Mumbai is the fintech hub and thought leader for innovation: TEAM

Mumbai (Maharashtra) [India] September 4: “Fintechs need to be alert to social and macro-economic interests and priorities and not subsume them to business interests. It is only the SRO that can inculcate such a culture,” said Shri T Rabi Sankar, Deputy Governor, Reserve Bank of India, in his keynote address at the Global Fintech Fest 2024.

The Global Fintech Fest (GFF) 2024 is presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI), and International Financial Services Centres Authority (IFSCA). The conference is jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC).

“Your innovation, your engagement with every section of society, your imagination with newer ideas, and the passion that the fintech sector brings to the table is truly envious.” said Piyush Goyal, Union Minister of Commerce and Industry, Consumer Affairs, and Food and Public Distribution, and Textiles, addressing a gathering of fintech leaders and professionals at the Global Fintech Fest 2024.

Recognizing the contributions of the fintech sector to the India story, Goyal said, “India is a country that is growing at 7-8%. In fact, in USD terms, we are growing at about 10%, which means we are doubling our GDP every 7 years. The fifth-largest economy is poised to become the third-largest, as per IMF estimates, in the next 3 years. A lot of this success story rests on the wonderful work that the Fintech sector has done.

Tech Entrepreneurs Association of Mumbai (TEAM) affirms that Mumbai is uniquely viewed as the world’s fintech capital, as envisioned by Prime Minister Modi. “India is the largest processor of digital payments globally, with 46% of all digital payments happening in the country. Representing India’s global aspirations, Mumbai’s significance in domestic and global fintech is clearer than ever. The city is already the financial capital of the country. With 42% of India’s top 50 fintech companies based in Mumbai, the city is seen as a hub and thought leader for fintech innovation. Maharashtra is the FIRST state to have an exclusive Fintech Policy. Mumbai also continues to be a key destination for  Foreign Direct Investment (FDI) in India, with Maharashtra, anchored by Mumbai, attracting the highest FDI in the country for the second consecutive year in FY 2023-24.

Located in Mumbai, members of TEAM include industry leaders like the National Payments Corporation of India (NPCI), which has revolutionized digital payments across the nation and is rapidly expanding its global footprint, as well as key players such as Pine Labs, BillDesk, Deserve, Fino, Gupshup, and FlexiLoans. Together, these giants are not just shaping Mumbai’s fintech landscape but are also setting the global standard for financial innovation.”

TEAM added, “Mumbai is the only city in India equipped to host the Global Fintech Festival—bringing together over 80,000 attendees. The city’s world-class infrastructure, seamless connectivity, and unparalleled expertise in finance and technology make it the ideal venue for such a significant global gathering. As we convene at the Global Fintech Festival, we are excited to celebrate Mumbai’s progress and look forward to continuing this journey towards becoming the global leader in financial technology.”

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