FinTech Conclave To Be Held on Monday by NITI Aayog

As per the recent announcement by officials, the NITI Aayog is slated to hold the FinTech Conclave 2019 in Delhi on the financial technologies on Monday.

The official statement by NITI Aayog revealed that Shaktikanta Das, the present Governor of the Reserve Bank of India, will inaugurate the conclave. The conclave attendees, on the other hand, will include RBI officials and senior government personnel in addition to over 300 officials from the major financial organizations.

The announcement stated that the primary objective behind this conclave is to mold the nation’s continued dominance in fintech, create a roadmap for policy endeavors and strategy in the future, and consider the steps for detailed financial inclusion. Elaborating further, it also said that the conclave would feature representatives from a diverse financial space, right from regulators, bankers, and central ministries, to entrepreneurs, start-ups, and service providers.

The number of representatives from major financial institutions expected to attend the convention will surpass 300. Some of these institutions include SBI Card, ICICI Bank, IndusInd, HDFC Bank, and Tata Capital. The conclave will also be attended by the leading fintechs such as PhonePe, BankBazaar, Capital Float, PayTM, Zerodha, PayU, and MobiKwik.

In addition, the conclave will be graced by prominent MSMEs (micro, small and medium enterprises), state governments, investors in the space of venture capital as well as industry experts.

It was also disclosed that the conclave will also hold a final session wherein various panels will make presentations amalgamating findings specific to sectors. The themes of these presentations will be in the likes of onboarding merchants and customers digitally for the sake of financial inclusion, developing financial products catering to millennial India as well as upcoming fintech areas.

The official statement went on to add that the fintech ecosystem of India secures the 3rd rank globally as it has attracted close to 6 billion dollars in investments from the period of 2014 till now. It also stated that the country is undoubtedly one of the most rapidly expanding fintech markets across the globe citing the industry research which projected that 60% or one trillion dollars of SME and retail credit would be disbursed digitally by 2029.