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Fintech can bridge USD 20 trillion MSME credit gap and boost their share in GDP to 40%
- 9th GES to foster global alliance for innovation, entrepreneurship, investment and skilling in Fintech industry
- 9th GES to foster Mumbai’s strategic alliance with ASEAN & African fintech ecosystem
The 9th Global Economic Summit, which will take place at World Trade Center Mumbai on August 8–10, 2024, is being organized by the All-India Association of Industries (AIAI) and will coincide with the Hon. Prime Minister of India’s announcement of his goal to make Mumbai the global hub for fintech. To realize the Prime Minister’s goal, the Summit will highlight innovation, investment, and talent development.
This project by WTC Mumbai and AIAI will highlight the fintech sector’s importance, which has swept through the financial revolution and transformed the lives of 1.4 billion people. The Summit’s main goal is to demonstrate how Fintech can boost employment, MSME competitiveness, and innovation. The effectiveness of fintech solutions in promoting transparent governance and a productive banking sector will also be discussed during the summit.
The program will establish Mumbai as the regional fintech hub of Asia, Africa, and the Middle East. It is backed by the Ministry of Electronics & Information Technology (MEITY) and the Ministry of MSMEs, Government of India. International specialists from the Middle East, Africa, Asia, and the USA will speak at the summit and help Mumbai’s fintech companies form strategic alliances with their counterparts in these locations.
In his speech to the first session of the 9th GES, Hon. Deputy Chief Minister of Maharashtra, Mr. Devendra Fadnavis, will outline the state government’s fintech vision and extend an invitation to international investors and fintech companies to build Mumbai as the region’s hub for fintech in Asia.
In his remarks regarding the Summit, Dr. Vijay Kalantri, the Chairman of the MVIRDC World Trade Center Mumbai and President of the All-India Association of Industries (AIAI), said, “The Government of Maharashtra is supporting this Summit as the Host State Partner to promote its competitive advantage in this sector with the foreign delegates.” To strengthen Mumbai’s position as the top fintech hub, fintech leaders from the Philippines, Japan, USA, Luxembourg, Switzerland, Kenya, and other African nations will talk about collaborating strategically with government regulators and the fintech sector.
With 272 fintech businesses, Mumbai is the 12th largest fintech hub globally and the third largest in Asia, ahead of Beijing, Tokyo, and Chicago, according to Forbes Magazine. San Francisco, New York, London, Singapore, Stockholm, and Berlin are the top six Fintech hubs in the world.
The Summit will address India’s recent fall in the number of Fintech unicorns. In the previous two years, the number of Fintech unicorns in India has decreased from 32 to 17. Since many of India’s Fintech unicorns are losing money, notable speakers at the summit will provide insight on the path to profitability.
Of the 17 Fintech unicorns, two are headquartered in Mumbai. The city received USD 15 billion fintech investment so far and there are 766 fintech investors in the city. The Summit will lay emphasis on developing world-class incubation and accelerator ecosystem to churn out more fintech unicorns, generate more jobs and enhance fintech’s contribution to GDP.
India is already a global leader in Digital Public Infrastructure and digital payments with 12.5 billion UPI transactions, 1.4 billion Aadhar authentications and 700 million Jan Dhan bank accounts to achieve financial inclusion in Tier 2 and Tier 3 cities. India, with its vast talent pool, has the potential to emerge as a global leader in data centers.
The potential of Indian fintech solutions to offer a cross-border payment settlement system as an alternative to SWIFT in order to lessen reliance on US dollars will also be covered at the summit. Several nations, including Bhutan, Bhutan, Bhutan, Qatar, and France, have already embraced India’s top-notch UPI.
