: +91 7718886506
Shri Samant promises to fulfil Hon’ble Prime Minister’s vision of transforming Mumbai into global fintech hub
Shri Uday Samant, Hon’ble Minister of Industries, Government of Maharashtra inaugurated the Exhibition at the 9th Global Economic 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 MSMEand 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 unitsin Maharashtra and he sought the support of WTC Mumbai and AIAI in in this initiative.
In his remarks, 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. Our Innovation society supports startups
in gaining national and international patents, quality certification; there are many incubation centers, over 28 of them are supported by us. We provide grantupto Rs. 5 crorefor incubation centers. In these
incubation facilities, startups get seed capital grants and accelerator support; we have got two funds exclusively for startups – Maharashtra Innovation and Transformation Capital with the support of
IDBI Capital and another Rs. 100 crore fund with SIDBI with the support of the World Bank. The winners of our startup competition get work order from Government of Maharashtra. Under the2016 public procurement
policy, we provide procurement support to startups upto 10% of work order of government departments, with exemption of Earnest Money Deposit (EMD).”
Dr. Ashish Shah, Director, Division of Country Programmes (DCP), International Trade Centre, Geneva informed, “Mumbai has the second fastest growing fintech ecosystem in the world and Mumbai is poised to become
the global fintech hub. I am confident that the city will produce more fintech unicorns in the coming years. Today, I would like to put spotlight on potential of India-Africa partnership in fintech. Africa is where
fintech industry is dynamic and vibrant. I call upon Indian companies to grab fintech opportunities in Africa. Almost 50% of Africans are unbanked; this provides huge opportunity for Indian companies to provide fintech
solutions. Indian fintech companies can benefit from the one unified market under the Africa Continental Free Trade Agreement (AfCTA).”
Earlier in his welcome remarks, Dr. Vijay Kalantri, Chairman, World Trade Center Mumbai & President – All India Association of Industries (AIAI) suggested the state government to revive SICOM and Maharashtra State
Finance Corporation to boost MSME funding in the state.
Speaking about the importance of this Summit, Dr. Kalantri further remarked, “This Summit is organised to empower MSMEs with access to finance and digitization of their books of accounts through fintech solutions.”
Speaking on this occasion, Ms. Rupa Naik, Executive Director, WTC Mumbai pointed out, “I am confident that the Summit has met its objectives of empowering MSMEs with fintech solutions and to take local fintech companies to
the global market. Fintech solutions can bridge the Rs. 19 lakh crore credit gap faced by the MSME sector. Improved access to credit can help MSMEs to expand capacity, generate more jobs and contribute more to the GDP.
Fintech can also transform MSME businesses through efficient supply chain management, automating accounting process, secure payment solutions, fraud detection, better compliance and efficient cross-border payment
solutions.”
In his remarks, Capt. Somesh Batra, Vice Chairman, WTC Mumbai highlighted, “India is aiming to be the global fintech capital and we need continuous innovation to attain this milestone. Already, we have cutting edge
technologies such as blockchain and their application in fintech segments such as InsurTech and WealthTech. We have assembled here to create history for a better world and future. We need to innovate and progress together.
Fintechs are enablers and also disruptors. As an enabler, fintech can facilitate businesses with smart payment and banking solutions. At the same time, we need to ensure prudent deployment of fintech solutions with
minimal disruption to the business. We need a strong regulation system and RegTech should take lead and ensure that the regulation benefits the entire ecosystem. Fintech solutions can help in financial inclusion
and also support MSME businesses. This Summit is organised to support MSMEs with fintech solutions. I thank all the support partners, such as WTC Pune, Goa, Jaipur, All India Association of Industries (AIAI) and
other organisations who have joined hands in this grand initiative.”
Ms. Carolina Quintana, Director, Asia Pacific Region, World Trade Point Federation pointed out, “The theme of the Summit on Fintech is futuristic; it is about giving opportunity for people to access credit, to be able to
contribute to economic and social development for the long term growth of the country. fintech is revolutionizing financial sector. As technology evolves, more savings, insurance and other financial services will evolve.
I represent a Swiss association that enhances trust of organisations through certification so that certified companies can access financial services and the global market. We would like to collaborate with the fintech
industry to enable MSME units to access financial services in a trusted environment.”
Speaking on this occasion, Mr. Jayakumar S. Pillai, Deputy Managing Director, IDBI Bank pointed out, “In the last three decades, technology and the banking, financial services sector changed tremendously. From manual
processing of ledgers and other financial statements three decades ago, to early adoption of technology in 1990s to partial computerization in 2000s, the digital transformation in the banking sector progressed in stages.
