9th GES Focuses on Connecting MSMEs with Fintech Companies

India has made significant strides in financial inclusion by expanding access to banking through various policy initiatives. The next challenge lies in enhancing financial literacy—a critical theme echoed throughout the 9th Global Economic Summit on Fintech: Accelerating the Digital Revolution, organized by the World Trade Center Mumbai from August 8th to 10th, 2024.

Boasting the third largest fintech ecosystem globally, India’s fintech sector is growing at an impressive 14% CAGR, with over 10,000 entities contributing to this dynamic landscape. India also ranks third in global fintech funding further solidifying its position as an emerging fintech superhouse. The country’s robust Digital Public Infrastructure has played a pivotal role in advancing financial inclusion, positioning India on the path to becoming a global leader in fintech. Innovations in secure payment systems, paperless lending, mobile banking, and digital wallets, alongside the Hon’ble Prime Minister’s vision of transforming Mumbai into a global fintech hub, are driving this growth.

Against this backdrop, the Summit brought together experts and leaders in fintech to discuss diverse topics, including the potential for global collaboration, emerging technologies, innovative business models, and the importance of regulatory compliance. A key focus was on the role of MSMEs, not only as consumers of fintech products and services but also as significant drivers of innovation within the sector.

Key Discussions at the Summit

The event saw participation from delegates across India and abroad. Through its exhibition, the Summit provided a platform for various fintech companies to showcase their cutting-edge products and services.

Shri Uday Samant, Hon’ble Minister of Industries, Government of Maharashtra, graced the Summit, reiterating the government’s commitment to realizing the Prime Minister’s vision. He emphasized treating MSME and startup projects on par with ultra-mega projects, reflecting the government’s support for innovation and entrepreneurship.

The Summit concluded with the recognition of fintech companies that have made outstanding contributions to the sector. Awards were presented for innovation, security, sustainability, global influence, and leadership, celebrating the achievements that are shaping the future of fintech in India and beyond.

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