MUMBAI, SEPTEMBER 22, 2022 (GPN): “In the future, digitization will be the driving force behind our country’s growth. Another major factor that is going to unfold over the next years is decarbonization. India must decarbonize large sectors of its economy including transportation, power, and real estate so that we can get net zero by 2070-a vision shared by our Prime Minister Narendra Modi. There is a vast opportunity for investments due to decarbonization and fintechs have a crucial role to play in this,” said Shri Jayant Sinha, Member of Parliament (Lok Sabha) & Chairperson, Parliamentary Standing Committee on Finance, addressing the Global Fintech Fest on its last day.

Shri Sinha was at a fireside chat with Prashant Shah, Managing Director, Head – Banks & Broker Dealers, South Asia & Country Head, Financial Institutions, India, Standard Chartered Bank.

Sharing his views on the current geopolitical situation around the world Shri Sinha added, “We have achieved macroeconomic stability and are in an excellent geopolitical position. Countries are attempting to strengthen their supply chains and seeking alternatives to China. This presents an excellent opportunity for India to step in and seize global supply chain opportunities.”

GFF 2022 is organised and presented by the Department of Economic Affairs, Ministry of Finance, Government of India, Reserve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of India, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC). Pre-event festivities began virtually on September 19, 2022. This was the third edition of the Global Fintech Fest, and the first one where domain experts participated from across the globe in-person and virtually.

GFF 2022 is being supported by the Unique Identification Authority of India (UIDAI), National Investment Promotion & Facilitation Agency (Invest India), Startup India, Reserve Bank Innovation Hub (RBIH) and ONDC. Special Partners of GFF 2022 are World Bank Group, United Nations Capital Development Fund, BIS Innovation Hub, KNOMAD, Better Than Cash Alliance and International Finance Corporation (IFC).

About Fintech Convergence Council (FCC) 

Setup in 2017 as a fintech committee, Fintech Convergence Council was later converted into an independent council with its independent governing board, with over 70 members.  The FCC represents various players in the fintech, banking, financial services, and technology space. The FCC works towards the penetration of financial services with the aim of financial inclusion and moving towards a digitally empowered country. It creates opportunities for collaboration and convergence among various players in the financial services domain. Committees under FCC are Lending, Wealth Management, Insurance, Neo-Banking and Regtech.

About Payments Council of India (PCI) 

The Payments Council of India (PCI) was formed in 2013 catering to the needs of the digital payment industry. The Council was formed inter-alia for the purposes of representing the various regulated non-banking payment industry players, to address and help resolve various industry level issues and barriers which require discussion and action. The council works with all its members to promote payments industry growth and to support our national goal of ‘Less Cash Society’ and ‘Growth of Financial Inclusion’ which is also the vision shared by the RBI and Government of India. PCI works closely with the regulators i.e. Reserve Bank of India (RBI), Finance Ministry and similar government, departments, bodies or Institution to make ‘India a less cash society’.