The Global Fintech Festival (GFF) 2023 opened in Mumbai with an inaugural address by Union Finance Minister Nirmala Sitharaman, wherein she called for global cooperation and collaboration to build an inclusive, resilient and sustainable financial ecosystem. She also highlighted that threats to global financial ecosystem, like physical border threats, cyber threats, crypto threats, drug menace, tax havens and round-tripping of resources and tax evasions need to be deliberated upon.
“Enhancing cross-border payments has been a priority of the G20 since 2020. One of the priority focus areas under the Indian G20 presidency is information sharing on national experiences and international initiatives on interoperability of national fast payment systems for seamless flow of funds,” Sitharaman said.
The minister, along with other dignitaries from Fintech Convergence Council, National Payments Corporation of India (NPCI), Payments Council of India (PCI) and Fintech Convergence Council (FCC), also released a report titled ‘The Second Wave: Resilient, Inclusive, Exponential Fintechs.’
Also present on the occasion, Shaktikanta Das, Governor, Reserve Bank of India (RBI), delivered a keynote address titled, ‘Rise of Financial Democracy in India: A Fintech Odyssey. In his address, he spoke on digital payments, inclusive banking, microfinance, regulatory advancements and many more areas revolutionising financial access, empowering individuals, and driving economic growth.