MUMBAI, India, July 23, 2020 /PRNewswire/ -- The first day of
Global Fintech Fest (GFF) 2020 - the largest two-day virtual
fintech meet-up saw powerful ideas and forecasts coming from
several marquee global fintech and BFSI leaders.
GFF, supported by World Bank and the United Nations Capital
Development Fund (UNCDF), is organised by National Payments
Corporation of India (NPCI) and
the Fintech Convergence Council (FCC) of Internet & Mobile
Association of India (IAMAI).
In a fireside chat, Paypal SVP and CTO Sri Shivananda described the interoperable
IndiaStack coupled with Aadhaar and Indian Prime Minister
Narendra Modi's Jan-Dhan Yojna (PMJDY) as 'Brilliant'.
"There is no technical stack in the world with a country's name
as prefix. What the Indian government and regulators have done
together with the common national identity through a digital system
and a common national API for payments, is nothing but brilliant.
India is one of the first
countries that has a platform first approach, with the platform
being secure, robust and reliable. It is a role model for many
other countries to follow," he said.
Meanwhile, Amitabh Kant, CEO,
NITI Aayog, Government of
India said the future of lending
will be Phygital. He bet big on digital lending as the next big
driver in fintech, driven by retail loans. Kant said fintech is the
shining star of India's startup
and technology ecosystem, enabling seamless transition from
physically connected to a physically distant but socially connected
environment.
Speaking on financial inclusion, Monetary Authority of
Singapore Chief Fintech Officer
Sopnendu Mohanty added that COVID has made it clear that now is the
time to move towards sustainable and resilient products.
Mohanty expressed that there is great opportunity in open
banking globally, with video and immersive banking expected to grow
as ASEAN markets shift from 4G to 5G network.
Offering insights on fintech growth, P Vasudevan, CGM-DPSS,
Reserve Bank of India remarked
that the regulator has seen 58 percent CAGR growth in volume in
digital transactions in the last 5 years. There are significant
events like Demonetisation and COVID which have really changed the
way we do digital payments, he said. Vasudevan estimated that at
current CAGR, in next 5-6 years daily digital transactions can
reach 3 times to 15 trillion rupees
in India. He added that the
purpose of digital payments is to have financial inclusion.
In his opening address, Dilip
Asbe, Managing Director and CEO, NPCI said, "The phenomenal
success of our home-grown platform of UPI and the
global recognition it received is a testimony in itself as to
how far we have come as a nation - from being followers to
innovators and pioneers in the industry. The pandemic has been a
great catalyst for the industry and we aim to develop an eco-system
where digital transactions are executed remotely, possibly by
majority of our population."
GFF saw participation from 50+ countries, 100+ speakers and
10000+ delegates, 75 exhibitors. Over 45% speakers comprised of
global community.
About FCC
FCC of IAMAI represents the Indian Payments, FinTech and BFSI
ecosystem. FCC encourages collaboration and builds synergy between
BFSI companies and FinTech start-ups. FCC interprets the regulatory
and legal framework, aggregates feedback of ecosystem players and
communicates with regulators and lawmakers.
For more information www.iamai.in
Media Contacts:
Priyal Dave
priyal.dave@adfactorspr.com
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