At the opening session of the Global Fintech Fest (GFF) 2024, Dammu Ravi, Secretary (economic relations) in the Ministry of External Affairs, highlighted the pressing need to address the global "inclusivity" gap in financial services.
With the world’s gross domestic product (GDP) at USD 85 trillion and total wealth at USD 400 trillion, he expressed concern that despite significant investment flows of USD 125 trillion, many people are still excluded from financial systems. “We need to look at, can digital public infrastructure narrow this ‘inclusivity’ gap?” he stated, emphasising that this challenge requires urgent attention from governments worldwide.
The GFF, one of the largest annual fintech conferences globally, is taking place from August 28 to 30 at the Jio World Convention Centre in Mumbai, with this year’s theme being "Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient." The event is organised by several key government bodies, including the Ministry of Electronics and Information Technology, the Reserve Bank of India, and the International Financial Services Centres Authority, in collaboration with industry organisations such as the Payments Council of India and the National Payments Corporation of India.
During the session, Ravi pointed out the global interest in inclusivity while noting the slow progress in sustainable development. He urged that fintech technologies could accelerate positive change. “For a long time, India has been a ‘rule taker,’ but in the fintech revolution, India has an eminent role to play in ‘rule making,’ as most of the digital technologies are made in India,” he remarked, stressing the importance of India leading in this space.
Kris Gopalakrishnan, Chair of GFF 2024 and co-founder of Infosys, discussed the evolution of the Indian fintech industry, stating, “Indian fintech has come a long way, combining emerging technologies, business models, innovation, and digital public infrastructure." He emphasised the need for the industry to adapt to new technologies like IoT, AI, and machine learning and to foster global collaboration to leverage these advancements effectively.
G Padmanabhan, former Executive Director of the Reserve Bank of India, praised the GFF for facilitating networking among stakeholders, stating, “The greatest achievement of Global Fintech Fest is bringing every stakeholder together to network, which is crucial for the development of any ecosystem.”
Concluding the inaugural session, Vishwas Patel, Joint Managing Director of Infibeam Avenues, remarked, “This event is an extraordinary gathering of visionaries and leaders who are seeking a future in financial technology. GFF has grown to be the largest fintech conference in the world, and it is a testament to the vibrant community that drives innovation and transformation.”
The session also featured the launch of the report “Building Bridges for the Next Decade of Finance,” and over 800 speakers, including policymakers, regulators, senior bankers, and industry leaders, are set to participate in more than 350 sessions throughout the three-day conference, with delegates expected from over 100 countries.
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