New Delhi : ASSOCHAM 2nd India International Fintech Festival, a two-day event with the theme, Powering India’s $5tn economy by fostering innovations, enabling inclusion and building a sustainable future, Innovation, Inclusivity and Sustainability was concluded today at New Delhi.
Delivering the Special Keynote Address, Abhijit Phukon Economic Advisor, DFS, Ministry of Finance, Govt. of India said, “The government and regulators have adopted whole-of-government approach based on innovation and cutting-edge technology to create an enabling environment for the fintech sector. Emphasis has been given to the creation of digital public infrastructures that can be leveraged by the FinTechs for bringing efficiency, reducing costs, and scaling up their operations. Regulatory and policy initiatives such as simplified incorporation of companies under the Single Windows Scheme, easy start-up recognition system, setting up of a dedicated fund to promote and finance digital payment acceptance infrastructure, technology-based regulatory guidelines issued by RBI from time to time, including regulatory sandbox SRO, have contributed to the creation of a robust fintech ecosystem.”
“There are growing concerns, including cyber security, data privacy, identity theft, digital financial frauds. Financial literacy, especially the cyber financial literacy requires our attention. A balance between fintech innovations and timely regulatory response is necessary and we must ensure that innovations do not outpace the necessary safeguards. Cyber security is no longer an enterprise issue, it is an ecosystem issue. All stakeholders including the government, the regulators and the industry have to work together to ensure that businesses grow smoothly, innovation keeps happening, regulatory concerns are adhered in a timely manner, and consumer concerns are addressed in a systematic way.”
“India has been doing extremely well compared to the rest of the world. We are one of the fastest growing economies and currently the 5th largest economy in the world. This high and sustained growth would not have been possible without the contribution of the fintech sector.” he added.
Joseph Joshy, Chief General Manager & Chief Technology Officer, Head – Department of Technology (FinTech & IT), International Financial Services Centres Authority (IFSCA) said, “The power of Gen AI can make it easier for everyone including those in FinTech to understand and navigate the complex regulatory landscape. To capitalize on the Gen AI opportunity, the government, the regulators, the start-ups, the industry, and the academia, all need to come together.”
A Fire Panel on ‘Gen AI revolution in FinTech: Innovations across the value chain’ moderated by Rajnil Mallik, Partner, Gen AI GTM Leader, PwC saw interesting conversations where industry stalwarts like Sumit Nigam, Chief Technology Officer, Perfios, Manmeet Dhody, CTO, PayTM, Alok Bhushan, Director, Partner Sales, Equinix and Saurabh Drolia, Director Product, GPay engaged in insightful discussion on the topic.
