Moneycontrol concludes India Fintech Conclave 2024 with key insights and vision for the future

~The conclave emphasised the critical roles of innovation, transformation, and regulation in driving the future of India’s fintech sector~

Moneycontrol successfully hosted the second edition of the ‘Moneycontrol India Fintech Conclave’ on December 18, 2024, in Mumbai, on the theme ‘Innovate :: Transform :: Regulate’.  Bringing together policymakers, regulators, bankers, fintech founders, and thought leaders, the event delved into actionable strategies to strengthen and scale India’s burgeoning fintech ecosystem.

Ananth Narayan, Whole-Time Member, SEBI, emphasized the importance of maintaining market stability while fostering growth. “Our focus is on addressing risks like overtrading, which could amplify systemic vulnerabilities, while ensuring a balanced approach to market development,” he said, setting the tone for discussions on regulation and resilience.

In a fireside chat, K. V. Kamath, Chairman, Jio Financial Services, and Kunal Shah, Founder, CRED, reflected on India’s transformative fintech journey. Kamath noted, “India is on a long-term growth trajectory, much like China’s decades-long cycle of development, with immense opportunities to leverage technology and innovation.” Shah highlighted the dynamic collaboration between fintechs and traditional banks, stating, “Fintech is driving rapid evolution, compelling all players to adapt quickly to the changing landscape.”

Ashishkumar Chauhan, MD & CEO, NSE, shared insights from NSE’s journey of resilience and innovation. “From pioneering satellite telecom in 1994 to processing trades in nanoseconds today, NSE is a testament to the power of technology in revolutionizing India’s financial ecosystem,” he said during his fireside chat.

Ritesh Shukla, CEO, NPCI International Payments, spoke about UPI’s global expansion. “With UPI live in seven countries, including Nepal, UAE, and Singapore, we are building a robust cross-border payment ecosystem that supports both Indian travelers and inbound transactions,” Shukla remarked, underscoring the growing international footprint of India’s payment systems.

The evolving priorities of Indian consumers were highlighted by R Doraiswamy, MD, LIC of India. “Younger generations are increasingly focused on protection and retirement planning, driving demand for insurance products that combine coverage with long-term wealth creation,” he explained, reflecting on the industry’s adaptive strategies.

Parag Rao, HDFC Bank, reflected on the fintech sector’s remarkable transformation. “India’s financial inclusion has surged from 20% to 80%, investments reached $31 billion, and startups have grown by 500%, making the sector a global powerhouse,” he noted, emphasizing the year’s record-breaking milestones in digital transactions and embedded finance.

The conclave concluded on a high note, reaffirming its commitment to fostering innovation, resilience, and sustainable growth in India’s fintech sector, as it looks forward to maintaining its global competitiveness.