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CONTENTS
02 Foreword 03 Address by Honourable
Prime Minister

04 Highlights 06 Key Speakers

08 Sessions 45 Thought Leadership

47 Ancillary Events 48 Investment Pitches

49 Awards 53 Partners

55 Exhibitors 58 Supporters

59 Media Coverage 63 Gallery

66 Advisory Council 67 Founders’ Council

68 Organizers 69 2025 Announcement

 Foreword

G
lobal Fintech Fest for fostering trust and ensuring
(GFF) 2024 has firmly protection for investors.
established itself as 300+ expos and 100+ product
the epitome of global launches demonstrated cutting-
fintech convergence, edge fintech innovation and
drawing over 100,000 attendees the future of finance. Innovation
and featuring 950+ speakers from like Bharat BillPay for Business
40+ countries. The event provided and UPI Circle, launch of CBDC
a unique platform for the global programmability pilot and the RBI’s
financial services community to upcoming Unified Lending Interface
engage in deep discussions, share (ULI) promises to reshape India’s
groundbreaking innovations, and financial landscape.
exchange critical insights that will
shape the future of economies The Global Fintech Awards
worldwide. recognized the outstanding
contributions of industry leaders,
True to its vision, GFF 2024 while numerous events in the
delivered transformative outcomes. investment track-such as capital
The rise of Indian fintechs was access workshops and investment
prominently highlighted as Hon’ble pitches-facilitated significant
Prime Minister Shri Narendra Modi investment mobilization. In
graced the event, recognizing addition, Mr. Nandan Nilekani
the pivotal role of Indian fintechs (Co-founder and Chairman,
in both the Indian and global Infosys) introduced the “Finternet”,
economies. His message-“The a groundbreaking initiative aimed
best is yet to come”-captured the at integrating diverse assets
immense potential ahead. through secure, cryptography-
driven infrastructure.
Shri Shaktikanta Das, Governor
of RBI, set the tone for India’s I extend my heartfelt thanks to
financial ecosystem by outlining everyone who contributed to
five key priorities: digital making GFF 2024 a resounding
financial inclusion, digital public success. As we look ahead, GFF
infrastructure, consumer protection will continue to celebrate industry
cybersecurity, sustainable finance, achievements, foster innovation,
and strengthening financial and drive the growth of the global

Mr. Kris Gopalakrishnan infrastructure. Smt. Madhabi Puri

Buch (Chairperson, Securities and
fintech ecosystem. We are excited
for the future and look forward to
Exchange Board of India (SEBI) welcoming you to GFF 2025, where
Chair-Global Fintech Fest 2024 highlighted that compliance together we will set the agenda for
Chairman, Axilor Ventures, Co-founder, Infosys and regulation would be crucial fintech globally and in India.

02
 Address by Chief Guest

Shri Narendra Modi

Hon’ble Prime Minister of India

H
on’ble Prime Minister  Hon’ble Prime Minister also
Shri Narendra Modi highlighted UPI’s success in
addressed the Global facilitating real-time, 24/7
Fintech Fest (GFF) banking services across rural and
2024 in Mumbai, urban areas, further boosting
underscoring India’s leadership digital transactions. He noted
in the fintech sector and the that fintech’s impact extends
transformative impact it has beyond technology, bringing
had on financial inclusion and transparency to financial
innovation. Some key takeaways processes, reducing leakages
from the session: through Direct Benefit Transfers,
and supporting economic
 “India’s fintech diversity empowerment, particularly for
amazes everyone”: Hailed India’s women through programs like
fintech revolution, driven by Mudra Yojana. “Transformation
initiatives such as the Jan Dhan brought about by FinTech in India
Yojana and the Unified Payments is not limited to just technology.
Interface (UPI), as a global Its social impact is far-reaching”
model, highlighting the sector’s
pivotal role in democratizing  Urged the fintech sector to
financial services and continue fostering innovation,
empowering underrepresented pointing to the potential of
groups, especially women. emerging technologies such as
Digital Twins and Open Network
 The Prime Minister pointed out for Digital Commerce (ONDC).
the significant growth of
India’s fintech industry, with a  He also called for greater efforts
record investment of over in ensuring cybersecurity and
$31 billion in the past decade and promoting digital literacy to
a startup growth rate of 500%. safeguard the growth of fintech.
Key factors behind this success
include widespread mobile and  “The best is yet to come”:
broadband access, as well as Concluding his address, he
digital identification through expressed confidence that
Aadhaar. India’s fintech ecosystem would
play a significant role in
 Emphasized that India’s fintech improving the quality of life for
infrastructure has enabled over people globally, emphasizing
530 million people to open Jan that India’s best contributions to
Dhan accounts, connecting a fintech are still ahead.
population equivalent to that of
the entire European Union to the
formal banking system.

03
 100K+FOOTFALLS
20+
4,000+
CEOS & FOUNDERS
THOUGHT
LEADERSHIP
ATTENDED REPORTS &
WHITE PAPERS

950+
SPEAKERS
75+
COUNTRIES-
FROM 40+ DELEGATE
COUNTRIES PARTICIPATION
HIGHLIGHTS
2024

400+ 100+
PRODUCT
INVESTORS LAUNCHES &
SHOWCASES

325+
SESSIONS
325+
EXPO BOOTHS

04
 2024 IN NUMBERS
INDUSTRY PARTICIPATION PROFILE OF DELEGATES WHO ATTENDED GFF
FROM VARIOUS
SECTORS (%)
Fintech
Banks
31
27
59% 24% 11%
FS Support CXOs and Founders Product Technical & Engineers
Ecosystem 16
Other Financial
Service Providers 14
Tech Companies 9
VC/PE Firms
Marketing
2
1
3% 3%
Risk Compliance Finance

FINTECH SUB-SEGMENTS
COVERED AT GFF (%)

Payments 41
Lending 35
Wealth Tech 10
Insuretech 8
Regtech 6

COUNTRY-WISE BIFURCATION
FROM THE OVERALL % OF
INTERNATIONAL PARTICIPATION
Singapore 23 Japan 5
Other 19 Australia 3
UAE 16 Kenya 3
Nepal 11 Sri Lanka 2
USA 9 Indonesia 1
UK 8
05
 KEY PIYUSH GOYAL SHAKTIKANTA DAS DR. FLORIAN TONCAR MADHABI PURI BUCH NANDAN NILEKANI CHRISTOPHER WALLER
SPEAKERS Hon’ble Union Minister of
Commerce & Industry and MP
Reserve Bank of India German Federal Ministry
of Finance
Securities and Exchange
Board of India (SEBI)
Infosys Federal Reserve Board of
Governors of the United States

Dammu Ravi Maha Prasad T Rabi Sankar Daranee Saeju Khaled M Mehdi Manaa Shaji K V Lt. Gen M U Nair
Ministry of External Affairs Adhikari Reserve Bank of India Bank of Thailand Albasias Buna NABARD National Cyber Security
Nepal Rastra Bank Saudi Central Bank Coordinator

Ashwani Bhatia Ananth Narayan Amarjeet Singh Kamlesh Chandra Mahaveer Singhvi Vivek Deep P Vasudevan Ajay Kumar
Securities and Exchange Securities and Exchange Securities and Exchange Varshney New, Emerging and Reserve Bank of India Reserve Bank of India Choudhary
Board of India (SEBI) Board of India (SEBI) Board of India (SEBI) Securities and Exchange Strategic Technologies National Payments
Board of India (SEBI) [NEST] Division Corporation of India (NPCI)

G Padmanabhan Gopal Srinivasan C S Setty Dinesh Kumar Tan Su Shan Amitabh Vaidyanathan Alexandre
Ex-Reserve Bank of India TVS Capital Funds State Bank of India Khara DBS Bank Chaudhry Vembu Stervinou
State Bank of India Axis Bank IDFC FIRST Bank Banque de France

Rossana Varesi Ryosuke Ushida Michael Eganza Sopnendu Joseph Joshy Fangfang Jiang Gunveer Singh Suvendu Pati
Banco Central del Uruguay Financial Services Central Bank of Kenya Mohanty IFSCA International Finance Reserve Bank of India Reserve Bank of India
Agency of Japan Monetary Authority of Corporation.
Singapore

Vaibhav Chaturvedi Sudhanshu Rajesh Bansal Camilo Christian Kajeneri Mohammad Jay Surti Angelo M Duarte
Reserve Bank of India Prasad Reserve Bank Innovation Tellez-Merchan National Bank of Rwanda Alblooshi International Monetary Central Bank of Brazil
Reserve Bank of India Hub Better Than Cash Alliance, DIFC Innovation Hub Fund
United Nations
06
 Rajesh Kumar José-Luis Vásquez Stanislav Korop Sumnesh Joshi Sonja Davidovic Ana Maria Prieto Dirk van Zarin Daruwala
Indian Cybercrime Central Bank of Peru Bank of Russia Ministry of Communications Bank for International Central Bank of Colombia Quaquebeke Standard Chartered
Coordination Centre Settlements Beenext Bank

Vishwas Patel Srinivasu MN Harshvardhan Jitendra Gupta Sameer Nigam Solomon Damtew T Koshy Michael Spiegel
Infibeam Avenues Billdesk Lunia Jupiter Money PhonePe Birhanu Open Network for Digital Standard Chartered Bank
Lendingkart National Bank of Ethiopia Commerce

Kunal Shah William Hockey Sabyasachi Harshil Mathur Madhusudanan R Sujith Narayanan Anirban Upasana Taku
CRED Column Goswami Razorpay M2P Fintech Epifi Technologies Mukherjee MobiKwik
Perfios Software Solutions PayU

Anubrata Biswas Nobutake Suzuki Amrish Rau Melissa C Keshav Reddy Chris Winter Ambarish Kenghe Gautam
Airtel Payments Bank MUFG Innovation Partners Pine Labs Frakman Equal Discover Google Aggarwal
Emphasis Ventures Mastercard

Sandeep Ghosh Chetan Rajesh Kumar Suresh Sethi Sandeep Batra Jigar Halani Sudipta Roy Allen Forlemu
Visa Inc. Krishnaswamy TransUnion CIBIL Protean eGov Technologies HSBC India NVIDIA L&T Finance International
Amazon Finance Corporation

Christophe Anjani Rathor Kalyan Kumar Harris Mygdalis Vijay Shekhar Chris Bayley Vivek Sridhar Sonja Davidovic
Mariette HDFC Bank Punjab National Bank Eurobank Sharma Deck2.vc Neokred Advisor, Bank for
Lyra Network Paytm International Settlements

07
Blueprint for the Next Decade of Finance
The session focused on fintech’s rapid global growth, driven by public infrastructure and technology, with India
playing a key role through its Digital Public Infrastructure (DPI). Global fintech funding is stable at $7-10 billion
per quarter, projected to reach $1.5 trillion by 2030. The importance of collaboration (and India’s central role in
shaping the Global South), compliance, and innovation in ensuring sustainable fintech growth was emphasized.

SHRI DAMMU RAVI MR. KRIS MR. G PADMANABHAN MR. VISHWAS PATEL MR. YASHRAJ ERANDE
Secretary, Economic Relations, GOPALAKRISHNAN Former Executive Director, RBI, Joint Managing Director, Global Leader – Fintech, India
Ministry of External Affairs Chair - GFF2024, Co- founder Ex- Chairman, Bank of India Infibeam Avenues Leader – Financial Services,
Infosys and Chairman, Axilor Ventures Boston Consulting Group

GLOBAL FINTECH EVOLUTION: EVENT GROWTH: Global EVENT SCALE: With FINTECH FUNDING: Global
INTERCONNECTEDNESS: India’s fintech growth is Fintech Fest’s journey from 80,000+ delegates and fintech funding stabilized
Positioned fintech as a driven by technology, public a challenging idea to an 300 exhibitors, the event is at $7-10Bn per quarter with
tool for global inclusivity, infrastructure, and cross- internationally recognized the largest global fintech global revenues projected
especially via India’s Digital sector collaboration. event with over 900 conference. at $1.5Tn by 2030.
Public Infrastructure (DPI). TECHNOLOGICAL FOCUS: speakers from 75 countries FUTURE FOCUS: INDIA’S POSITION: India
INDIA’S ROLE: Opportunity AI, ML, voice/facial and 150 central bankers. Networking, innovation, and is 3rd in Unicorns and
for India to shape the recognition, and cross- Focus on collaboration knowledge-sharing are Soonicorns, with fintech
Financial Ecosystem of the border transactions are key among stakeholders critical to sustaining fintech growth at 56% YoY,
Global South; Indian digital areas for future growth. (government, industry, growth. compared to the global
public infrastructure and regulators). average of 13%.
GLOBAL LEADERSHIP:
Fintech ecosystem are Urged India to lead in low- VISION: Emphasized 100+ STRATEGIC PRIORITIES:
global exemplars. cost, real-time payments product launches and Six bridges to shape the
and responsible innovation, closed-door discussions to next decade of Finance
focusing on trust and ethical shape fintech’s future. – Bridge to Future Ready
technology use. Tech, Bridge between
Incumbents and Fintechs,
Bridge to Capital Access,
Bridge to Regulation,
Compliance and Risk
Management, Bridge to a
Brighter and Greener future.

