Global Fintech Festival 2023 at Jio World Convention Centre

Opening the three-day Global Fintech Festival (GFF 2023) in Mumbai, Union Finance Minister Nirmala Sitharaman emphasized that fintech has evolved into a powerful and agile tool for promoting financial inclusion. In the realm of lending, fintech companies now serve 36 percent of new-to-credit customers, surpassing the 22 percent share held by traditional brick-and-mortar banks, a key area of their operations.

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Recognizing the pivotal role of fintech in expanding financial access and shaping India’s financial landscape, the Finance Minister urged these companies to remain vigilant and protect themselves against both conventional and modern threats in today’s interconnected world.

About the Global Fintech Festival

The Global Fintech Fest (GFF) stands as the premier fintech conference, a collaborative effort between the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC). GFF’s primary objective is to serve as a unified platform where leaders in the fintech sector can come together, facilitate partnerships, and construct a roadmap for the industry’s future.

Global Fintech Fest Over the Years

In the last three years, the Global Fintech Fest (GFF) has solidified its essential role by offering a comprehensive perspective on the fintech landscape and its capacity to fuel lasting global advancements through its transformative capabilities. As a globally recognized event, GFF serves as a gathering point where policymakers, regulators, industry trailblazers, scholars, and all significant stakeholders within the FinTech ecosystem come together annually. Here, they engage in the exchange of ideas, the sharing of insights, and the propulsion of innovation.

About the Global Fintech Festival 2023

Global Fintech Festival 2023, marking its fourth edition, is currently underway from September 5 to 7, 2023, at the prestigious Jio World Centre in Mumbai.

The present global macroeconomic situation is characterized by an unusual level of instability, perhaps unparalleled in recent history. This “poly-crisis” encompasses the challenges posed by the ongoing pandemic, socio-political tensions, surging interest rates, increasing inflation, currency fluctuations, and a slowing pace of economic growth. This unique and complex challenge is a once-in-a-generation phenomenon.

In this context, fintech companies are poised to play a pivotal role in enhancing the efficiency and fairness of the financial services landscape. Their contributions are instrumental as we endeavor to restore the financial health of individuals, businesses, and nations in the wake of these multifaceted challenges.

The Theme of the Global Fintech Fest 2023

The theme for GFF 2023 is “Global Collaboration for a Responsible Financial Ecosystem.” This theme underscores the urgent requirement for international cooperation in constructing a financial ecosystem that embraces inclusivity, possesses resilience, and prioritizes sustainability. Our vision is to craft a future marked by fair and equitable growth, a future that is “resilient by design.”

In pursuit of this vision, we aim to transform the financial services sector into one capable of swift recovery from unforeseen and disruptive events, often referred to as “black-swan events.” We believe that the dialogues, innovations, and insights shared at GFF by all participants in the ecosystem will be instrumental in advancing this objective.

Inclusive

With a view to steer the belief that financial services must be accessible to everyone, regardless of their socioeconomic status or geographic location, the first pillar of the theme at GFF 2023 is Inclusive. Achieving such financial inclusion requires collaboration between global governments, cial institutions, and consumers. Together, we can create a financial ecosystem that benefits everyone and provides access to financial services for individuals and businesses worldwide.

Resilient

We continue to face macroeconomic uncertainty and need to adapt to develop innovative solutions that meet evolving needs. Recent global events have shown that financial systems are often vulnerable to unexpected shocks, such as economic downturns or natural and man-made disasters. Building a nt financial ecosystem requires collaboration between all stakeholders on a global level to create a system that can recover quickly from unexpected events.

Sustainable

As we take responsibility for our future, it’s crucial to bring sustainability from concept to action. This means creating a financial ecosystem that is environmentally and socially responsible. By collaborating on a global scale, we can create a financial industry that has a positive impact on the environment and society.

Creating a financial ecosystem that embodies inclusivity, resilience, and sustainability necessitates collaboration between established institutions, emerging fintech entities, and other key facilitators like investors and regulators. Through collective effort, we can instigate positive change within the financial industry, fostering a system that benefits all stakeholders. We delve into various pertinent topics within the fintech sphere through eight distinct sub-themes, encompassing a comprehensive range of perspectives and discussions.

Shubham Mittal

Shubham Mittal is a renowned current affairs writer and expert in government exam preparation, inspiring readers with insightful articles and guiding aspirants with his expertise.

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