‘The next Paytm or Google Pay will emerge from Mumbai’
Banking Frontiers organized the 9th edition of Finnoviti Conference and Awards and the 8th edition of Technoviti Conference and Awards in Mumbai spreading over 2 days. Several banking institutions were represented at the Finnoviti Conference and winners were presented with awards for their innovative products and services. At the Technoviti Conference and Awards, representatives of technology companies exclusively designing and creating products for the BFSI sector discussed the latest trends in digitization, use of AI and ML and other topics. Companies that have come out with products and services that have materially changed the way banks operate were presented with awards for their innovative ideas.
Satej Patil, Maharashtra’s minister of state for Information Technology, Home (Urban), Housing, Transport, Parliamentary Affairs & Ex-servicemen, was the chief guest at the Technoviti Conference and Awards function, and presented the awards to the winning innovators.
Addressing the gathering, Patil said with its 400+ fintechs, an API sandbox, very favorable investment climate and presence of high level educational institutions, Maharashtra is poised to become a leader in the fintech movement in India.
He expressed confidence that Mumbai will transform into a global fintech hub and gateway in the country soon and the next Google Pay or Paytm will emerge from the city in the next decade.
Patil recalled that the Mumbai Fintech Hub, which is the state government’s investment platform to promote the fintech ecosystem in the state, has joined hands with FinTech Convergence Council, an initiative of the Internet and Mobile Association of India for a collaborative growth ecosystem for fintechs in the country. The two bodies have jointly fashioned the ‘India Fintech Festival (IFF)’ a global platform to showcase the opportunities while discussing the key challenges in the industry and the possible solutions to counter the same. India Fintech Festival 2020 is going to be organized on 4 & 5 March 2020 at MMRDA ground, BKC in Mumbai, he said, adding the event is backed by the government of Maharashtra and 5000 delegates from 50+ countries comprising fintech startups are expected to attend it along with regulators, key financial institutions, tech companies, governments, industry bodies, corporates and students.
The minister added that through the India Fintech Festival), the state government looks forward to host 1000+ delegates from all over the world. IFF will serve as a representation for the innovations of the best of over 2000+ Indian startups working to make India a startup hub, he added.
Patil mentioned that the Mumbai Fintech Hub has done a lot of excellent things in the last few years for creating a robust framework, being a facilitator between startups and investors, developing educational framework for the sector, etc.” You will get to see all of them in the festival, which will ensure that we have walked the talk. On the occasion of Technoviti Awards, I appeal to you all to join and lend strength to the collaborative efforts of us all for putting the Indian fintech sector on the global fintech map, he added.
Patil also reiterated that the state government stands committed to the path of progress and economic development of the state, industries and people. He also pointed out that Maharashtra was the first state in the country to have launched a fintech policy which addresses 5 key pillars for boosting the financial technology sector - access to capital, promoting open innovation, catalyzing ecosystem, global market access and access to fintech-ready talent pool.
The minister complimented Team Banking Frontiers for having organized Finnoviti and Technoviti Conferences and Awards and motivated technology innovations in the financial services domain. He also had a word of praise for the award winners, who he said deserved the awards for their efforts in making use of technology to create new products and services in the financial services sector, which in turn benefits common people.