08
Keynote by

Shri Piyush Goyal

Hon’ble Minister of Commerce and
Industry, Government of India

S
hri Piyush Goyal  Emphasized India’s UPI and India
emphasized India’s fintech Stack innovations as key drivers of
success in driving financial financial inclusion, widely respected
inclusion through UPI, globally for their scalability and
India Stack, and Jan Dhan accessibility.
Yojana. He praised efforts in creating
a low-cost financial ecosystem, PRIME MINISTER’S
integrating millions into the formal VISION AND LEADERSHIP
economy, and promoting direct  Emphasized aggressive monitoring
benefit transfers. He highlighted during the Jan Dhan rollout, achieving
Prime Minister Modi’s leadership 125 million accounts in 125 days.
during Jan Dhan’s rollout and urged
fintech leaders to promote ethical  PM’s zero-balance accounts
AI, women’s financial inclusion, and strategy empowered the poor and
global collaboration. Shri Piyush streamlined government benefits
Goyal stressed the importance of through DBT, cutting out middlemen.
democratized fintech services in
supporting India’s economic growth SUGGESTIONS FOR
and fostering inclusive, sustained FINTECH AND INDIA’S FUTURE
development.  Urged fintech leaders to promote
India’s success globally, encouraging
Shri Piyush Goyal highlighted India’s investment and collaboration.
fintech success, emphasizing its role
in financial inclusion & digital public  Emphasized the need to focus on
infrastructure. women’s financial inclusion and
improve credit access, particularly
KEY HIGHLIGHTS BY for rural women.
SHRI PIYUSH GOYAL
 Praised fintech for democratizing  Stressed the importance of ethical
financial services, enabling AI in combating money laundering
$420 billion in digital transactions and financial crimes while ensuring
and making India a global leader financial literacy for marginalized
with a low-cost financial ecosystem. groups.

 Discussed the Jan Dhan Yojana CONCLUSION

as pivotal, resulting in 530 million  India’s democratized fintech
new bank accounts, integrating the ecosystem has been crucial to the
poor into the formal economy and country’s economic growth. Shri
enabling direct benefit transfers Piyush Goyal encouraged continued
(DBT). innovation and global engagement
to sustain inclusive growth.

09
Recent Developments in Digital
Finance - Experiences from
German and EU Regulation

DR. FLORIAN TONCAR DR. BIJNA KOTAK DASANI

Parliamentary State Secretary, MBE, FRSA, Managing Director,
German Federal Ministry of Finance ArthAum Group

T
he session highlighted fintech’s role in promoting financial  Europe is working on an AI Act to particularly in cross- border
inclusion, reducing transaction costs, and leveraging AI for regulate AI use, depending on its payments.
credit assessment and fraud detection. Key trends discussed criticality.  Enhanced regulatory frameworks
include open finance, blockchain, and CBDCs for cross-border FINANCIAL INCLUSION & (like EU’s Markets in Crypto Assets
efficiency. AI’s potential and regulatory challenges were CONSUMER PROTECTION Regulation) aim to promote
emphasized, with the need for robust frameworks to combat rising  Germany ensures almost 100% innovation while ensuring investor
fraud and ensure investor protection. bank account ownership, with protection.
statutory rights to a payment  Coordination between security
account. agencies and the use of forensic
 Participation in capital markets is AI to combat financial crime is
FINTECH OPPORTUNITIES (AI), requiring global dialogue and still low, but technology like Neo crucial.
 Focus on financial inclusion, cheap strategy alignment. Brokers is changing investment TOP TRENDS IN
and easy access to high-quality AI IN FINANCIAL SERVICES culture. DIGITAL FINANCE
financial services.  Financial literacy and protecting  Open finance and integrated
 AI is transformative but comes
 Digital finance reduces with challenges; it offers potential vulnerable customers (especially financial products.
transaction costs, enhances in areas like credit assessment, women) are key areas of focus  Distributed ledger technology
international integration, compliance, & fraud for regulators. (e.g., blockchain) for validating
and boosts cross-border financial detection. CHALLENGES IN FINTECH transactions.
flows. & REGULATION  Digital central bank currencies
 Proper regulation is essential
 Major technological to mitigate risks like biases and  The rise of digital payments (CBDCs) to enhance cross-border
advancements include crypto financial exclusion, while ensuring brings fraud and abuse risks, financial efficiency.
assets and artificial intelligence transparency and security. observed ~153% increase YoY,

10
 Fintech Innovations for
India@100: Shaping the Future
of India’s Financial Landscape

S
hri Shaktikanta Das emphasized Act and tools to prevent unfair digital
India’s fintech growth, driven practices.
by digital financial inclusion,
Aadhaar, and UPI, along with  Sustainable Finance: He outlined
a focus on cybersecurity and India’s efforts in green bonds, green
consumer protection. He highlighted deposits, and the role of Fintech in scaling
sustainable finance, global UPI integration, sustainable finance solutions. He stressed
and responsible AI/ML usage for the need for tech-driven transparency
innovation while ensuring balanced (e.g., blockchain for green projects).
regulation through guidelines and self-
regulatory organizations.  Global Integration: Focus on making
The Governor highlighted India’s UPI and the Rupee global by linking with
evolving financial sector, driven by fintech, international fast payment systems and
and acknowledged the Global Fintech deploying UPI infrastructure abroad.
Fest as a key platform for innovation. He Cooperation on CBDC (Central Bank
emphasized the need to align strategies Digital Currency) was also highlighted.
with future goals as India approaches 100
years of independence in 2047. TECHNOLOGIES FOR THE FUTURE
 AI and ML: Significant opportunities for
KEY PRIORITIES FOR INDIA’S AI/ML in fraud detection, credit scoring,
FINANCIAL SYSTEM and customer service. Emphasized
 Digital Financial Inclusion: He responsible AI adoption to balance
emphasized ensuring widespread access innovation and data privacy concerns.
to financial services, especially through
digital means, citing the growth of  IoT and Quantum Computing: IoT
Jandhan accounts and financial inclusion will transform payment systems and
indices. insurance, while quantum computing
promises advances in cryptography,
 Digital Public Infrastructure (DPI): financial modeling, and risk management.
Strengthening DPI through initiatives like
Aadhaar, UPI, and the upcoming Unified REGULATORY FRAMEWORK
Lending Interface (ULI) for seamless credit  Balanced Regulation: Self regulatory
delivery. DPI will enhance interoperability, approach to fostering fintech innovation
transparency, and fraud prevention. while ensuring prudence. He highlighted
regulatory measures such as guidelines
 Consumer Protection and Cybersecurity: on digital lending, cyber resilience,
The Governor stressed the importance and self-regulatory organizations
of consumer protection, data privacy, (SROs) for fintechs, with one SRO
and cybersecurity, with new frameworks already recognized.
like the Digital Personal Data Protection

Shri Shaktikanta Das

Governor, Reserve Bank of India

11
Fireside Chat
The session highlighted India’s success in digital payments and discussed
challenges in interlinking fast payment systems globally. Mr. Christopher
Waller discussed the success of UPI and explored possibility of linkage with
FedNow in the future (post establishment of a robust domestic network)

MR. CHRISTOPHER WALLER SHRI P. VASUDEVAN

Member, Federal Reserve Board Executive Director, RBI
of Governors, USA

S
hri P. Vasudevan (Executive Director, RBI) welcomed Mr. ensuring economic viability for REGULATION OF FINTECHS:
Christopher Waller (Member, Federal Reserve Board of cross-border systems.  Advocated for “same activity,
Governors, USA) and set the stage for discussions on the PAYMENTS INNOVATION AT FED: same risk, same regulation,”
global payments landscape and interlinking domestic fast  Introduced FedNow (July 2023) as ensuring fintechs face similar
payment systems. a real-time payment network for scrutiny as banks based on the
over 9000 US institutions, noting risk profile of their activities.
that broader adoption is needed  Mr. Waller praised India’s UPI for
for full effectiveness. fostering financial inclusion and
MR. CHRISTOPHER WALLER payment systems as part of the  Expressed caution about emphasized that achieving a
Member, Federal Reserve Board of G20 roadmap but stressed the immediate FedNow-UPI ubiquitous domestic real-time
Governors, USA importance of compliance and interlinking, citing the need for network is the priority before
fraud detection in cross-border more US bank participation. expanding globally.
 Praised India’s public-private payments.  Waller expressed optimism for
partnership for driving low-cost KEY CHALLENGES IN CROSS- future FedNow-UPI interlinking,
financial inclusion and digital BORDER PAYMENTS: but stressed the importance of
payment adoption.  Addressed issues like regulatory establishing a robust domestic
 Supported the interlinking of fast concerns, interoperability, & network first.

12
Role of Fintech
in Ease of Doing
Business

S
ecurities and Exchange SIMPLIFYING COMPLIANCE
Board of India (SEBI) aims to  Securities and Exchange Board of India
simplify fintech compliance (SEBI)’s aim is to make compliance a
through process optimization “low hum in the background,” focusing on
and AI, promoting innovation process optimization and implementing
with standardized APIs and clear AI to speed up approvals and reduce IPO
regulatory distinctions. They focus on processing times.
balancing trust, consumer protection,
and investor confidence. Securities and ENCOURAGING INNOVATION
Exchange Board of India (SEBI) has  Securities and Exchange Board of India
introduced platforms to boost market (SEBI) supports fintech innovation that
efficiency, processed thousands of benefits consumers and encourages
recommendations to improve business standardization of APIs and data formats
ease, and is pushing for 100% API adoption to reduce costs for fintech players.
and automated reporting.
 It distinguishes between “light gray” areas
IMPORTANCE OF REGULATION (allowed) and “dark gray” (prohibited) in
 Regulations ensure trust and consumer innovation.
protection, creating a balanced
relationship between institutions and KEY INITIATIVES
investors.  Platforms like mutual fund execution-
only platforms and online bond platforms
 Securities and Exchange Board of India foster innovation.
(SEBI)’s regulatory framework helps build
credibility for businesses, especially in  Securities and Exchange Board of India
sectors like small and medium REITs, (SEBI) has improved processing times for
which sought regulation to gain investor brokers and advisers, aiming to handle
confidence. most approvals within a month.

CONSULTATIVE APPROACH
 Securities and Exchange Board of India
(SEBI) processed 3,177 recommendations
for improving ease of doing business, with
71% accepted.

FUTURE PLANS
 Securities and Exchange Board of India
(SEBI) is pushing for 100% API adoption
across market infrastructure and
expanding automated reporting to make
compliance seamless.