From one core banking solution provider, today there are 100s of technology partners for banks. From ATMs, today, we have many digital channels, such as mobile banking, internet banking and the revolution of UPI,
which transformed payment transactions. Today, we cannot imagine financial inclusion without fintech companies.”
Mr. Pillai added, “In recent years, RBI’s technology sandbox, innovation hubs, artificial intelligence, machine learning and blockchain are shaping fintech evolution. At the same time, we need to be mindful of the challenges
that comes with fintech evolution. When there is accelerated growth, there is risk of non-compliance such as cyber security and data protection. Our ecosystem is getting matured. With the support of government,
I am confident that the fintech will play a great role in our country’s vision of Viksit Bharat by 2047.”
Mr. Anindya Sunder Paul, Chief General Manager, SMEBU, State Bank of India highlighted the various digital initiatives of his bank in collaboration with the fintech companies. He said, “Fintech can play a pivotal role in
realizing the Government’s vision of Viksit Bharat and a digitally empowered nation. Today, 97% of SBI’s transactions are on digital platform, 63% of our savings accounts are digitally opened through our Yono App.
In the credit appraisal and credit delivery system, whether in agriculture, MSME, housing loan or car loan, we have adopted digital technologies for frictionless credit. We have introduced pre-approved business loan
for MSME units, where even documentation is done digitally. Small businesses can avail collateral free loan upto Rs. 20 lakhs using our Yono app. Through this digital initiative, we have grown our MSME loan book to
Rs. 8,500 crore. We have introduced digital straight through process, where MSMEs can apply for loan upto Rs. 5 crore sitting at the comfort of their home.”
Ms. Amor Maclang,Secretary General, International Digital Economies Association (IDEA), Executive Director, Fintech Philippines Association, Chairman and Founder, Digital Pilipinas pointed out, “India can be the leader
of the global digital majority in the Asia Pacific, which represents 82% of the world population. India is already demonstrated digital identity based on Aadhar, which can be the foundation of the global digital economy.
India’s UPI payment system is spreading globally and it has the potential to be the alternative to SWIFT, if properly deployed. With the active support of World Trade Point Federation of WTC Mumbai, Mumbai can be the new
global hub for incubation and acceleration. We can collectively work to bring digital economy talent, mentors and capital from Silicon Valley and London to Mumbai, which will be the new hub of the
global digital majority.”
Dr. Dirk. A. Zetzsche, Professor of Financial Law & FinTech, University of Luxembourg pointed out, “We need a financial system that benefits the society at large. The best financial system is one where payment is free,
interest cost is low and asset management fee is non-existent. Fintech is an efficient way of executing financial transactions. The role of MSMEs is very important. They have low degree of regulatory proficiency,
poor access to resources and vulnerable to insolvency.Fintech can promote cost effective financial solutions for the MSME sector who contribute tremendously to national economy.”
Mr. Makoto Shibata, Head of FINOLAB & Chief Community Officer, FINOLAB Inc.invited Indian fintech companies, especially the PayTech companies to offer solutions to the Japanese market. He said, “Our organization
FINOLAB has 55 startup members, 30 corporate members and also a regulator as a member. Among 55 startups, 10 are from outside Japan. Especially, many Indian startups have shown interest to set up operation in Japan.
Many Indian fintech startups want to expand to Japanese market. We invite Indian fintech startups, especially from PayTech sector to provide their solutions in Japan. Even though Japanese government wants to go for
a cashless society, the country is restricted to legacy payment system.”
Dr. Aftab Hasan, Founder and Chairman, Global Association of InsureTek Professionals(GAIP) informed, “I thank WTC Mumbai for taking a deep dive into the future of finance through this theme on Fintech. Fintech has invaded
most of the sectors, across all trade. I would like to take this opportunity not only to support the cause of WTC Mumbai to support fintech companies, but also to announce the soft launch of India chapter of the Global
Association of InsurTech Professionals (GAIP). India is going to hit USD 5 trillion economy in the coming years and we will have to join hands to support this growth journey.”
During the event, the Hon’ble Minister released the Handbook on Fintech, which carries actionable insights and policy suggestions on Account Aggregator framework, digital currency, global collaboration in data security,
harmonisation of regulatory standards, cross-border payments, RegTech, Anti-money laundering measures and so on.
Maharashtra is the host state partner for the Summit and it is also supported by Maharashtra State Innovation Society, MIDC, MSSIDC and MAITRI.
The Summit featured seven panel sessions with Indian and international experts from Philippines, Japan, Luxembourg, Geneva, USA and other countries.
