delegates across 50 countries are expected to attend the event which is scheduled to be held in March 2020 along. These will comprise regulators, financial institutions, tech companies, industry bodies, corporate professionals and students.
The festival’s advisory board will include Naveen Surya, Suniti Nanda, Fintech Officer, Government of Maharashtra; G Padmanabhan, Ex-RBI Executive Director, Current Non- Executive Chairman at Bank of India; Dilip Asbe, Managing Director & CEO at National Payments Corporation of India; Srinivas Jain, Executive Director and Chief Marketing Officer, SBI Mutual Fund; and Mohan Tanksale, Strategic Consultant, SWIFT among others.
Indian fintech companies are gaining lots of attention as they help BFSI companies stay ahead in disruptive times. According to the India Fintech Report 2019, the country is now the world's second biggest fintech hub with over 2,000 startups operating in this sector, up from 737 in 2014. Eight Indian fintech firms were featured in the KPMG and H2 Ventures' ‘Fintech100’ list, with Paytm and OlaMoney making it to top 10. The report called this as the emergence of India as a fintech force in 2019.