Smt. Madhabi Puri Buch

Chairperson, Securities and Exchange
Board of India (SEBI)

13
Leveraging India’s Digital
Public Infrastructure: Lessons
for Global Adoption

SHRI T RABI SANKAR MR. G PADMANABHAN

Deputy Governor, Reserve Bank of India Former Executive Director, Reserve Bank of
India, Ex ED RBI and Ex-Chairman, Bank of India

T
he session emphasized India’s fintech leadership,  As of 2022, only 40% of the  The fintech sector is poised to
highlighting UPI’s success and the role of Self-Regulatory population had ever used digital play a key role in driving financial
Organizations (SROs) in maintaining fair competition, transactions, presenting massive inclusion, aligning public policy
innovation, and consumer protection. Despite significant opportunities for fintech to grow objectives with business growth.
growth in digital payments, there remains substantial by 75% or more.
REGULATORY COLLABORATION
potential for future expansion. Fintech will drive financial inclusion, with ROLE OF SELF-REGULATORY
SROs ensuring trust, compliance, and industry accountability, as the AND CONSUMER TRUST
ORGANIZATIONS (SROs)  SROs are crucial in facilitating
sector aligns with public policy objectives.  The RBI recognized the first open communication between
fintech SRO in 2024 to establish regulators and the industry,
ethical standards, ensure
ensuring smoother adoption
fair competition, and protect
of new regulations like digital
INDIA’S FINTECH LEADERSHIP  The India model enables consumers.
lending and payment mandates.
 India’s model centers innovation at scale, reaching even  SROs will set member
around building digital public  Building trust is vital, with SROs
remote regions with accessible accepted standards, ensure
infrastructure (DPI) by the public compliance, help reducing risks, tasked to uphold fair pricing,
financial products.
sector, with private sector driving and promoting responsible transparency, and protect against
innovation and scaling. FUTURE GROWTH POTENTIAL innovations. practices like dark patterns.
 UPI exemplifies success: daily  Current UPI transactions account  The SRO framework aims to  Fintech’s success depends on
UPI transactions now exceed for 0.3 transactions per capita balance fintech growth while delivering genuine value to
460 million, up from 340 million per day, with potential to reach safeguarding systemic integrity, consumers while maintaining
last year, yet there’s significant over 1.5, as seen in other markets ensuring industry accountability, compliance with evolving
potential for growth. like M-Pesa. and enhancing public trust. regulatory standards.

14
 Finternet: Transforming
Financial Services through
Digital Innovation

M
r. Nandan Nilekani  Interoperability & Trust: The system
introduced Finternet, a ensures universal interoperability of assets
unified financial system across ledgers, backed by cryptography
using tokenization to and regulated trust service providers. This
securely represent dual layer of trust supports a secure and
assets across ledgers. This system scalable financial system.
ensures seamless transactions, enhances
interoperability, and boosts trust via REAL-WORLD USE CASES:
cryptography and regulated service  Property Loans: Tokenizing assets such
providers. It aims to streamline processes as property simplifies the loan process,
like property loans and dispute resolution reducing paperwork and enabling instant
while fostering global adoption through settlements.
collaboration with developers and central
banks.  Dispute Resolution: In India, ~10% of cases
 in Judicial system are related to cheque
 Introduction to Finternet: Mr. Nilekani bouncing issues. Automated, tokenized
introduced Finternet, a vision for a unified, records can help resolve financial disputes
user-centric, and universal financial faster and more efficiently, cutting down
system that integrates various asset types on court cases like check-bouncing.
(e.g., deposits, property, NFTs) across
different platforms.  Global Adoption: Finternet is already
being developed by a global community
 Current System Challenges: Today’s of developers and central banks, with
financial systems are fragmented and open-source tools and sandboxes for
inefficient, with separate pipelines for experimentation.
different transactions (P2P, G2P), leading
to high costs and slow processes.  Future of Finance: Nilekani emphasized
that Finternet is not theoretical-it’s an
 Tokenization as the Solution: The core of evolving reality that aims to combine
Finternet is tokenization, where all assets traditional finance with cryptographic
are represented as cryptographically technology, building a more inclusive,
secure tokens. These tokens can be efficient, and secure financial ecosystem
traded, transferred, and composed across for the 21st century.
multiple ledgers, ensuring seamless and
secure transactions.

Mr. Nandan Nilekani

Co-founder & Chairman, Infosys Technologies

15
Seamless Banking
for the Next
Billion Customers

SHRI C S SETTY MR. AMOL DETHE

Chairperson, State Bank of India Editor, ETBFSI & ETCFO, The Economic Times
(Times Internet Ltd)

S
BI’s digital transformation focuses on omnichannel banking  Value Creation: SBI helps fintechs CHALLENGES & OPPORTUNITIES:
and advanced tech infrastructure. Fintech collaborations in with scalability and integration  Deposit Growth & Strategy:
12 areas drive scalability and value creation. SBI’s YONO 2.0 into legacy systems. Strong deposit and credit growth
aims for personalized banking with AI-driven enhancements. SBI YONO 2.0 despite external pressures. Focus
The future strategy balances digital channels and physical  Transformation: Complete remains on service quality.
branches, addressing deposit growth, corporate lending, and service  Corporate Lending: Strong
overhaul focusing on stability,
quality. Fintechs are advised to focus on scalability and legacy system private capital expenditure
scalability, and hyper-
integration for successful collaboration with SBI.
personalization. in renewable energy and
 Launch: A phased rollout begins infrastructure sectors.
in November with enhanced user
ADVICE FOR FINTECHS:
experiences.
SBI’S DIGITAL TRANSFORMATION  Scalability & Integration:
25,000–30,000 transactions
FUTURE OF BANKING: Fintechs must focus on scalability
 5-year Roadmap: Focus on per second, managing over 50  Balanced Approach:
omnichannel banking, and legacy system integration for
crore customers and 33% of UPI Both digital channels and
robust tech infrastructure, successful collaboration with SBI.
volumes. physical branches to cater to
and cybersecurity. SBI’s diverse customer base. CONCLUSION:
 Omnichannel Experience: FINTECH PARTNERSHIPS  SBI is transforming Indian banking
 AI & Generative AI: SBI
Seamless transition between  Engagement: Structured with advanced technology,
uses AI for lending, fraud
branch, mobile, internet, and collaboration with fintechs in 12 detection, and risk management, strong fintech partnerships, and
agent-assisted services for key categories, offering scale and exploring further Gen AI a focus on seamless customer
customers. potential capital via SBI’s private applications. experiences to serve the next
 Scale & Impact: SBI handles equity wing. billion customers.

16
Fintech, AI, and Digital
Payments: Shaping the
Future of Finance

T
he session discussed India’s  International Expansion: UPI’s PayNow
fintech growth driven by AI, linkage with Singapore for real-time
blockchain, and quantum remittances was a key milestone. National
computing, highlighting UPI’s Payments Corporation of India (NPCI)
role in financial inclusion is expanding UPI and RuPay to several
and international expansion. Emerging countries, including UAE, France, Mauritius,
technologies are reshaping financial and others, to build a global digital
services, and balancing innovation with payment network.
governance and customer-centricity is
crucial. Global collaborations, SROs, and a  Emerging Technologies: AI/ML, DLT,
focus on cybersecurity, data governance, and quantum computing are reshaping
and operational resilience will drive the financial services by improving risk
future of fintech. management, fraud detection, and
decision-making. Technologies like
 Fintech & AI Transformation: Mr. FinterNet, as proposed by Mr. Nandan
Choudhary highlighted the rapid evolution Nilekani, represent the next frontier.
of fintech, driven by AI, blockchain,
quantum computing, and digital  Risks and Regulatory Challenges:
payments. Global fintech investment New technologies bring risks like
reached $58.2 billion in the second half of cybersecurity, data governance, and
2023, with Asia Pacific leading the sector. operational resilience. Fintechs need to
balance innovation with governance and
 India’s Fintech Growth: India’s fintech customer-centricity.
market is projected to grow from $110
billion to $420 billion over the next five  Regulatory and SROs: Mr. Choudhary
years, with a compound annual growth stressed the importance of self-regulatory
rate of 31%. India ranks third globally organizations (SROs) in promoting
in fintech companies, with over best practices and collaborating
9,000 entities. UPI recorded 14 with regulators. The RBI has already
billion transactions valued at recognized one SRO, with more expected.
over `20 lakh crore in July
2024, significantly advancing  Conclusion: Mr. Choudhary concluded
financial inclusion. India that fintech will drive the future of finance,
has ~87% adoption but it must be inclusive, responsible, and
compared to a global resilient, with global collaborations playing
average of 67%. a key role.

Mr. Ajay Kumar

Choudhary
Non Executive Chairman
and Independent Director,
National Payments
Corporation of India (NPCI)

17
The Future of IPOs: Streamlining
Processes and Enhancing
Evaluation with Technology

SHRI ASHWANI BHATIA MR. GANESHAN MURUGAIYAN MR. VIJAY CHANDOK MR. VISHAL KAMPANI
Whole-Time Member, Securities and MD, Head-Investment Banking, BNP Paribas MD & CEO, ICICI Securities Non-Executive Vice Chairman, JM Financial
Exchange Board of India (SEBI)

T
he panel discussed the strong growth of India’s IPO market, are being well absorbed by Compliance is non-negotiable.
driven by domestic capital and widespread investor the market.  Payment system complexity
participation across sectors. Fintech IPOs are expected to and fraud prevention need
INVESTOR BEHAVIOR
rise, with challenges around tighter regulations, payment improvement, with fintechs
 30% gains on average for IPO
system complexity and fraud prevention. While investor playing a key role in education
investors over the last year, but
appetite remains strong, risks of overvaluation was noted. and security.
caution is advised, especially in
high-valuation sectors like tech. FUTURE OUTLOOK
 Investors should thoroughly  Strong pipeline of Fintech IPOs
review offer documents rather expected in the coming quarters,
CAPITAL MARKET GROWTH IPO MARKET TRENDS than relying solely on research driven by high-growth New Age
 2023-24: `2 lakh crore raised  Domestic capital (mutual funds, reports. companies.
through primary equity issuance insurance, retail) is now the key
 Securities and Exchange Board  India continues to attract both
and `8.5 lakh crore in debt. driver of IPOs, reducing reliance
of India (SEBI)’s enhanced domestic and foreign investment,
on foreign portfolio investors
 Capital raised in the first disclosure norms ensure greater with `38Bn in equity inflows in the
(FPIs).
four months of 2024 already transparency for investors. first eight months of 2024.
 Broad industry participation: All
surpassed last year’s sectors are contributing, signaling CHALLENGES & OPPORTUNITIES  While demand is strong, IPOs are
`1.97 lakh crore. India’s widespread growth.  Regulation vs. Innovation: Fintechs seen as priced to perfection, with
 Reflects strong investor appetite  Private equity and promoter exits must adapt to tighter regulations overvaluation posing a risk in the
and a booming market cycle. through offers for sale (OFS) as they handle public capital. current bull market.

18
Driving a Culture of Innovation
and Digitalization by Leveraging
New Tech such as GenAI and DLT

D
BS Bank transformed its  Customer-Centric Approach: DBS adopts
tech infrastructure with a Phygital (physical + digital) strategy,
microservices and hybrid cloud using a 4D Framework (Discover, Define,
models, insourced 85% of tech Develop, Deliver) to enhance customer
talent, and leveraging AI and journeys. Data-driven insights are
blockchain for client-facing services, central to improving client services, with
cross-border payments and tokenized personalization driving results.
treasuries. It focuses on a customer-centric,
“Phygital” approach with a 4D framework  Culture of Innovation: DBS fosters a
and promotes a startup like culture. DBS startup-like culture within its 40,000
aims to stay at the forefront of AI and employees, promoting open collaboration
blockchain innovation via its strong culture and continuous learning through
of innovation and fun. hackathons and AI education. The
“RED” (Respectful, Easy, Dependable)
 DBS’s Digital Transformation: framework defines its customer
DBS, Southeast Asia’s largest bank, engagement strategy.
transformed from monolithic IT systems to
a microservices-based architecture, using  Future Focus: DBS aims to stay at the
a hybrid cloud model. The bank insourced forefront of AI and blockchain innovation,
85% of its tech talent and built a robust focusing on tokenized assets, cross-
API suite (DBS Rapid) that positioned it border payments, and fostering AI talent,
strongly during COVID-19. With 12,000 all underpinned by a strong culture of
engineers, DBS is now more tech than innovation and fun.
banking focused. DBS is leveraging
Generative AI for client-facing services
(e.g., pitch books, call center operations)
and introduced a PURE framework for
ethical AI use. In blockchain, DBS built an
end-to-end service for custody, trading,
and settlement, with key use cases in
cross-border payments and tokenized
treasuries.

