India is at the forefront of the fintech revolution, with events being held around the country to support it. The Fintech Festival 2021-22 is already striking headlines in India, and is now headed to Mumbai, the financial capital of the country, on November 25, 2021. FinTech Festival India will be a big celebration of innovations, intriguing talks, technologies, and constructive encounters amongst the sharpest brains in finance and technology. It will serve as a global platform for the Indian FinTech ecosystem, creating opportunities, removing friction in money transfers, and contributing to global GDP. The festival is organized by Constellar Exhibitions and supported by NITI Aayog and 6 central government ministries. It will take place in eight cities across India including Chennai, Hyderabad, Guwahati, Mumbai, Bengaluru, Delhi, Ahmedabad, and Pune between July 2021 and February 2022. This magnificent festival will culminate with a 3-day mega event in New Delhi which will take place from March 9 to March 11 in the year 2022.
Key Drivers For FinTech In India
FinTechs in India have progressed from transactional to transformative and influential, going beyond merely taking payments. Businesses using fintech are taking advantage of new technology and disruptive strategies to build better and more innovative products. Several reasons, including those listed below, have led to the creation and subsequent expansion of fintech businesses in India.
- Increased availability of mobile phones and the internet in the nation
- Favorable demographics, with 65 percent of the population below the age of 35 aspiring to state-of-the-art technology
- Poor financial service penetration for the majority of the population, including the unbanked, rural regions, and small and medium-sized companies
- Fintech regulatory tolerance and government initiatives
- Reduced infrastructure and transaction expenses with the use of cloud-based services
Key Sectors Covered In Fintech Festival
During the early months of the pandemic, the fintech industry saw a significant drop in the number of start-ups being funded, resulting in an economic downturn. But by the end of the year, these figures started rising and all the fintech sectors saw significant growth. With these in mind, the Fintech Festival 2021-22 draws its attention to the fastest-changing sectors, such as cryptocurrencies, bank technology, financial inclusion, and cyber security, in order to further develop it.
Cryptocurrency is at the core of a new era of the digital asset class in India. Till May 2021, Indians have invested over $ 6.6 billion in cryptocurrencies, with over 350 blockchain and cryptocurrency firms.
With the advent of current developments in artificial intelligence (AI), machine learning (ML), blockchain, and robotics, India’s banking system is poised for a transformative shift, and FinTech is likely to play a crucial part in that transition.
While the growing number of FinTech businesses in India is positive, their presence alone will not result in more people becoming financially included. To improve financial inclusion, the banks, FinTechs, and regulatory bodies must collaborate.
India and Asia, in comparison to other countries, are the victims of successful cyberattacks. With increased worries in India about cybersecurity events, a strong Cyber Security strategy and its implementation are critical to India’s continued success in the FinTech field.
Hybrid Micro Experience In Mumbai
Mumbai is regarded as one of the top three fintech hotspots in India. Many big names are attending this Mumbai conference in order to foster long-term trust with other stakeholders and facilitate cross-industry cooperation through world-class audience engagement solutions. Manish Gurnani, the Chief Technology Officer at Ksolves India Limited, is one among them. He is excited to be a part of the Fintech Festival, where he will be presenting his views on ‘Big Data – How To Run Your Workload Efficiently And Effectively’. His vision will definitely help in hastening the digital transformation route and benefit Fintech leveragers. The official site of Fintech Festival India has already released its Mumbai Agenda, which will undoubtedly contribute to global economic progress.