The Global Fintech Fest (GFF) 2023 was a significant event that saw a threefold surge in participation compared to the previous year. The event brought together fintech enthusiasts and experts from around the world.
Shaktikanta Das, the Governor of the Reserve Bank of India (RBI), was a key speaker at the event. He shared his insights and vision for the future of the fintech sector. He acknowledged the remarkable enthusiasm and commitment displayed by participants at GFF. He emphasized that innovation is the bedrock of the fintech industry and plays a pivotal role in reshaping financial services.
Shaktikanta Das shared his insights on the fintech industry, stating that it is likely to generate $200 billion in revenue by 2030. He also highlighted the significant role played by the Jan Dhan scheme, which was launched to achieve universal access to bank accounts, in achieving this remarkable progress. To date, 50 crore Jan Dhan accounts have been opened in India.
In his address, Governor Das highlighted that the fintech sector is on the brink of a significant transformation. This transformation is driven by tech-led solutions that are changing people’s lives. The RBI is committed to taking on more digital initiatives to support this transformation.
At the Global Fintech Fest 2022, Governor Das had launched three key digital payment initiatives — RuPay Credit Card on UPI, UPI LITE, and Bharat BillPay Cross-Border Bill Payments. These initiatives have the potential to revolutionize the digital payments ecosystem and extend the reach of digital payments to many new users across India and abroad.
In conclusion, the Global Fintech Fest 2023 served as a platform for sharing insights and discussing the future of fintech. The RBI’s commitment to digital initiatives and innovation in financial services was a key highlight of the event.