Ms. Tan Su Shan

Global Head of Corporate and
Commercial Banking, DBS

19
Leveraging Technology and
Innovation for Growth of the
Mutual Fund industry

SHRI AMARJEET SINGH MR. NITHIN KAMATH MR. ANUJ KUMAR MR. NILESH SHAH
Whole-Time Member, Securities and Founder and CEO, Zerodha Managing Director, Computer Age Managing Director, Kotak Mahindra Asset
Exchange Board of India (SEBI) Management services Management Company

T
he panel discussed mutual fund growth, highlighting technology enables inclusive fund underperformance, where
technology, APIs, and digital tools in expanding growth, helping mutual funds 32% of AUM failed to outperform
participation. Topics included addressing fraud risks, reach new investors in smaller benchmarks over three years.
simplifying investments, promoting passive options, and cities through simple and He emphasized sticking to long-
targeting smaller cities. They emphasized balancing human accessible platforms. Suggested term value rather than chasing
and robo-advisors, focusing on long-term value, digital literacy, and easing the process for NRIs to short-term gains.; suggested
security. By 2035, they expect 20 crore mutual fund investors driven by invest in India. a balance between human
AI and blockchain.  Spoke on the growth in mutual touch and technology, stressing
fund penetration with 70 lakh that robo-advisors and human
new SIPs in July 2024. Highlighted advisors must coexist to serve
that APIs and digital tools have India’s diverse investor base and
 Set the context by highlighting Tier 2 and 3 cities. enabled seamless onboarding highlighted the need for digital
the mutual fund industry’s and portfolio management. literacy and security awareness to
 Suggested that simplifying the prevent digital fraud and promote
impressive growth to INR 65 Stressed that while technology
investment experience and facilitates transactions, security safe investment practices.
trillion AUM and the increasing
role of technology in expanding focusing on passive investment and fraud prevention must be FUTURE OUTLOOK
investor participation. options will be key to driving prioritized, particularly with  The panel anticipates 20Cr
Emphasized that the sector more engagement from first- growing digital risks like OTP mutual fund investors by 2035,
still has significant potential for time investors. Emphasized the fraud. with digital adoption & tech like AI
further penetration, particularly in importance of ensuring that  Addressed the challenge of active and blockchain driving growth.

20
Global Trade Currency:
Expanding the Reach of the
Indian Rupee

I
n this keynote, Ms. Zarin Daruwala stability and India’s bond market remains
highlights the strategic importance highly liquid. Coupled with the depth and
of INR internationalization, India’s vibrancy of the country’s foreign exchange
rising global trade footprint and (FX) markets, these factors collectively
lays out key steps to accelerate INR enhance India’s ability to engage in robust
internationalization international transactions

INR INTERNATIONAL OFFERS MULTIPLE GOING FORWARD, BELOW MEASURES

BENEFITS CAN FURTHER ACCELERATE INR
 Mitigates currency risks; By using INR ACCELERATION
more globally, India reduces vulnerability Leverage SRVAs to enable foreign banks to
to fluctuations in foreign currencies. hold INR in Special Rupee Vostro Accounts
 Reduces the need to hold large Leveraging Asian Clearing Union; explore
forex reserves; currently, India incurs
usage of INR for regional payments and
an estimated USD 12 billion cost in
settlements.
maintaining dollar reserves.
Leveraging Indian payment infrastructure,
 Mitigates risk of reversal of capital flows:
particularly RTGS, NEFT, and UPI, to
Internationalization can help smoothen
build cross-border linkages similar to the
sudden outflows or inflows of foreign
Singapore PayNow–UPI linkage. Exploring
capital.
INDIAN CROSS-BORDER FLOWS the potential of RTGS for cross-border
India’s share in global services and goods settlements, and extending UPI for global
exports has more than doubled; driving inward and outward remittances can be
the country’s trade volume beyond USD critical next steps
1 trillion, equivalent to nearly one-third of Opportunity to leverage Central Bank
India’s GDP. This expansion in exports has Digital Currency (CBDC) models, such as
shifted the country’s economic profile, the Singapore–Canada wholesale CBDC
with services exports now surpassing linkage, to streamline cross-border flows
Saudi Arabia’s oil exports, highlighting with a digital INR.
the rapid growth of India’s services Finally, easing restrictions so that other
sector. Both foreign portfolio investments economies can freely deploy the INR (e.g.,
and remittances are on the rise. The through GIFT City) will further boost global
Indian rupee has maintained relative acceptance of the Indian rupee.

Ms. Zarin
Daruwala
Cluster CEO, India &
South Asia, Standard
Chartered Bank

21
Anticipating the Unanticipated:
Future Proofing the Ecosystem,
Challenges and Opportunities

SHRI VIVEK DEEP MR. HARSHIL MATHUR

Executive Director, RBI CEO & Co-founder, Razorpay

T
he session focused on how fintech companies have expanded FINTECH & REGULATION environments is key.
credit access and built acceptance infrastructure, while  Regulation & Innovation Coexist:  Cross-Border Payments:
highlighting areas for improvement, such as fraud prevention RBI supports orderly innovation Fintechs have a major opportunity
and customer grievance redressal. Fintechs must align with through flexible regulations. to improve cross-border payment
financial regulations, improve KYC processes, and leverage Fintechs should engage with the efficiency, currently slow
AI for fraud detection. Additionally, the global expansion of UPI offers RBI for regulatory evolution while and costly.
fintechs significant opportunities, but global regulatory challenges remain. adhering to existing laws. VIABILITY AND SUSTAINABILITY
 KYC Harmonization: Efforts  Dynamic Business Models: The
are underway to standardize fintech sector must continuously
KYC across sectors, but full adapt to changing external
KEY CONTRIBUTIONS must adjust to tighter financial harmonization is still evolving. conditions for long-term viability.
 Fintechs helped build regulations, as finance involves  Impact of AI: AI advancements Governance and customer-
acceptance infrastructure for public trust. Aligning with finance (e.g., deep fakes) will challenge centricity are essential for
vendors & made credit accessible rules is non-negotiable. methods like video KYC. RBI sustainability.
by formalizing data flows.  Payment Failures: Improving expects AI to play a dual role—  Scaling Opportunities: India’s
GROWTH POTENTIAL grievance redressal when both a challenge and a solution. vast untapped market, growing
 Despite progress, areas like payments fail—customers often OPPORTUNITIES FOR digital penetration, and
fraud prevention and customer don’t know where the problem FINTECH EXPANSION government support provide
grievance redressal need lies in the payment chain.  Global Expansion of UPI: India’s strong growth opportunities
improvement.  Fraud Mitigation: Though fraud UPI is gaining global adoption, for fintech.
CHALLENGES AND AREAS FOR rates are low, fintechs must focus offering fintechs opportunities for
IMPROVEMENT on financial literacy and more international growth. However,
 Regulatory Alignment: Fintechs proactive fraud prevention. adapting to different regulatory

22
Emerging Trends in Sustainable
Finance: Fintech’s Role in Driving
the Shift Towards a Greener and
More Equitable Future

F
intech promotes sustainable KEY TRENDS IN FINTECH
finance through ESG integration,  Financial Inclusion: Fintech plays a
with India progressing via green crucial role in making financial services
bonds and climate risk guidelines. accessible, especially in developing
Key trends include financial economies. The IFC has invested in
inclusion, green products like solar early-stage FinTechs like Mintifi, helping
financing, and AI-driven transparency the unbanked and underserved access
tools. Collaboration among fintechs, streamlined financial services.
governments, and regulators is essential
for scaling impact.  Green Fintech Products: Platforms like M
Cooper in Africa use fintech to finance
THE ROLE OF FINTECH IN solar home systems through a pay-as-
SUSTAINABLE FINANCE you-go model, reducing reliance on fossil
 Sustainable Finance: Refers to financial fuels and encouraging greener behaviors.
practices integrating Environmental,
Social, and Governance (ESG) factors  Data and Transparency: Fintech enables
to generate long-term benefits. It transparency through tools like IFC’s
involves directing investments to address Malina, an AI-driven platform that
global challenges like climate change, analyzes ESG data, helping direct capital
biodiversity loss, and social inequality. towards companies making measurable
impacts.
 India’s Progress: India launched its first
sovereign green bond and the Reserve  Collaboration: Moving forward,
Bank of India introduced climate risk collaboration between Fintechs,
disclosure guidelines. The capital markets governments, financial institutions,
also saw frameworks for blue bonds, and regulators will be key to scaling
advancing sustainability. sustainable finance solutions and
maximizing impact.

Mr. Allen Forlemu

Regional Industry Director, Financial
Institutions Group, Asia and Pacific,
International Finance Corporation

23
 Diplomacy in the Digital Age:
Leveraging Fintech for Global
Economic Cooperation

I
ndia’s fintech sector is driving global Singapore, Cambodia, South Korea,
economic cooperation through UPI Japan, Taiwan, and Hong Kong.
and RuPay, expanding to regions like
Asia, Africa, and UK. With QR-based  India has signed MoUs with several Global
payment partnerships in several South countries for knowledge sharing
countries, India is facilitating cross-border and collaboration on DPI.
payments & promoting financial inclusion.
Strategic collaborations through DPI &  India announced a $25 million
private sector initiatives are critical in social impact fund to accelerate DPI
scaling fintech solutions globally, making implementation across Global South
India’s fintech leadership a key asset for nations, supporting both technical and
international economic cooperation. non-technical assistance.

 Global Fintech Growth: The fintech  Fintech Diplomacy: Fintech is central to

industry is driving global economic India’s diplomatic efforts, promoting
cooperation by making cross-border financial inclusion, economic cooperation,
payments faster, cheaper, and more and international collaboration through
transparent, while democratizing access digital public infrastructure.
to financial services.
PRIVATE SECTOR’S ROLE
 India’s Role: India leads globally with  Indian fintech companies are encouraged
87% fintech adoption, driven by mobile/ to collaborate with African and Southeast
internet penetration and initiatives like Asian counterparts to co-develop
Digital India. solutions for financial inclusion.

GLOBAL COLLABORATIONS  Partnerships with Europe and the

 UPI and RuPay are expanding Americas on blockchain-based trade
internationally, with UPI active in finance platforms are also emphasized
Singapore, Bhutan, UAE, and more. for business growth and diplomatic
objectives.
 Partnerships with the UK, Africa, and
others to enhance financial inclusion and  Conclusion: India’s fintech leadership is a
cross-border payments. strategic asset, driving global cooperation
and financial inclusion. Public-private
 India is facilitating QR-based UPI partnerships are crucial to scaling this
payments in multiple countries, including impact globally.
Malaysia, Thailand, Philippines, Vietnam,

Shri Mahaveer Singhvi

Joint Secretary (New Emerging and Strategic
Technologies Division), Ministry of
External Affairs, Government of India

24
Navigating the FinTech
Landscape: Best Practices
and Common Pitfalls

SHRI P. VASUDEVAN MR. CHETAN KRISHNASWAMY

Executive Director, RBI Vice President, Amazon

T
he session highlighted RBI’s focus on balancing regulation with  RBI’s goal: create plug-and-play CBDC PILOTS
fostering fintech innovation, particularly through initiatives like solutions that are scalable and  Launched pilots in 2022 for
card tokenization, e-mandates, and Unified Lending Interface interoperable across markets. wholesale and retail. Goals
(ULI) for credit access and integration of multiple stakeholders. MSME FINANCING & ULI include faster currency
The emphasis was also on “platformization” to create scalable,  ULI will integrate multiple movement, cross-border
interoperable plug-and-play solutions. Key topics included MSME stakeholders to streamline transactions, and eliminating
financing through TReDS, regulatory sandboxes for testing innovations, credit access, focusing on data intermediaries. CBDC offers
and international expansion of UPI and RuPay, alongside ongoing CBDC integration from sources like programmability and cash-like
pilots aimed at enhancing cross-border transactions. GSTN and land records. anonymity, with future potential
 TReDS platform for MSMEs for international use.
has seen 85% CAGR growth, GLOBAL EXPANSION
facilitating financing based on  RBI is pushing for
REGULATION & INNOVATION and RBI encourages fintechs to buyer ratings. internationalization of UPI
 RBI balances regulation with integrate it into their operations. and RuPay cards, expanding
REGULATORY SANDBOX
fostering innovation, focusing on PLATFORMIZATION to multiple countries and
 RBI has conducted five cohorts in
orderly growth. Initiatives like card & FINANCIAL ECOSYSTEM encouraging global partnerships.
areas like retail payments, cross-
tokenization, e-mandates, and  Shri P. Vasudevan emphasized  Initiatives like SFMS (Structured
border, and fraud mitigation.
ULI (Unified Lending Interface) “platformization,” “packetization,” Financial Messaging System)
 Innovations like feature phone
show regulation boosting and “peopleization” as the future aim to process higher volumes
UPI and cross-border payments
innovation. of fintech, focusing on customer- than international counterparts
emerged from these sandboxes.
 Compliance remains critical, centric solutions. like SWIFT.

