If you’re a fintech builder or a startup enthusiast, there is no way you missed the buzz surrounding the Global Fintech Festival (GFF) held last week in Mumbai. Known as the world’s largest fintech festival, GFF is a powerhouse event organized by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC). It brought together the brightest minds in fintech—from startups to investors, bankers, regulators, and global experts.
The scale of the event was massive, with 348 sessions, including key addresses by the Prime Minister and the RBI Governor, alongside prominent fintech leaders. The festival saw 120 central bankers from 27 countries and delegates from 50 countries. Over three days, more than 80,000 participants thronged the venue, turning Mumbai’s BKC into a bustling fintech hub, with queues stretching up to a kilometer!
There were more than 100 product booths showcasing the best of fintech innovation. The running joke at the event was, ‘are you qualified to be in financial services, if you are not at the GFF’
Prime Minister Narendra Modi’s presence added significant weight to the event, where he lauded fintech's role in enhancing the ease of living globally. His endorsement underscored the critical role fintech plays in shaping the future of financial services. And, then there was the RBI Governor and SEBI Chairperson and every Indian bank with a strong presence at the product booths.
Clearly fintech innovation has everyone excited. From secured lending to the role of Finfluencers, cyber fraud, digital literacy, and the representation of women in financial services, GFF 2024 covered diverse themes. Insurtech, wealthtech, lending, payments, SaaS, automation, and cybersecurity were strong buzz words.
As someone who has been attending GFF regularly over the last few years, here are some themes that personally stood out for me:
- Payments and lending continue to steal the Spotlight: Despite regulatory caution, lending continued to be a hot topic at the festival. Startups building fintech infrastructure for secured lending were particularly noticeable. Loan Against Securities for example was a strong conversation starter! Of course, every Indian bank, public and private, had a solid presence pitching fintech partnerships! Cross-border payments also emerged as a significant conversation point, highlighting the growing interest in global financial connectivity. There are many startups reimagining payments for global markets and that is good news!
- SaaS is still cool: Indian SaaS made a strong presence with innovations in lending infrastructure and AI-driven KYC solutions being strong showcase options at the product booths. Innovation around cyber security and AI driven solutions were the highlight. While Saas as a theme was expected, the level of innovation and adoption showcased was impressive.
- NPCI: The Best Fintech Innovator: Within the fintech community, there’s a joke that if there were a "Best Fintech" award, NPCI would win it and how! NPCI’s role in scaling UPI, Rupay, Bharat BillPay, and international fintech innovations has had everyone in awe. They also launched new initiatives at GFF, such as UPI Circle, which allows users to delegate payments, and Bharat BillPay for Business (BBPS), which automates invoice payments. NPCI’s constant drive for innovation keeps them ahead of the curve—and they were also one of the festival’s key organizers shaping conversations!
- Regulatory Focus Takes Center Stage: The festival emphasized the role of regulators. RBI Governor Shaktikanta Das highlighted the need for collaboration between innovators, policymakers, and regulators, stressing the balance between innovation and prudence. SEBI Chairperson Madhabi Puri Buch echoed this sentiment, focusing on simplifying compliance to help businesses thrive while maintaining regulatory integrity. The message was clear: regulatory oversight will remain strong, but with a focus on fostering innovation.
- Indian Fintech Goes Global: It was inspiring to see GFF 2024 become a melting pot of global fintech thought leadership. Delegates from 50 countries and central bankers from over 20 nations were in awe of India’s fintech innovations, especially the strides made in financial services powered by Indian technology. They haven’t witnessed anything of this scale! GFF truly put India on the global fintech map.
While innovations like UPI have already garnered international attention, events like GFF set the stage for deeper global conversations on emerging themes. GFF 2024 was a testament to India's growing influence in the global fintech ecosystem.
As someone who has attended several conferences the world over, GFF as an experience was something else! As attendees left exhausted but inspired, one thing is clear: we're already looking forward to GFF 2025 and the innovations it will bring.
