August 28, 2024: At the opening session of the Global Fintech Fest (GFF) 2024, Shri Dammu Ravi, Secretary (Economic Relations) at the Ministry of External Affairs, Government of India, highlighted the urgent need to address the inclusivity gap in global finance. Speaking before a large audience at one of the world’s largest annual fintech conferences, Ravi emphasized the challenge of narrowing this gap amid a backdrop of global wealth and investment flows, which total USD 400 trillion and USD 125 trillion respectively.
“With the world GDP at USD 85 trillion, there is a significant dilemma that we have not adequately addressed the issue of ‘inclusivity’,” said Ravi. He suggested that Digital Public Infrastructure might be key to bridging this gap and emphasized the critical role governments worldwide must play in this endeavour.
The Global Fintech Fest 2024, running from August 28-30 at the Jio World Convention Centre in Mumbai, is presented by a consortium including the Ministry of Electronics and Information Technology (MeitY), the Ministry of External Affairs, the Department of Financial Services (DFS), the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA). The conference is organized jointly by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC). This year’s theme, “Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient,” underscores the need for responsible technological advancements and greater inclusivity.
In his address, Mr. Kris Gopalakrishnan, Chair of GFF2024 and Co-founder of Infosys, acknowledged the significant progress of the Indian fintech industry, which has merged emerging technologies and innovative business models with Digital Public Infrastructure. He highlighted the role of new technologies like IoT, AI, ML, and voice recognition, and discussed the need for global collaboration to leverage these advancements effectively. “India, traditionally a ‘rule taker’, now stands poised to become a ‘rule maker’ in the fintech revolution,” Gopalakrishnan stated.
Mr. G Padmanabhan, Former Executive Director of the RBI, emphasized the importance of networking among stakeholders, which he views as crucial for ecosystem development. He praised GFF for its role in facilitating these connections.
Mr. Vishwas Patel, Joint Managing Director of Infibeam Avenues and Chairman of the Payments Council of India, concluded the inaugural session by celebrating the event’s growth. “GFF has become the largest fintech conference in the world, reflecting the vibrant community driving innovation and transformation in financial technology,” Patel noted.
The inaugural session also saw the launch of the report “Building Bridges for the Next Decade of Finance.” Over the next three days, approximately 800 speakers, including policymakers, regulators, senior bankers, industry leaders, and academics from around the world, will engage in more than 350 sessions. Delegates from over 100 countries are expected to participate in discussions aimed at shaping the future of finance and addressing global challenges in fintech.