25
The Future of Fraud
Prevention and Consumer
Safety in Digital Payment

SHRI SUDHANSHU PRASAD MR. JOHN MUNN MR. G PADMANABHAN

Chief General Manager, Department of SVP, Predictive Fraud Intelligence, Visa Former Executive Director, Reserve
Payments and Settlement Systems, Bank of India, Ex ED RBI and Ex-Chairman,
Reserve Bank of India Bank of India

T
he session covered rising cybercrime and digital fraud, and tokenization. security but poses challenges for
highlighting sophisticated schemes and insufficient consumer  Focuses on fraud prevention and global fraud intelligence sharing.
education. Solutions include two-factor authentication, limiting customer liability, with FUTURE OF FRAUD
tokenization, and data localization, though global fraud frameworks for dispute resolution PREVENTION - DPIP
intelligence sharing remains a challenge. Future initiatives and compensation.  Discussed the Digital Payment
like the DPIP aim to enhance real-time fraud detection through AI, but MR. JOHN MUNN Intelligence Platform to facilitate
successful implementation depends on stronger collaboration between network-level fraud defenses,
 Visa collaborates with regulators
regulators and fintechs. Discussed cybersecurity and fraud prevention in leveraging real-time data and
and the ecosystem to fight
digital payments amid rising cybercrime in a technology-driven world. advanced models.
fraud through global intelligence
sharing. CONCLUSION
 Emphasized creating a digital  Global collaboration, technology-
payment intelligence platform driven solutions, and strong
MR. G PADMANABHAN maliciously in cybercrime. (DPIP) for real-time data sharing regulations are essential to
 Shared cases illustrating SHRI SUDHANSHU PRASAD and fraud prediction using AI. safeguard digital payment
sophisticated fraud, including a  India’s digital payments have systems from fraud.
CUSTOMER EDUCATION & DATA
retired US lawyer losing $740,000. seen 48% volume and 8% value LOCALIZATIONT
 Stressed the need for growth in five years.  Highlighted the need for customer
coordinated efforts from the  RBI prioritizes customer protection education to prevent credential
industry and authorities as AI through initiatives like two-factor compromise.
can be used both ethically and authentication, EMV chip cards,  Data localization enhances

26
The Evolution
of Banking - Past,
Present and Future

SHRI DINESH KUMAR KHARA MS. RITU SINGH

Former Chairperson, State Bank of India Deputy Editor and Anchor, CNBC TV18

S
hri Dinesh Kumar Khara discussed the evolution of Indian JAM TRINITY AND evolving with a modular 2.0
banking, emphasizing SBI’s digital transformation through FINANCIAL INCLUSION version for improved services.
YONO and the democratization of services via the JAM Trinity.  The introduction of Jan Dhan, EMERGING RISKS AND
He also highlighted the importance of balancing physical Aadhaar, and Mobile (JAM) led to OPPORTUNITIES
branches with digital platforms and addressing emerging risks the democratization of banking  Unsecured lending risks due to
in unsecured lending and attracting deposits. services. inadequate income assessments.
 Enabled rapid government-to-  Structural challenges in attracting
people (G2P) payments during deposits due to growing
COVID-19. financialization and competition
BANKING REFORMS TECHNOLOGICAL DIGITALIZATION from digital channels.
AND MILESTONES TRANSFORMATION
 YONO app has 80 million FUTURE OF BANKING
 Nationalization, liberalization,  Shift from distributed to registered users and almost  Coexistence of physical branches
and introduction of GST & IBC centralized computing laid the 10 million daily logins, with and digital platforms like YONO.
reshaped Indian banking. foundation for digital banking. innovations like pre-approved  Banks must evolve into
 State Bank of India (SBI) led  Adoption of digital tools like loans and integration of knowledge-driven entities
agrarian reforms, infrastructure YONO (SBI’s digital app) financial services (mutual funds, providing hyper-personalized
expansion, and branch network revolutionized customer insurance). financial solutions.
growth experiences.  YONO expanding globally and

27
Deposit Mobilization
in a Digital-First
Banking Economy

MR. AMITABH CHAUDHRY MS. PRAVEENA RAI

MD & CEO, Axis Bank Limited Chief Operating Officer, National Payments
Corporation of India (NPCI)

T
he session focused on leveraging technology, AI, and fintech personalized experiences in a running 15 AI/ML experiments,
partnerships to drive deposit mobilization and enhance digital-first environment. such as tools that assist
customer engagement in a digital-first banking ecosystem.  Emphasized the need employees in real-time during
Axis Bank highlighted the integration of digital deposits, for engagement through customer interactions and
personalized experiences, and AI experiments to improve personalized nudges and AI- personalized digital experiences.
customer interactions, while fintech collaboration was stressed as key to driven interactions to retain and  Fintech Collaboration: Stressed
innovation and maintaining compliance. deepen customer relationships. the value of fintech partnerships
THEMATIC DISCUSSIONS for driving innovation and
 Banking Technology: Axis Bank improving customer experience
leveraging technology to simplify while maintaining strict
MS. PRAVEENA RAI consumer behavior, influencing account opening, enhance compliance.
 Highlighted deposit growth areas like investments, credit, and customer engagement, and CONCLUSION
(10.5%) to `212 lakh crore and insurance. integrate digital deposits with  Technology, AI, and fintech
credit growth (14%) to MR. AMITABH CHAUDHRY branch banking for a seamless collaborations are central to
`164 lakh crore.  Noted that consumers demand experience; includes enhancing deposit mobilization
 Stressed the role of digital faster transactions, security, and Gamification etc. and consumer engagement in a
transactions in transforming  AI & Innovation: Axis Bank is digital-first banking ecosystem.

28
Pioneering a New Era:
Connecting Economies
with CBDC

SHRI SUVENDU PATI MR. HARISH NATARAJAN MR. RYOSUKE USHIDA MR. ARI SARKER
Chief General Manager, FinTech Department, Practice Manager, Financial Inclusion & Chief Fintech Officer, Financial Services President, Asia Pacific, Mastercard
Reserve Bank of India Infrastructure, The World Bank Agency of Japan

T
he session highlighted how CBDCs can address cross-border  Major hurdle: Financial but integrating central banks and
payment inefficiencies by reducing costs and speeding up inclusion (24% of adults lack addressing liquidity is complex.
transactions. India’s focus is on improving transparency and access to banking).  Potential solutions: bilateral/
efficiency, while global interoperability and financial inclusion  Critical to ensure interoperability multilateral netting or automated
remain critical challenges. Japan’s exploration of stablecoins between fast payment systems, market makers, requiring strong
and CBDCs was discussed, as well as the potential for unified ledgers for CBDCs, and private players. governance frameworks.
digital assets. JAPAN’S APPROACH FUTURE OF CBDCs
 Japan introduced stablecoin & DIGITAL ASSETS
regulation in 2022, exploring  Success depends on
CBDCs and stablecoin standardized token/messaging
GLOBAL MOMENTUM FOR CBDCs  CBDCs offer potential coexistence. protocols for public-private
 94% of central banks (BIS 2023 for efficiency gains and  Stablecoins seen as a private- blockchain interoperability.
survey) exploring CBDCs. cost reduction by cutting sector solution to payment  Unified ledgers may emerge,
 CBDCs seen as solutions for cross- intermediaries. challenges. but a realistic approach focuses
border payment inefficiencies:  As the largest remittance  Japan’s FX liquidity challenges on interconnecting ledgers with
slow speed, high costs, and recipient (estimated $125 billion), due to time zone differences standardized governance.
transparency issues. India views CBDCs as crucial for could benefit from CBDCs’ atomic
INDIA’S PERSPECTIVE improving payment systems. settlement.
K ey challenges: speed, cost, and GLOBAL INTEROPERABILITY CHALLENGES IN FX
transparency in cross-border  Vision: A unified ledger for digital COSTS AND LIQUIDITY
payments. assets and currencies.  CBDCs could help lower FX costs,

29
The Future of Fraud
Prevention and Consumer
Safety in Digital Payment

MR. RAJESH BANSAL MR. SUMNESH JOSHI MR. VAIDYANATHAN VEMBU

Chief Executive Officer, Deputy Director General, MD & CEO, IDFC FIRST
Reserve Bank Innovation Hub Ministry of Communications

T
he session covered rising cybercrime and digital fraud,  Future plans: Biometric and prevent fraud across sectors.
highlighting sophisticated schemes and insufficient consumer authentication for SIM card AI-based tools like MuleHunter.
education. Solutions include two-factor authentication, issuance and stronger penalties AI (by RBI Innovation Hub) are
tokenization, and data localization, though global fraud for telecom fraud. being developed for better fraud
intelligence sharing remains a challenge. Future initiatives AI’S ROLE IN FRAUD PREVENTION detection.
like the DPIP aim to enhance real-time fraud detection through AI, but  IDFC First Bank uses AI and CHALLENGES & SOLUTIONS
successful implementation depends on stronger collaboration between multi-point validation (PAN,  Customer Awareness: Telecom
regulators and fintechs. Discussed cybersecurity and fraud prevention in Aadhaar, IP tracking) for fraud and banking regulators are
digital payments amid rising cybercrime in a technology-driven world. detection during onboarding focused on educating consumers
and transaction monitoring. AI to reduce OTP scams and SIM
flags suspicious activities (e.g., cloning.
IP inconsistencies, blacklisted  Collaboration & Data Sharing:
RISING FRAUD INCIDENTS mobile phones and recovered addresses). Cross-sector data sharing (e.g.,
 Digital fraud has increased, 11 lakh through the Sanchar  AI helps reduce false positives telecom, insurance, banking) is
impacting customer trust in Sathi portal. from 98% to a much more key to creating a central fraud
banking  Initiatives include tracking IMEI accurate fraud detection rate. database.
TELECOM & FRAUD numbers, reporting fraudulent COLLABORATION
 The Department of Telecom messages, and blocking SIMs and
 ITelecom and financial sectors
(DoT) has blocked 20 lakh lost IMEI numbers when fraud occurs.
need shared databases to detect

30
Role of Technology in
Shaping the Future of
Global Finance

MR. SOPNENDU MOHANTY MR. DAVID FINCH

Chief Fintech Officer, Monetary Authority Global Managing Director, Fintech,
of Singapore TransUnion CIBIL

T
he session focused on fintech’s future, emphasizing responsible building open architectures in QUANTUM COMPUTING
AI, open banking, and digital public infrastructure (DPI). banks and creating interoperable  Although widespread use is
Discussions included challenges with cross-border CBDCs, ecosystems. years away, Mohanty stressed
quantum computing’s impact on security, and the importance DIGITAL PUBLIC the importance of preparing
of regulatory frameworks and talent development for INFRASTRUCTURE (DPI) current encryption standards for
sustainable fintech growth.  The success of India’s UPI is future quantum threats, given its
a leading example of DPI. potential to break current security
Singapore has connected its systems.
systems with UPI, Indonesia, and FINTECH’S FUTURE
GENERATIVE AI (GENAI) OPEN BANKING Thailand.  Fintech should expand beyond
 Mr. Mohanty highlighted the  Open banking is evolving globally  Challenges in global payments and Lending, into
challenges and opportunities of with 100 million users in Brazil interoperability include differing areas like wealth management
GenAI, noting its potential for alone. The focus in Asia, unlike standards and pricing models and green finance. Mohanty
productivity and fraud detection Europe, is on reciprocity and across borders. emphasized the importance
in fintech. consumer consent. CENTRAL BANK DIGITAL of talent development and
 Regulatory focus is on outcomes,  The Monetary Authority of CURRENCIES (CBDCS) regulatory governance for
not tools. Singapore’s AI Singapore (MAS) and UNDP have  Mr. Mohanty outlined the various sustainable fintech growth.
regulation includes fairness, introduced the Universal Trusted forms of money in the digital age:
ethics, transparency, and Credential (UTC), a decentralized retail/wholesale CBDCs, tokenized
accountability, now extended tokenization method for deposits, and stablecoins.
with 7 risk checks (e.g., privacy, credential data, offering a
 Wholesale CBDCs are crucial for
data, IP). new approach to secure digital
tokenized financial assets, while
 New frameworks like “MindForge” identities.
stablecoins show potential for
ensure responsible AI deployment.  Mr. Mohanty emphasized efficient cross-border payments.

