Instead of transacting at speed of technology, FinTech organizations should aim for transacting at speed of thought: Anubrata Biswas
Addressed three day FinTech Festival India
Mumbai, March 1, 2022: FinTech Festival India, the country’s largest FinTech event is underway with its digital edition between March 1 and 3, organized by Constellar Exhibitions (a subsidiary of TEMASEK and Singapore Press Holdings which organizes Singapore FinTech Festival) and supported by Niti Aayog and six central government ministries.
Speaking at the conference, Airtel Payments Bank’s CEO, Anubrata Biswas said, “With high margin low value and low margin high value products, embedded finance makes a strong play. However, couple of things one has to take into account are the cost and speed of the transactions. Instead of transacting at the speed of technology, FinTech organizations should aim for transacting at the speed of thought.”
Upasana Taku, Co-Founder, Mobikwik said, “Digital ecosystem has started making its hold in India in the last decade. Today we have 200 million Indians transacting digitally, and the number is expected to grow to 700 million in the foreseeable future. Mindset of users have changed rapidly, and in the last few years small finance banks have gained pace. Customer mindset is less linked to the technical framework but more to the service and feasibility of the tool.”
Taking about SME credit, Aditya Murthy, VP – Digital Partnerships, Mastercard said, “Indian retail size is sitting at around USD 700 billion, headed to USD 1.2 trillion in the next two to three years. For that to happen, powering SMEs with credit will be crucial.”
Sandeep Laxman, Head FinTech Business Development, Asia Pacific & Japan, Amazon Web Services said, “FinTech has grown really fast in the past few years. The amount of funds FinTech have raised is tremendous. India raised USD 3.2 billion in the year 2020 and raised USD 10.1 billion in 2021. On the other hand, Asia Pacific Japan, in 2020 raised USD 10.8 billion and USD 20.8 billion in 2021. Number of funding rounds has also increased rapidly. In 2020, 759 FinTech organizations were funded which grew to 895 organizations in 2021.”
The three day digital conference is being attended by some well-known stalwarts such as Suhail Sameer, Chief Executive Officer, BharatPe, Sonal Kapoor, Director - Financial Services, Flipkart, Vikas Bansal, Director, Amazon Pay India, Sabyasachi Goswami, Chief Business Officer, Perfios and Siddharth Dhamija, Chief Growth Officer, Signzy; amongst others.
The digital conference will be followed by the Physical Edition from 20th to 22nd July, 2022 at Pragati Maidan, New Delhi.
FinTech Festival India is the country’s largest FinTech confluence. It is witnessing participation from over 500 Indian and global leaders and 12,000+ delegates. Representatives from Brazil, Israel, UK, Russia, Canada, Finland, Japan, and Singapore among others also attended.
The conferences are being supported by Government of India’s Ministry of Finance, Ministry of Electronics & Information Technology (MeitY), Ministry of Small & Medium Enterprise (MSME), The Agricultural and Processed Food Products Export Development Authority (Ministry of Commerce and Industry), Broadcast Engineering Consultants India Limited ( A Government of India Enterprise – Under Ministry of Information & Broadcasting) and Startup India (Department for promotion of Industry and Internal Trade & Invest India). It has also received support from the Government of Tamil Nadu, Government of Karnataka and Electronics Corporation of Tamil Nadu Limited (ELCOT).
Earlier FinTech Festival India organized physical and digital format Micro Experience Conferences in Hyderabad, Bengaluru, Delhi, Chennai, Mumbai, Gift City (Ahmedabad) and Pune.
In addition to the government, FFI which aims to unleash the power of FinTech across the country, has also drawn interest from industry including Powered By sponsor CoinSwitch Kuber, Gold Sponsors Life Insurance Corporation of India (LIC), Bharat Pe, Moengage & Rapuder Cloud Solutions, Silver Partners Amber Group, CM.COM, Dubai International Financial Centre (DIFC) Authority, & Nucleus Software, SafeXpay & Zimpeium, Sales acceleration partner Vymo, Payments partner In-Solutions Global Ltd., Identity verification partner IDFy, Bronze partners Morningstar and digital edition partner JuicyScore.