Editorial Team

(L-R) Ashish Singhal – CEO, CoinSwitch; Baldeep Singh Pahwa – General Manager & Country Head, Constellar Exhibitions; Vikas Ahuja – CEO, CrossTower India at Fintech Festival India – Mumbai Micro Experience

Attending the Mumbai Micro Experience of FinTech Festival India 2021-22, Mrutyunjay Mahapatra – Member of the Governing Council of RBI Innovation Hub and Board of Supervision of NABARD, Member of Insurance Advisory Council of India said, “RBI’s apprehension regarding cryptocurrency is emanating because the three critical things, entry barriers, supervisory framework, and cross border aspect are not getting translated into the crypto world…”

According to Mr. Mahapatra, “Systemic risk and the psychological risk of denting the political stability and social stability because of economic instability even if it is the minutest are creating concerns in the minds of the policymakers.”

Talking on innovations, he further added “The view of the government of India and the Reserve Bank of India is that regulations should not thwart or throttle innovation. Only thing is that whether the innovation should happen in a regulated ecosystem or a federated ecosystem that is the debate. I think government will allow some elbow room for innovation to take place and it will be a calibrated release of the innovative and creative forces rather than making it open.”

Ashish Singhal – Chief Executive Officer, CoinSwitch, said, “We cannot be the late movers in accepting crypto. We already missed the first bus of Internet 1.0. Today any business starting up has to work on Amazon or Google, has to use Facebook, Twitter or Google for distribution. Today 70% of our revenues go to these companies as the business starts. We are net importer of technology. We import over $10Billion of this technology every single year and it is expected to grow $45-30 Billion over the next 3-4 years. Crypto gives us an opportunity that tomorrow’s hosting shouldn’t happen on Amazon but on Crypto blockchain itself. It will not only give scaling but also data security, data protection and data localization by default. India participating and building it early could be the net exporter of this technology in the next 10 years.”

(L-R) Priti Rathi Gupta – Founder, LXME; Dr Jasmine Gupta – National Head – Neobank, FinTech Alliances & Digital Business, Equitas Small Finance Bank; Hemant Rathod – Director, Customer Experience, Customer Service and Operations, Niyo Solutions; Sanjeev Kumar – Chief Executive Officer, Spice Money at Fintech Festival India – Mumbai Micro Experience

Attending the conference, Saugata Bhattacharya – Executive Vice-President & Chief Economist, Axis Bank said, “Crypto is an alternative investment class like oil, cooper, gold, equities but they are complex derivatives.”

Speaking from a banker’s perspective Mr. Bhattacharya said, “If an environment of crypto currencies including global central bank digital currencies begin to evolve then there are multiple implications for banks, some good and some bad… They need to be aware and need to design their systems in place for this technological shift.”

FinTech Festival India is organised by Constellar Exhibitions (a subsidiary of TEMASEK and Singapore Press Holdings which organizes Singapore FinTech Festival) and supported by Niti Aayog and six central government ministries.

The daylong conference in Mumbai was also attended by some well-known stalwarts such as Varun Sridhar – Chief Executive Officer, PayTM Money; Dr Jasmine Gupta – National Head – Neobank, FinTech Alliances & Digital Business, Equitas Small Finance Bank; Sanjeev Kumar – Chief Executive Officer, Spice Money; Priti Rathi Gupta – Founder, LXME, amongst others.

Talking about the rise of WealthTechs, Varun Sridhar – Chief Executive Officer, PayTM Money said, “The next ten years will be the single best decade for WealthTech business in India. Firstly, 20% of retail AUM will move into direct bonds held by individuals. The second big thing for Indian investors will be ETFs or passive investing. And thirdly, another big shift will be on the channel side where in we will move from ‘me telling you’ to ‘us telling each other’ which is nothing but community and the wealth management space will be hit by the social media wave.”

A white paper on ‘Mumbai: Moving Fintechs through a Pro-active Policy Agenda’, published by FFI’s Knowledge Partner – Ernst & Young (EY), was also unveiled today in front of the august gathering. The white paper deep-dives into the Mumbai fintech ecosystem from a policy framework agenda which will further help in creating an enabling ecosystem for the fintech startups to thrive.

Fintech Festival India is the country’s largest FinTech confluence to be held till March 2022. It will witness participation from over 500 Indian and global leaders and 12,000+ delegates. FFI will see participation from Brazil, Israel, UK, Russia, Canada, Finland, Japan, Singapore among others.

The conferences are being supported by Government of India’s Ministry of Finance, Ministry of Electronics & Information Technology (MeitY), Ministry of Small & Medium Enterprise (MSME), The Agricultural and Processed Food Products Export Development Authority (Ministry of Commerce and Industry), Broadcast Engineering Consultants India Limited ( A Government of India Enterprise – Under Ministry of Information & Broadcasting) and Startup India (Department for promotion of Industry and Internal Trade & Invest India). It has also received support from the Government of Tamil Nadu, Government of Karnataka and Electronics Corporation of Tamil Nadu Limited (ELCOT).

Fintech Festival India is being conducted in physical and digital format through 10 Micro Experience Conferences in Hyderabad, Bengaluru, Delhi, Guwahati, Chennai, Mumbai, Gift City (Ahmedabad) and Pune. The festival will end with a 3-day mega event in New Delhi from March 9 – 11, 2022.

The next Micro Experience will be held in Pune on 17th December 2021.

In addition to the government, FFI which aims to unleash the power of FinTech across the country, has also drawn interest from industry including Indian insurance behemoth Life Insurance Corporation (LIC) and World Trade Centre Mumbai among others.

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