31
The Future of Bank-tech:
Building Scalable & Resilient
Fintech Infrastructure

MR. WILLIAM HOCKEY MR. HARSHIL MATHUR MR. VIKRAM VAIDYANATHAN

CEO & Founder, Column CEO & Co-Founder, Razorpay Managing Director, Z47

T
he session focused on the journeys of Mr. William Hockey and compliance and engineering  Mr. Harshil Mathur: India sees
Mr. Harshil Mathur in building scalable fintech infrastructure. MR. HARSHIL MATHUR: sophisticated fraud targeting
Mr. William emphasized the importance of compliance in  Started by innovating on top of vulnerable users; AI tracks
regulated banking through his ventures at Plaid and Column, banks’ tech, progressively taking fraudulent behavior efficiently.
while Mr. Harshil discussed Razorpay’s use of AI for fraud over core banking functions (e.g.,  AI and Business Impact: AI
detection and improved payment processing. Both highlighted AI’s role UPI switch). boosts coding efficiency by 30-
in enhancing efficiency and preventing fraud. They also touched on 40% and is used extensively for
 Uses AI for fraud detection,
the challenges faced by private fintech players in different markets, fraud detection and customer
customer service automation, and
particularly between the U.S. and India. support.
improved payment processing.
 Razorpay’s AI-driven fraud  Challenges: India’s government-
detection reduces 5-10% of led infrastructure creates margin
merchant fraud. constraints for private fintech
MR. WILLIAM HOCKEY: tech from scratch, keeping players. US and India fintech
THEMATIC DISCUSSIONS: markets differ significantly
 Built Plaid, acquired a bank, and legacy systems intact for older
 Fraud & Security: Mr. William in strategy and monetization
founded Column to fill a gap in customers.
Hockey: Regulatory compliance models.
tech-driven, regulated banking.  Specialized in payments and
is a competitive advantage
 Focused on building core liabilities, investing 45% in both
in the US.

32
Future of DPI and
Lessons from
Successful Examples

SHRI SUVENDU PATI MR. ALEXANDRE STERVINOU MR. SOLOMON MR. STANISLAV KOROP
Chief General Manager, FinTech Department, Director, Cash & Retail Payments Policy and DAMTEW BIRHANU Acting Director - FinTech Department,
Reserve Bank of India Oversight Directorate, Banque de France Director, National Bank of Ethiopia Bank of Russia

T
he session focused on global lessons from digital public
infrastructure (DPI) successes, such as France’s MADRE
for fraud prevention, Russia’s faster payment system,
Ethiopia’s national ID program, and India’s UPI growth. Key
challenges include cybersecurity, cross-border payments,
and regulatory balance. The future of DPI emphasizes interoperability,
CBDCs, and global collaboration to improve payments and efficiency.

KEY DPI SUCCESSES India | UPI: 14.4B transactions/

France | MADRE (Blockchain): month, Aadhaar-based
Fraud prevention in payments inclusion. Emerging: CBDC &
since 2017. Reduced online fraud by Unified Lending Interface (ULI).
10x with 3D Secure. CHALLENGES
Russia | Faster Payment  Cybersecurity & Data Privacy:
System: Processed 3 trillion Key to maintaining trust.
rubles; 18M biometric IDs.  Cross-Border Payments:
MS. ANA MARIA PRIETO MR. NAVIN SURYA
Piloting CBDC. Regulatory alignment and Director at the Payment System Department, Chairman Emeritus, PCI and Founder &
Ethiopia | National ID governance needed. Central Bank of Colombia Strategic Partner, Beams VC

Program: 5M onboarded;  Regulatory Balance: Fostering

targeting 90M. Interoperability innovation while ensuring strong  CBDCs: Seen as key to improving  Conclusion: DPI is transforming
Colombia: Building a fast governance. global payments. finance globally; public-private
payment system to link 3 FUTURE OF DPI  Global Collaboration: G20 collaboration and international
private switches, reducing 70%  Interoperability: Critical for working towards lowering costs cooperation are essential for
cash dependence. cross-border payments. and improving efficiency. future success.

33
Building Trust and Ensuring Consumer
Protection in Digital Lending: The Role
of Technology and Regulatory Measures

SHRI VAIBHAV CHATURVEDI MR. HARSHVARDHAN LUNIA MR. VIBHAV HATHI MR. SUMIT GWALANI
Chief General Manager, Reserve Bank of India Chair, Fintech Convergence Council and Co-founder & CBO, OneCard Co-founder, Epifi Technologies (Fi/Fi Money)
Founder & CEO, Lendingkart

L
ending the panel discussed building trust in digital lending & fraud prevention. Emphasis on FINANCIAL INCLUSION
through RBI guidelines focused on consumer protection, over-leveraging & responsible  Shri Vaibhav Chaturvedi:
transparency, and responsible borrowing. AI/ML was highlighted borrowing. Initiatives like Unified Lending
for personalized lending and fraud prevention. Financial literacy  Mr. Vibhav Hathi: AI improves Interface (ULI) aim to deepen
initiatives like OneScore and Financial Literacy Weeks support user experience through credit access, especially to
responsible borrowing behavior. The Unified Lending Interface (ULI) budgeting tools and real-time underserved segments.
aims to simplify digital lending for underserved segments, focusing on customer service via voice-to-  Mr. Harshvardhan Lunia: Co-
governance, data protection, and collaboration between banks and text conversion. lending model with banks extends
fintech companies. FINANCIAL LITERACY credit to thin-file borrowers and
 Shri Vaibhav Chaturvedi: MSMEs in rural areas.
Ongoing initiatives like Financial FUTURE OF DIGITAL PUBLIC
Literacy Weeks and Key INFRASTRUCTURE
RBI’S ROLE IN DIGITAL LENDING | Digital Lending Guidelines (2022). Fact Statements to ensure  ULI will centralize data for
SHRI BABUBHAI CHATRI  AI/ML holds great potential but transparency and responsible seamless digital lending.
 Digital lending market projected requires governance frameworks borrowing. Emphasis on governance, data
to reach $1 trillion by 2030. to mitigate risks.  OneScore by OneCard: Helps protection, and collaboration
 RBI focuses on consumer AI IN LENDING users understand and improve between banks and Fintechs.
protection, transparency, and  Mr. Harshvardhan Lunia: AI used their credit scores, boosting
responsible lending through for personalized loans, collections, financial literacy and behavior.

34
Revolutionizing E-Commerce
and Financial Services with
Digital Public Infrastructure

MR. T KOSHY MR. NEELKANTH MISHRA MS. AVANNE DUBASH

MD & CEO, Open Network Chief Economist - Axis Bank & Head of Anchor, ET Now
for Digital Commerce Global Research & Managing Director -
Axis Capital, Axis Bank

T
he session discussed how DPI initiatives like ONDC and UPI are system, making products ensure security without risking
transforming e-commerce and financial services by promoting universally available. platform-wide failures.
inclusivity and reducing barriers. Key points included the BRIDGING THE DIGITAL DIVIDE
importance of bridging the digital divide, ensuring privacy and PRIVATE SECTOR ROLE
 Mr. Neelkanth Mishra:  Both Mr. T koshy and Mr.
security, and fostering private sector innovation on DPI rails to
Challenges like gender barriers
support underserved regions. Neelkanth Mishra emphasized
and language issues need to
the importance of private
be addressed. UPI adoption is
still growing, but AI/ML could sector innovation on top of
enhance access through features DPI rails, while also suggesting
IMPACT OF DPI ON E-COMMERCE psychological barriers for digital like real-time translations, pushing opportunities for CSR and
 Mr. T Koshy: E-commerce payments, enabling business digital inclusion further. philanthropic capital to boost
globally is controlled by a few growth, especially in underserved financial inclusion and support
PRIVACY AND SECURITY
enterprises. India’s DPI-E-Com regions.
 Mr. Neelkanth Mishra: India is underserved communities.
i.e. ONDC offers an open, equal UPI AND ONDC developing a balanced data
playing field using standardized GOVERNMENT INITIATIVES
 UPI made payment processes protection framework through
digital rails, similar to national seamless; now, ONDC aims to  Mr. Neelkanth Mishra:
consent-based data sharing,
highways accessible to all, standardize the goods side of compared to extremes in the US, Government initiatives like “Digital
regardless of business size. e-commerce transactions. China, and Europe. India” and “Startup India” set
 Mr. Neelkanth Mishra: DPI has  Mr. T Koshy: The ONDC allows  Mr. T Koshy: ONDC includes clear targets, aligning efforts
reduced transaction costs and any business to plug into the strong network-wide checks to across sectors.

35
Building Bridges:
Creating a Global
Fintech Ecosystem

MS. DARANEE SAEJU MR. ANGELO M DUARTE MS. CHIHIRO BAN MR. KHALED M ALBASIAS
Assistant Governor, Bank of Thailand Head of Department, Central Bank of Brazil Section Chief, Financial Services Agency of Japan Director Financial Sector Development,
Saudi Central Bank Association

T
he panel emphasized the need for cross-border collaboration,  Regulatory sandbox supports
regulatory flexibility, and public-private partnerships to create payments, crowdfunding, and
a global fintech ecosystem. Key discussions focused on topics BNPL innovations.
like open banking, digital assets, and CBDCs, with speakers  Focus on open banking and CBDC
from Thailand, Brazil, Japan, and Saudi Arabia highlighting wholesale initiatives like mBridge
their country’s fintech initiatives. They also addressed challenges such as for cross-border payments.
regulatory harmonization and cybersecurity.
MS. CHIHIRO BAN
 Japan is embracing international
collaboration through Japan
Fintech Week & regulatory
Introduced the topic of building MR. ANGELO M DUARTE reforms (e.g., stablecoin
a global fintech ecosystem,  Introduced three fintech licenses regulation).
emphasizing the need for (IM Issuer, Credit Fintech,  Balances innovation with
cross-border collaboration and Payment Initiator) to foster consumer protection and financial
regulatory harmonization. innovation. stability.
MS. DARANEE SAEJU  Open finance enables fintechs to  Established a fintech support desk
 Focus on cross-border payment access bank data, accelerating to ease entry for international
projects like Nexus, leveraging market entry. firms; Invited over 50 countries to
 CBDC pilot (Drex) focuses on participate in 50+ events. MR. ARJUN VIR SINGH
Thailand’s fast payment system. Partner, Arthur D. Little
 Public-private partnerships are tokenizing non-liquid assets to KEY TAKEAWAYS
essential, with the government as reduce transaction friction.  Emphasis on public-private and balancing innovation with
a catalyst for innovation. MR. KHALED M ALBASIAS partnerships, regulatory flexibility, consumer protection.
 Addressing cybersecurity and  Vision 2030 targets 525 fintechs and regional collaboration.  Focus areas: open banking, digital
fraud as key challenges in the by 2030, currently at  Key challenges: regulatory assets, cross-border payments,
digital economy. 220+ fintechs. harmonization, cybersecurity, and CBDCs.

