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~The conclave emphasised the critical roles of innovation, transformation, and regulation in driving the future of Indiaº£½ÇÖ±²¥ fintech sector~
Moneycontrol successfully hosted the second edition of the ‘Moneycontrol India Fintech Conclave’ onÌıDecember 18, 2024, inÌıMumbai, on the theme ‘Innovate :: Transform :: Regulate’.ÌıÌıBringing together policymakers, regulators, bankers, fintech founders, and thought leaders, the event delved into actionable strategies to strengthen and scale Indiaº£½ÇÖ±²¥ burgeoning fintech ecosystem.
Ananth Narayan, Whole-Time Member, SEBI,Ìıemphasized the importance of maintaining market stability while fostering growth.Ìı“Our focus is on addressing risks like overtrading, which could amplify systemic vulnerabilities, while ensuring a balanced approach to market development,â€Ìıhe said, setting the tone for discussions on regulation and resilience.
In a fireside chat,ÌıK. V. Kamath, Chairman, Jio Financial Services, and Kunal Shah, Founder, CRED, reflected on Indiaº£½ÇÖ±²¥ transformative fintech journey. Kamath noted,Ìı“India is on a long-term growth trajectory, much like Chinaº£½ÇÖ±²¥ decades-long cycle of development, with immense opportunities to leverage technology and innovation.â€ÌıShah highlighted the dynamic collaboration between fintechs and traditional banks, stating,Ìı“Fintech is driving rapid evolution, compelling all players to adapt quickly to the changing landscape.â€
Ashishkumar Chauhan, MD & CEO, NSE, shared insights from NSEº£½ÇÖ±²¥ journey of resilience and innovation.Ìı“From pioneering satellite telecom in 1994 to processing trades in nanoseconds today, NSE is a testament to the power of technology in revolutionizing Indiaº£½ÇÖ±²¥ financial ecosystem,†he said during his fireside chat.
Ritesh Shukla, CEO, NPCI International Payments,Ìıspoke about UPIº£½ÇÖ±²¥ global expansion.Ìı“With UPI live in seven countries, including Nepal, UAE, and Singapore, we are building a robust cross-border payment ecosystem that supports both Indian travelers and inbound transactions,â€ÌıShukla remarked, underscoring the growing international footprint of Indiaº£½ÇÖ±²¥ payment systems.
The evolving priorities of Indian consumers were highlighted byÌıR Doraiswamy, MD, LIC of India.Ìı“Younger generations are increasingly focused on protection and retirement planning, driving demand for insurance products that combine coverage with long-term wealth creation,â€Ìıhe explained, reflecting on the industryº£½ÇÖ±²¥ adaptive strategies.
Parag Rao, HDFC Bank,Ìıreflected on the fintech sectorº£½ÇÖ±²¥ remarkable transformation.Ìı“Indiaº£½ÇÖ±²¥ financial inclusion has surged from 20% to 80%, investments reached $31 billion, and startups have grown by 500%, making the sector a global powerhouse,â€Ìıhe noted, emphasizing the yearº£½ÇÖ±²¥ record-breaking milestones in digital transactions and embedded finance.
The conclave concluded on a high note, reaffirming its commitment to fostering innovation, resilience, and sustainable growth in Indiaº£½ÇÖ±²¥ fintech sector, as it looks forward to maintaining its global competitiveness.
