Global Fintech Fest 2023 @ Mumbai

The Global Fintech Fest 2023 is a major event in the fintech industry, bringing together leaders from all over the world to discuss the latest trends and innovations.

The theme for this year is “Global Collaboration for a Responsible Financial Ecosystem — Inclusive, Resilient & Sustainable”, which reflects the growing importance of collaboration and cooperation in the fintech space.

This year, the fest is happening in Mumbai and the inaugural address was delivered by the Union Finance Minister Nirmala Sitharaman. With over 800 speakers and an anticipated attendance of 40,000 delegates, the primary objective of the event is to facilitate funding ranging from $15 to $20 million for fintech startups.

Of particular interest to me was the Cryptocurrency area — Crypto assets are currently unregulated in India. The FM reiterated India’s stance that it seeks global cooperation and a common framework as essential to counter threats emanating from areas such as cryptocurrencies.

“Unless you go for a global cooperation, you are not going to get a responsible financial ecosystem which can it regulate it as well,” she said.

It’s crucial to create a responsible ecosystem that focuses on inclusivity and sustainability, addressing physical border threats, cybersecurity issues, challenges tied to cryptocurrency, drug-related problems, and tax havens and evasion.

This appears to be the need of the hour for the 5th largest economy in the world now.