Fintech has transformed the financial services industry and has the ability to help startups and MSMEs. Given that micro, small, and medium-sized businesses are the backbone of our economy, the Maharashtra government would extend the same warm reception to startup and MSME projects as it does to super megaprojects. Large companies also buy from these small-scale businesses. The ambition of the Honorable Prime Minister to establish Mumbai as a worldwide center for fintech will be realized by our government. Maharashtra’s ambition of a USD 1 trillion economy will play a major role in helping India reach its objective of becoming a USD 5 trillion economy in the coming years. World Trade Center Mumbai and the All-India Association of Industries are co-organizers of the summit.
The Hon’ble Minister announced the government’s goal to revitalize faltering sectors, particularly MSME businesses in Maharashtra, and he asked WTC Mumbai and AIAI for assistance in this endeavor. “MSMEs have a significant potential to contribute to Maharashtra’s USD 1 trillion economic ambition. The number of MSME businesses that are still in existence and the number that have closed is something that our government wishes to investigate. We aim to revitalize the state’s ill MSME units, and we are enlisting the aid of business associations such as AIAI and WTC Mumbai in this endeavor.
Earlier, during his welcome address, Dr. Vijay Kalantri, Chairman of the MVIRDC World Trade Center Mumbai and President of the All-India Association of Industries (AIAI), recommended that the state government resurrect SICOM and the Maharashtra State Finance Corporation in order to increase support for MSME development in the state.
Dr. Kalantri said, “This Summit is organized to empower MSMEs with access to finance and digitization of their books of accounts through fintech solutions,” when discussing the significance of the event. Fintech helps startups and MSMEs create jobs and increase their capabilities. MSME Innovative applications and technologies like digital currencies, blockchain, UPI, Digilocker, and UPI can revolutionize MSME businesses and increase their competitiveness in the global market. Fintech solutions have the potential to close the Rs. 20 lakh crore loan gaps that MSMEs face in India today.
The Hon’ble Minister also unveiled the Handbook on Fintech, which includes practical advice and policy recommendations on topics like digital currency, cross-border payments, RegTech, global cooperation in data security, harmonisation of regulatory standards, Account Aggregator framework, and anti-money laundering measures.
The 3-day Summit will establish a plan for Mumbai to become 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.
The host state partner for the Summit is Maharashtra, which also has assistance from MAITRI, MIDC, MSSIDC, and the Maharashtra State Innovation Society. The governments of Karnataka and Tamil Nadu have also endorsed this event.
Seven panel discussions with Indian and foreign professionals from the Philippines, Japan, Luxembourg, Geneva, the United States, and other nations will be held at the Summit. In addition, it will welcome over 100 exhibitors, 300+ delegates, and over 4,000 attendees.
