9th GES promotes global cooperation in FINTECH
World Trade Center Mumbai and All India Association of Industries (AIAI) organised the 9th Global Economic Summit on “Fintech: Accelerating the Digital Revolution”from August 8-10, 2024 at WTC Mumbai. The Summit promoted exchange of knowledge and cross-border cooperation in fintech sector by hosting 100 exhibitors, attracting 400 Indian and foreign delegates and facilitating 2,000 B2B meetings.
Shri Uday Samant, Hon’ble Minister of Industries, Government of Maharashtra inaugurated the Exhibition at the Summit on “Fintech: Accelerating the Digital Revolution” organised by World Trade Center Mumbai and All India Association of Industries (AIAI) from August 8-10, 2024 at WTC Mumbai.
Speaking on this occasion, the Hon’ble Minister remarked, “Fintech has revolutionized financial services sector and it has the potential to support MSMEs and startup sectors. Our government will fulfill the vision of Hon’ble Prime Minister to transform Mumbai into the global fintech hub.”
“Government of Maharashtra will provide red carpet to MSME and startup projects, on par with the treatment given to ultra mega projects as micro, small and medium enterprises are the pillars of our economy. If India aims to be the USD 5 trillion economy in the next few years, Maharashtra will contribute significantly to this target with the goal of USD 1 trillion economy vision.”
The Hon’ble Minister expressed the government’s intention to revive sick industries, especially the MSME units in Maharashtra and he sought the support of WTC Mumbai and AIAI in in this initiative.
In his virtual address, Dr. V. Anantha Nageswaran, Chief Economic Advisor, Government of India pointed out, “The rapidly evolving FINTECH solutions will have a transformative impact on income, savings and wealth creation in India and thereby contribute to social stability. India has emerged as a leading fintech ecosystem. Given the large population, the sector witnessed rapid surge in last five years, attracting significant investment and global attention; Our country is the world’s 3rd largest fintech service provider with fintech adoption of 87% compared to the global average of 64%. India received 15% of global fintech funding. The digital lending market was valued at USD 270 billion in 2022 and it is expected to have reached 350 bn last year.”
In her address, Ms. Nidhi Choudhari, IAS, CEO - Nodal Officer, Maharashtra State Innovation Society shared the role of her organization in supporting startups. She informed, “We are reworking our startup policy as the existing policy was introduced six years ago. Maharashtra has the maximum fintech startups in India, especially in Mumbai which provides fertile ground for fintech startups.”
The 3-day Summit, which is supported by the Ministry of Electronics & Information Technology (MEITY) and Ministry of MSMEs, Government of India, laid a roadmap for positioning Mumbai as the regional fintech hub of Asia, Africa and the Middle East. Â
Maharashtra is the host state partner for the Summit and it is also supported by Maharashtra State Innovation Society, MIDC, MSSIDC and MAITRI. Government of Tamil Nadu and Karnataka have also supported this event.
The Summit featured seven panel sessions with Indian and international experts from Philippines, Japan, Luxembourg, Geneva, USA and other countries. During the inaugural session, Hon’ble dignitaries released the Handbook on Fintech, which carries actionable insights and policy suggestions on Fintech sector.