36
Navigating Financial Stability:
Challenges and Opportunities
in a Dynamic Global Economy

MR. JAY SURTI MR. MICHAEL SPIEGEL MR. RAJESH KUMAR MS. LATHA VENKATESH
Division Chief, International Monetary Fund Global Head, Transaction Banking, Managing Director & Chief Executive Executive Editor, CNBC TV18
Standard Chartered Bank Officer, TransUnion CIBIL

T
he panel discussed the challenges of global financial stability, 12 billion UPI transactions monthly, new-to-credit customers and
emphasizing fintech’s role in improving banking processes exemplifying fintech’s value in boosting financial inclusion for
and fostering collaboration between banks, fintechs, and driving global fast-payment small businesses and underserved
regulators. AI’s contributions to risk management and systems. markets.
fraud detection were highlighted, alongside concerns over  Collaboration between banks, AI AND CYBERSECURITY
cybersecurity in digital financial infrastructure. fintechs, and regulators is key,  AI is enhancing risk management,
with fintech playing a dual role as fraud detection, and customer
both collaborator and competitor identification, though responsible
in transforming traditional innovation and transparency are
MR. JAY SURTI emerging markets developing banking. critical.
 Highlighted risks from prolonged economies (EMDEs) were noted, MR. RAJESH KUMAR  Cybersecurity remains a
high interest rates and political/ driven by uncertainty and  Discussed fintech’s role in priority, with concerns about
fiscal uncertainties. inflationary pressures. speeding up banking, particularly vulnerabilities in the supply chain
 Stressed that emerging markets MR. MICHAEL SPIEGEL through the Unified Lending and third-party services like
are no longer decoupled from  Emphasized fintech’s crucial Interface (ULI), which integrates CrowdStrike, highlighting the
U.S. monetary policy, warning of role in banking, with fintech GST and other data for smoother need for systemic resilience in
potential whiplash across global collaboration improving inclusion lending. digital financial infrastructure.
markets. and speeding up banking  Emphasized the importance
 Volatility spikes in foreign processes. of alternative data and digital
exchange markets and some  Standard Chartered handles public goods in helping assess

37
Technology and the Evolution
of Settlement Procedures in the
Indian Securities market

MR. SRINIVAS JAIN MS. VAISSHALI J. BABU MR. MOTILAL OSWAL MR. NEHAL VORA MR. VIKRAM KOTHARI
Executive Director & Head of MD & CEO, Indian Clearing Co-founder & CEO, Motilal MD & CEO, Central Managing Director & CEO, NSE
Strategy, SBI Mutual Fund Corp Ltd. Oswal Financial Services Depository Services Clearing
(India) Limited

T
he session highlighted how technology has transformed transparency in India’s fully digital segregated account structure in
the Indian securities market by improving efficiency, market. boosting trust and efficiency.
transparency, and reducing risks, with India leading  Discussed the challenges  Highlighted the fourfold growth in
globally in adopting advanced settlement cycles like and opportunities brought by settlement volumes from July 22
T+1 and T+0. technology in broking; making it to July 24
more favorable for investors. CLOSING REMARKS
 Praised India’s rapid  The speakers emphasized
transformation from T+15 to India’s leadership in settlement
 Reflected on the evolution from  Highlighted key technological T+1 settlements, despite rising innovations and the need for
T+15 to T+0 settlement cycles. innovations like electronic operational costs. continuous improvements,
 Praised the collaborative efforts pledging, direct payouts, and the especially in investor education
EDIS system.  Emphasized the role of
of market participants in driving dematerialization and India’s and AI-driven services.
technological innovation.  Emphasized customer trust and

38
IndiaStack: Pushing Global
Frontiers with Payments,
Identity, Data and Commerce

MR. SURESH SETHI MR. T KOSHY SHRI AMITABH NAG MR. ABHISHEK SINGH
Managing Director & CEO, Protean MD & CEO, Open Network for CEO , BHASHINI, Digital India Bhashini Division Additional Secretary, Ministry of
eGov Technologies Digital Commerce Electronics & Information Technology

I
ndia’s Digital Public Infrastructure (DPI) aims to drive global frontiers for businesses of all, enhancing while mitigating risks like
in finance, identity, and commerce through innovations like DigiLocker, market access, credit, & logistics. deep fakes.
AI-driven services, and the ONDC’s digital commerce network  National Language Translation CONCLUSION
for MSMEs. The integration of AI tools and multilingual platforms Mission is developing AI-driven  Focus on India’s Digital Public
promotes financial inclusion and market access, while cross-sector models for multilingual inclusivity Infrastructure (DPI) and its role in
collaboration is expected to unlock opportunities in global trade and across 22 Indian languages. shaping global frontiers through
public services.  AI tools such as chatbots (e.g., innovations in identity, payments,
PM-Kisan) enable accessible and data management.
services in local languages,  Highlighted DISHA, SWAYAM
bridging the digital divide. helping online education; India
INDIA’S GLOBAL DPI LEADERSHIP generate $500 Bn in new value & AI AS AN ENABLER AI mission has gotten approval
 India is pushing its digital $200 Bn in savings  AI can enhance DPI with voice- of ~10,000 Cr launched 14
infrastructure beyond fintech,  ONDC is creating an open digital enabled services for low-cost challenges
aiming for a $700Bn impact by commerce network to improve devices, addressing healthcare  AI’s integration with DPI will
2030 market access for MSMEs (80% and education gaps. unlock new frontiers in commerce,
MULTI-SECTORAL GROWTH outside formal credit system). finance, and public services,
 India is building an AI governance
 Expanding DPIs like Aadhaar,  The aim is to remove digital framework to ensure innovation positioning India as a global
digital payments etc. can barriers & expand opportunities leader in the digital economy.

39
Managing Liquidity:
The Dynamics of Pledging
and Re-pledging Securities

SHRI KAMLESH MR. SUNDARARAMAN MR. NITHIN KAMATH MR. HARSH JAIN
CHANDRA VARSHNEY RAMAMURTHY Founder and CEO, Zerodha Co-Founder & COO, Groww
Whole-Time Member, Securities and MD & CEO, BSE Ltd
Exchange Board of India (SEBI)

T
he session discussed the revamped pledging and repledging  Corporate Actions Simplified: but the potential use of AI/ML
system, which enhances investor protection by keeping Dividends and corporate benefits could improve prediction and risk
securities in clients’ accounts, reducing misuse by brokers. are credited directly to the management.
It boosts market liquidity, simplifies corporate actions, and investor, eliminating previous  Global Leadership: India’s pledge
increases efficiency for brokers. India’s system is now globally inefficiencies. system is more secure than
competitive, having doubled collateralized securities since 2020. Future global markets, where brokers
BROKER AND MARKET BENEFITS
enhancements through AI/ML could help mitigate market risks like often control client assets. India’s
volatility and concentration, further securing the market infrastructure.  Repledging boosts brokers’
advancements position it as a
liquidity management and
leader in market transparency
operational efficiency, allowing and security.
faster movement of funds.
 Increased Liquidity: Collateralized CONCLUSION
PLEDGING AND REPLEDGING remain in investors’ accounts,  India’s pledging system
securities have doubled since
MECHANISM ensuring transparency and has strengthened investor
2020, contributing to higher
 The new system keeps securities security for clients. protection, improved market
trading volumes and market
in the client’s account via a lien, liquidity, and positioned the
INVESTOR PROTECTION liquidity.
reducing misuse by brokers and country as a global leader in
enhancing protection.  Reduced Misuse: The system has RISKS AND FUTURE secure market infrastructure,
 Previously, brokers had control significantly decreased cases of ENHANCEMENTS with further potential for AI-
over pledged securities, which brokers misusing client assets,  Market Risks: Stock concentration driven enhancements in risk
posed risks. Now, securities improving investor safety. and volatility remain challenges, management.

40
New Gen Finance: New Products,
Behaviors and Dilemmas in
the Social Media Age

MR. SHARAN HEGDE MR. PRANJAL KAMRA MR. NEIL BORATE MS. TANVI RATNA
Founder & CEO, 1% Club Founder, Finology Ventures Editor, Personal Finance, Mint Founder, Policy 4.0

T
he discussion explored the impact of social media on young to misconceptions. While it’s SEBI REGULATION
investors, focusing on the risks of oversimplified investment important to make it accessible,  Securities and Exchange
strategies and influencer-driven financial advice. It it’s not always easy. Board of India (SEBI) is
emphasized the need for stricter regulations and responsible  Many dormant demat accounts exploring a framework to
guidance to protect young investors from risky trends and highlight the risks of chasing regulate influencers, working
unrealistic expectations in financial markets. trends without understanding with platforms like YouTube
long-term consequences. to enforce rules & protect
MR. NEIL BORATE investors.
 F&O trading is risky, with 90%  Highlighted RIA regulations being
OVERVIEW less satisfied with traditional jobs, of investors losing money. very heavy and voiced easing of
 Discussion on new investment & view investing as an early exit Influencers often overhype these the regulations.
behaviors driven by social from the workforce. They are strategies, leading to unrealistic CONCLUSION
media, targeting young investors more risk-tolerant and hungry for expectations.  While social media has broadened
under 30, and evolving financial innovative products.  Stressed the need for access to financial knowledge,
products.  Social media has increased stricter regulations on the panel emphasized the need
MR. SHARAN HEGDE access for a larger public. influencers to prevent for responsible guidance and
 New investors have reduced MR. PRANJAL KAMRA misleading financial better regulation to safeguard
patience, seeking fast returns,  Investing is oversimplified, leading advice. young investors.

41
Functioning of KYC
Registration Agencies -
Achievements and Goals

SHRI BITHIN SHRI MANOJ MR. ABHISHEK MR. PRAVEEN MR. VIJAY GUPTA MR. PRABHAKAR
MAHANTA KUMAR MISHRA SHANKARAN Executive Vice President, TIWARI
General Manager, Securities Executive Director, Securities Chief Risk Officer, Computer Chief Operating Officer - NSDL Database Chief Growth Officer,
and Exchange Board of and Exchange Board Age Management Services Domestic Fund Services, KFin Management Limited Angel One Ltd
India (SEBI) of India (SEBI) Technologies Limited

T
he session highlighted the critical role of KYC Registration direct verification from issuing FUTURE OF KYC
Agencies (KRAs) in enhancing compliance, customer authorities like UIDAI.  Emphasis on harmonizing KYC
onboarding, and fraud mitigation through streamlined,  Current turnaround time for across financial sectors, though
digital verification processes. Speakers discussed the KYC verification is 2 days, improving sector-specific requirements
system’s impact on finan cial markets, including mutual both speed and security. remain a challenge.
fund growth and fast-tracked account openings. The focus is on MR. ABHISHEK MISHRA  Adopting AI, biometrics, and
adopting AI, biometrics, and API-based systems to improve efficiency API-based systems will further
 The KRA system enabled
and fraud detection. Future goals include harmonizing KYC across streamline processes and
significant mutual fund growth,
sectors and expanding cross-border capabilities. improve fraud detection.
with 64 trillion rupees in AUM and
a 60% increase in new folios. CONCLUSION
 KYC ensures a secure onboarding  KRAs have significantly improved
process, helping manage risk in a KYC processes, reducing fraud
Focused on KYC registration first step in market participation, rapidly growing market. and ensuring efficiency. Future
agencies (KRAs) & their role in supporting risk management and goals include further digitization
MR. PRABHAKAR TIWARI
ensuring compliance, improving ensuring seamless transactions. and cross-border KYC expansion.
 KYC systems enabled fast-
customer onboarding and India’s interoperable KYC system
tracked account openings, with
mitigating fraud in financial is globally recognized.
Angel One scaling from 10,000
markets. MR. VIJAY GUPTA to 1 million accounts monthly,
SHRI MANOJ KUMAR  KYC has become more digital providing a frictionless digital
 Stressed KYC’s importance as the and streamlined, incorporating experience.

42
Reimagining Credit and
Financial Inclusion: Innovations,
Challenges, and Policy Perspectives

MR. NEELKANTH MISHRA MS. ASHIMA GOYAL MR. KUNAL SHAH

Chief Economist - Axis Bank & Head of Global Professor, Indira Gandhi Institute of Founder, CRED
Research & Managing Director - Development Research
Axis Capital, Axis Bank

T
he session discussed how fintech innovations, like JAM Trinity UPI’S IMPACT (Mr. Neelkanth Mishra).
and UPI, have accelerated financial inclusion in India, reducing  14.43 billion UPI transactions in WOMEN’S PARTICIPATION
costs and increasing access to credit and financial services. Key July 2024. Reduced transaction IN FINANCE
challenges remain in boosting women’s participation in finance costs, sped up formalization, and  Female participation remains
and addressing rising NPAs in personal credit while balancing boosted tax compliance. low, with only 5% of loans and 8%
market forces and regulatory intervention to foster further growth.  This has created new data sets of credit cards held by women.
that expand access to financial Increased digital literacy and
services, driving down costs products tailored for women are
and increasing formal economic crucial to boosting their financial
INDIA’S ECONOMIC GROWTH FINTECH’S ROLE IN FINANCIAL activity. engagement.
 India has navigated global shocks INCLUSION
CREDIT GROWTH & INDIA’S MARKET STRUCTURE
well, averaging 8.3% growth over  Without initiatives like JAM Trinity
(Jan Dhan-Aadhaar-Mobile) and FINANCIAL INNOVATION  India balances market forces
the past three years with 3.5%  Credit, especially for small
India Stack, India would be 40 and regulatory intervention,
inflation (Ms. Ashima Goyal). entrepreneurs, is vital to achieving
years behind on financial inclusion exemplified by successful
 Financial inclusion is crucial to India’s Viksit Bharat 2047 vision. innovations like UPI. This shows
(Mr. Neelkanth Mishra).
sustain growth and reduce  Fintech has drastically reduced W  hile innovations like AI-based the benefits of collaboration
political risk, especially through cost of financial services, helping lending are expanding access, rising between the public and private
increasing access to credit for more people participate in the NPAs in personal credit signal the sectors in driving fintech
underbanked groups. economy. need for prudent risk management innovation and financial inclusion.

