: Mumbai, August 30, 2024

Union Commerce and Industry Minister Shri Piyush Goyal addressed at the Global Fintech Fest 2024 in Mumbai today. Earlier in the day, Prime Minister, Shri Narendra Modi, also addressed the Global Fintech Fest (GFF) 2024 at the Jio World Convention Centre in Mumbai today. The Prime Minister also took a walkthrough of the exhibition showcased on the occasion. GFF is jointly organized by the Payments Council of India, the National Payments Corporation of India and the Fintech Convergence Council and it aims to showcase India's strides in Fintech and bring together key stakeholders of the sector.

Speaking on the occasion, Union Minister Shri Goyal said that the fintech sector has made India proud. The rapid pace with which the professionals of fintech sector have demonstrated the ability to innovate and help create newer avenues breaking the entry barrier which had kept a large number of Indians deprived of banking or financial services has truly been a service from the sector. He praised the fintech sector for powering the economy through the slowdown, crediting the industry's innovation, imagination, and relentless passion for keeping the momentum strong. Shri Goyal also urged the fintech sector to look at ethical AI and find ways to combat money laundering and financial crimes via ethical use of AI.

Shri Goyal said the Global Fintech Fest is well-poised to become the world's largest fintech show. He said that expectations of the industry have largely been fulfilled by fintech sector and each professional of this sector deserve accolade for keeping abreast with latest technologies and showing the world that a developing nation not yet fully integrated with international systems in terms of high levels of technology, is able to come up with low-cost, efficient solutions, which today are the “envy of the rest of the world”. He added that many other countries may have invested billions and billions of dollars, but in India, professionals from finance, software  and other sectors came together to create what today is widely recognized as a “phenomenal success story”

Shri Goyal also said that the evolution of the fintech sector has helped revolutionize the financial world, taken financial services to the last man at the bottom of the pyramid across the country in every remote corner. "A lot of India's economic success rests on the shoulders of the fintech sector, especially during the pandemic, wherein innovations by the sector aided the economy then," the Union Commerce and Industry Minister said.

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