Fintech Future Summit Mumbai 2024 Concludes with Unprecedented Insights and High-Level Networking

The recently concluded Fintech Future Summit Mumbai, held on 23 October 2024 at The Leela Mumbai, brought together over 250 industry professionals predominantly from the banking, insurance, fintech, and broader financial services sectors. With 30 esteemed speakers and 15 engaging sessions, the summit provided fertile ground for networking, featuring more than 20 dedicated meetings and numerous spontaneous interactions.

The event was marked by significant contributions from key speakers, beginning with opening remarks by Sumnesh Joshi, Deputy Director General (Joint Secretary Govt. of India Level) at the Ministry of Communications. Mr. Joshi outlined India’s path to becoming a developed nation by 2047, with fintech as a vital force driving towards a $30 trillion economy. He highlighted the country’s Digital Public Infrastructure (DPI) achievements, such as Aadhaar, Jan Dhan Yojana, and UPI, which have transformed financial inclusion and daily transactions, setting a model for global fintech innovation. Looking to the future, Mr. Joshi pointed to the potential of AI, 5G, and 6G to further improve customer experience, bolster data security, and strengthen defences against digital fraud. He also emphasised the Ministry’s initiatives, such as the DPDP Act and data intelligence platforms, aimed at safeguarding cybersecurity and protecting consumers, calling for collaboration across sectors to secure India’s digital future.

Delivering the keynote address, Mr. Suvendu Pati, Chief General Manager of the FinTech Department at the Reserve Bank of India, expanded on the opportunities for further digitisation within the financial ecosystem. Mr. Pati underscored the foundational impact of Aadhaar in enabling innovations like digital bank accounts and smartphone-driven financial onboarding, supporting India’s DPI framework. He also shared insights into the Unified Lending Interface (ULI) and Central Bank Digital Currency (CBDC) initiatives, which aim to streamline lending and promote a reduced cash dependency, unlocking unique possibilities for digital and programmable currency in specific sectors, such as agriculture. Furthermore, Mr. Pati addressed India’s commitment to advancing cross-border payment efficiency and transparency, encouraging partnerships among banks and fintechs to leverage these advancements.

Highlighting the successful fusion of theory and practicality, the summit showcased a wide range of topics from digital payments to regulatory challenges and innovations in AI and blockchain technologies. Speakers delivered profound and actionable insights, setting the stage for what many attendees described as transformative discussions.

Gaurav Varshney, Director of Operation & Business Continuity, noted, "This event provided invaluable insights into the future of fintech and facilitated meaningful connections. I am excited to see how these insights drive the next steps in fintech."

Deepak Shankarappa, Co-founder & Director at Blue Santos Technologies, expressed his thrill at the summit, stating, "It’s been a fantastic opportunity to connect with industry leaders and discuss the exciting future of fintech."

The interactive panels were particularly noted for their depth, covering cybersecurity strategies and the integration of digital banking services across various platforms. Ravi Verma, Senior Vice President, commented, "The panel discussions provided a deep dive into cybersecurity strategies for a connected world, offering substantial takeaways for all attendees."

Kamlesh Nagware, Co-Founder at FSV Capital, reflected on the discussions, stating, "The meetings were insightful, engaging with bankers and entrepreneurs, discussing the future of fintech, which included blockchain, digital assets, and tokenisation."

Vaibhav Shinde from the Business Solution Group at ICICI Direct described the summit as "a fantastic opportunity to explore the future of fintech and gain valuable insights into the evolving landscape of finance."

The Fintech Future Summit Mumbai continues to be a cornerstone event for the industry, driving both thought leadership and practical advancements. It has firmly established itself as a key meeting point for professionals from across the financial sector spectrum, including those specialising in areas such as risk management, fraud prevention, and third-party risk management.

For further details and to connect for future events, please visit fintechfuturesummit.com.