Mumbai: The second edition of the Moneycontrol India Fintech Conclave, held on December 18 in Mumbai, brought together an elite lineup of policymakers, regulators, industry leaders, and fintech innovators under the theme ‘Innovate :: Transform :: Regulate’. The conclave provided a platform for critical discussions on the future of India’s thriving fintech ecosystem, offering actionable insights and strategies to navigate opportunities and challenges.
Ananth Narayan, Whole-Time Member, SEBI, opened the event by stressing the importance of balancing growth with market stability. “Our focus is on addressing risks like overtrading, which could amplify systemic vulnerabilities, while ensuring a balanced approach to market development,” he said, underscoring the need for a resilient and regulated financial ecosystem.
In a compelling conversation, K. V. Kamath, Chairman, Jio Financial Services, drew parallels between India’s growth trajectory and China’s long-term development cycle. Kamath stated, “India is on a long-term growth trajectory, much like China’s decades-long cycle of development, with immense opportunities to leverage technology and innovation.”
Kunal Shah, Founder of CRED, complemented Kamath’s vision, emphasizing the dynamic collaboration between fintechs and traditional banks. “Fintech is driving rapid evolution, compelling all players to adapt quickly to the changing landscape,” Shah noted, highlighting the sector’s transformative impact.
Ashishkumar Chauhan, MD & CEO of NSE, spoke about the exchange’s technological advancements. “From pioneering satellite telecom in 1994 to processing trades in nanoseconds today, NSE is a testament to the power of technology in revolutionizing India’s financial ecosystem,” he said, showcasing how innovation fuels resilience.
Ritesh Shukla, CEO, NPCI International Payments, spotlighted UPI’s international expansion. “With UPI live in seven countries, including Nepal, UAE, and Singapore, we are building a robust cross-border payment ecosystem that supports both Indian travelers and inbound transactions,” he stated, reaffirming UPI’s role as a global payments leader.
R Doraiswamy, MD, LIC of India, provided insights into shifting consumer priorities. “Younger generations are increasingly focused on protection and retirement planning, driving demand for insurance products that combine coverage with long-term wealth creation,” he said, reflecting the industry’s adaptability to evolving demographics.
Parag Rao of HDFC Bank highlighted the sector’s impressive growth. “India’s financial inclusion has surged from 20% to 80%, investments reached $31 billion, and startups have grown by 500%, making the sector a global powerhouse,” he observed, celebrating record-breaking milestones in digital transactions and embedded finance.
The Moneycontrol India Fintech Conclave 2024 concluded with a shared vision of fostering innovation, resilience, and sustainable growth. As the sector prepares to maintain its global competitiveness, the conclave reaffirmed its role as a catalyst for India’s fintech revolution.