43
Evolution of India Digital
Payments: From a Fledgling
to Being the Global Leader

SHRI GUNVEER SINGH MR. SRINIVASU MN MR. VIKAS BANSAL MS. DEEKSHA KAUSHAL
Chief General Manager-in Charge, Co-founder, Director, BillDeskt Chief Executive Officer, Amazon Pay India Director, Partnerships, Google Pay, Google
Department of Payment and Settlement
Systems, Reserve Bank of India

T
he session discussed India’s rise as a global leader in approach makes banks feel like
digital payments, highlighting RBI’s regulatory role, fintech a part of policy formation rather
innovations, and collaboration between banks and non-banks than having regulations imposed.
like Google Pay and Amazon Pay. This allows for a customer-centric
focus while ensuring security.
 Collaboration with Non-Banks:
Emphasized collaborative spirit
between banks (providing rails &
SHRI GUNVEER SINGH with fewer payment options and security) with fin-techs (driving
R BI’s role evolved from operator, higher transaction costs. innovation).
to regulator, then facilitator to  Role of RBI: Acknowledged RBI’s U  PI Integration: Discussed how
somewhat of a catalyst now, role in enabling interoperability, ICICI Bank is leveraging UPI and
balancing innovation and safety integrity in system, inclusion, and credit cards, offering customers
and emphasized trust as central innovation, all contributing to UPI’s multiple secure payment methods.
to digital payments adoption; global leadership. MR. VIKAS BANSAL
highlighted RBI’s consultative  Regulatory Compliance:  Role of DPI & Regulation:
approach in developing regulations Mentioned that working under Emphasized how Digital Public
that support industry growth. RBI’s regulatory framework Infrastructure (DPI) and proactive
helped Google India Digital MR. AMARJIT SINGH WALIA
MS. DEEKSHA KAUSHAL regulatory support have been Head - Consumer & Commercial Cards,
 Consumer-Centric Approach: Services Private Limited. maintain critical to Amazon Pay’s success. ICICI Bank

Emphasized how India’s consumer trust, cybersecurity, He highlighted the importance customer, ensuring solutions for
payments ecosystem offers and a strong compliance culture of Aadhaar, UPI, and account faster, more secure, and cost-
multiple secure payment despite being traditionally a non- aggregator frameworks in driving efficient payments. He reiterated
methods, highlighting the banking entity. innovation. how consumer demographics
convenience, affordability, and MR. AMARJIT SINGH WALIA  Customer-Centric Approach: and regulatory policies in India
security that consumers enjoy,  Consultative Policy Approach: Amazon Pay’s philosophy is are driving digital payments
compared to other countries Highlighted how RBI’s consultative to work backward from the adoption.

44
THOUGHT
LEADERSHIP
REPORTS
Building Bridges for the next For Her: Enabling Digital Payments
decade of finance for Women in India

The Indian Payments How Urban India Pays Empowering Financial Freedom: The Small is BIG : How Fintechs are
Handbook - 2024-2029 Rise of Credit Self-Monitoring In India revolutionising lending

Imagining Fintech Opportunites Digitising supply chain finance - Insurance for All: Enhancing Insurance NCMC: Leading the Way in
in a $10 Trillion Economy opportunities amidst constraints Coverage Across India Smart Mobility Payments

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THOUGHT
LEADERSHIP
REPORTS
SuperApps: Breaking down Money in Motion: Navigating India’s Evolving
barriers, Building bridges Financial Landscape with Wealthtech

Indian Fintech Journey from Evolution Investing in India’s FinTech disruption Fast Forward, Rewind: A Look Back at
to Mega Public Listings India’s Golden Decade in Fintech

State of the Fintech Union 2024 Fintech Regulation in Practice: Future Money: Fintech, AI and Web3 Mapping the FinTech
Navigate the Complexities and innovation landscape in India
Opportunitiesof Regulation
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ANCILLARY
EVENTS

47
Supported By

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49
 FINEST FINTECH SOLUTIONS

BEST DIGITAL PUBLIC INFRASTRUCTURE BEST IN CLASS INSUR TECH SOLUTION BEST IN CLASS LENDING SOLUTION
Protean eGov Technologies Plum Benefits KreditBee

BEST IN CLASS REGTECH SOLUTION BEST IN CLASS USER FRIENDLY BEST IN CLASS WEALTHTECH SOLUTION
HyperVerge INTERFACE FINTECH APP Jar
Aditya Birla Capital Digital
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 FINEST FINTECH SOLUTIONS

BEST PAYMENT SOLUTIONS BEST USE OF AI IN FINTECH EXCELLENCE IN CYBERSECURITY

IndusInd Bank Velocity (White Wizard Technologies) Union Bank of India

FINTECH FOR GOOD [CHAMPIONS OF ESG] FRIENDS OF FINTECH

L&T Finance Falcon

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 SPECIAL FINTECH ACHIEVEMENTS

FINTECH STARTUP OF THE YEAR FINTECH PERSON OF THE YEAR - GLOBAL FINTECH WOMAN OF THE YEAR - INDIA
PayGlocal Melissa Frakman Shalini Warrier
CEO & Founding Partner, Emphasis Ventures Executive Director, Federal Bank

BANKING TECH AWARDS

GREEN BANKING INITIATIVE OF THE YEAR BEST DIGITAL BANKING SECURITY PRACTICES BEST BUSINESS CORRESPONDENT
Punjab National Bank Epifi Technologies (Fi Money) Pay Point India

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53
 Partners
Co- Powered By

Technology Partner Brought To You By

Fintech Breakthrough
Associate Partners Consent Partner Payment Enabler Global Payments Partner Registration Partner
Partner

Cloud Communications
Speaker Lounge Partner Agenda Partner VIP Lounge Partner Innovation Partner KYC Partner Banking Partner
Partner

Fintech VC/PE Partner Diamond Partners

Gourmet Partner Credit Insignts Partner Fintech Investor Partner Banking Innovation Partner

Digital Communications
Platinum Partners Beer Booth Partner Charging Station Partner Hydration Partner Fintech Enabler
Partner

Gold Partners

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 Partners

Gold Partners Global Growth Partner Silver Partners

Silver Partners

Strategic Insights Partner Core Banking Partner Credit Innovation Partner Spend Management Partner Country Partner Innovative Country Partner

Bronze Partners

54
Exhibitors

55
Exhibitors

56
Exhibitors

57
Supporters

Presenting Partners

Thought Leadership Partner Knowledge Partners

Academia Partners

Ecosystem Partners

58
GALLERY
EXHIBITION
 ADVISORY COUNCIL

KRIS GOPALAKRISHNAN SUVENDU PATI G PADMANABHAN RAJESH BANSAL

Chair - GFF2024 CGM, Fintech Department Former Executive Director Chief Executive Officer
Chairman, Axilor Ventures | Reserve Bank of India Reserve Bank of India Reserve Bank Innovation Hub (RBIH)
Co-founder, Infosys

GOPAL SRINIVASAN PRAVEENA RAI SRINIVAS JAIN RITESH SHUKLA

Chairman & Managing Director Chief Operating Officer Executive Director and Head Chief Executive Officer
TVS Capital Funds Limited National Payments Corporation of Strategy NPCI International Payments
Of India (NPCI) SBI Mutual Fund Limited (NIPL)s

VISHWAS PATEL SRINIVASU MN HARSHVARDHAN LUNIA JITENDRA GUPTA

Joint Managing Director Co-Founder & Director Co-Founder Founder
Infibeam Avenues Ltd. Billdesk Lendingkart Jupiter

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 FOUNDERS’ COUNCIL

DILIP HARSHIL KUNAL

ASBE MATHUR SHAH
Managing Director Chief Executive Co-Founder
& Chief Executive Officer & Cred
Officer Co-founder
NPCI Razorpay

AMRISH GAURAV VIJAY

RAU KUMAR SHEKHAR
Chief Executive Founder & CEO SHARMA
Officer Yubi Group Managing
Pine Labs Director
Paytm

SHINJINI DR. BIJNA

KUMAR KOTAK DASANI
Co-Founder MBE, FRSA
SALT - Managing Director
mysaltapp ArthAum Group

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 ORGANIZER

PAYMENTS COUNCIL OF INDIA (PCI), NATIONAL PAYMENTS CORPORATION OF FINTECH CONVERGENCE COUNCIL (FCC)
Started in the year 2008 as a Digital INDIA (NPCI) was incorporated in 2008 as was established in 2018 with the objective of
Payments committee under IAMAI (Not an umbrella organization for operating retail representing the perspectives of regulated
for Profit Organization), The Payments payments and settlement systems in India. financial service providers and fintech
Council of India (PCI) was converted into a NPCI has created a robust payment and companies on a range of issues. Currently,
council with its governing board in the year settlement infrastructure in the country. It FCC has a membership of over 100 individuals
2013. PCI is the leading industry association has changed the way payments are made from diverse domains within the industry,
representing the diverse ecosystem of digital in India through a bouquet of retail payment including digital lending and segments such
payment providers in India. As a non-profit products such as RuPay card, Immediate as P2P, MSME, Consumer loan, Asset Backed
organization, PCI aims to drive the growth Payment Service (IMPS), Unified Payments lending and Cards, wealth management,
and development of the payments industry, Interface (UPI), Bharat Interface for Money insurance, digital financial service providers,
foster collaboration among stakeholders, (BHIM), BHIM Aadhaar, National Electronic Toll Regtech, Agri-fintech, and Bureaus.
and promote a secure, efficient, and inclusive Collection (NETC Fastag) and Bharat BillPay.
payments ecosystem. With the primary focus of the council to
With a membership base consisting of NPCI is focused on bringing innovations in address the sector specific challenges faced
payment networks, Payments Aggregators, the retail payment systems through the use by the industry and to serve as a platform for
PPI issuers, Payments Banks, payment service of technology and is relentlessly working to all stakeholders within the financial services
providers, and other key non-bank players, transform India into a digital economy. It is (BFSI) ecosystem, fostering discussion on
PCI serves as a unified voice for the industry, facilitating secure payments solutions with important issues, incorporating diverse
advocating for policies and regulations that nationwide accessibility at minimal cost in perspectives, and promoting the growth of
facilitate innovation, consumer protection, and furtherance of India’s aspiration to be a fully the fintech sector.
industry best practices. digital society.
FCC has played a leading role in advocating
PCI plays a pivotal role in shaping the future for public policies pertaining to the domains
of digital payments in India by facilitating and has actively produced thought leadership
knowledge sharing, industry research, and content. One of its committees, the Digital
thought leadership. Through various initiatives, Lending Committee, consists of industry
events, and working groups, PCI fosters representatives from peer-to-peer lending,
dialogue, promotes industry standards and micro, small and medium enterprises
addresses emerging challenges to ensure a (MSMEs), consumer gold loan, and cards.
vibrant and resilient payments landscape. This committee has engaged in advocacy
efforts with policymakers and regulators at
As the payments industry continues to various levels.
evolve, the Payments Council of India remains
dedicated to driving innovation, fostering
trust, and unlocking the full potential of digital
payments By collaborating with policymakers,
regulators, and other stakeholders.

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 THE NEXT CHAPTER
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OCTOBER 7-9, 2025
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