GFF 2024: AI takes the spotlight, financial inclusion soars, compliance hums in the background

By Gloria Methri

The Global Fintech Fest (GFF) 2024, held at the Jio World Convention Centre in Mumbai, brought India’s growing influence in the global financial technology space to the forefront. With over 800 industry leaders, policymakers, and innovators in attendance, the three-day event offered a platform to discuss and showcase groundbreaking initiatives that could shape the future of global finance.

Prime Minister Modi’s Address: A Vision for Global Leadership

Prime Minister Narendra Modi’s keynote address was a highlight of the event. In it, he emphasized India’s rise as a global FinTech leader. He pointed out that India’s FinTech ecosystem is not just the largest but also one of the most inclusive globally. He cited the rapid adoption of the Unified Payments Interface (UPI) and the government’s commitment to financial inclusion as key drivers of this success.

PM said the government is taking various policy measures to promote the FinTech sector, which has attracted over $31 billion in investments in the last 10 years. The abolition of the Angel Tax is also a step towards the segment’s growth.

Key Initiatives Launched: What They Mean for Industries

The GFF was also marked by RBI Governor Shaktikanta Das launching several key digital payment initiatives. Among these, the integration of Artificial Intelligence (AI) with financial services stands out as a significant step forward. This initiative is designed to enhance the security and efficiency of digital transactions, which is crucial as digital payments become the norm across sectors. For industries, this means more robust systems to protect against fraud and streamline operations, further driving the adoption of digital payments.

In addition to AI-driven advancements, the RBI introduced initiatives focused on transforming ATM infrastructure. At the GFF event, RBI Deputy Governor M. Rajeshwar Rao unveiled new product offerings aimed at modernizing ATMs, ensuring they are equipped to handle the increasing demands of a digital economy.

Bharat BillPay for Business and UPI Circle

The Global Fintech Festival marked the launch of two new product offerings built by the National Payments Corporation of India (NPCI). These new offerings include Bharat BillPay (BBPS) for Business, designed to streamline business-to-business (B2B) transactions across different ERPs and accounting platforms, and UPI Circle, which enables delegating payments to users. These payment solutions are aimed at enhancing the inclusivity, security, and efficiency of India’s digital payment ecosystem.

Focus on Inclusivity: Expanding Access to Financial Services

A key theme throughout GFF 2024 was inclusivity. Sessions dedicated to this topic explored ways to extend financial services to underserved populations, ensuring that the benefits of fintech reach all corners of society. For both consumers and businesses, the initiatives discussed are likely to result in a more inclusive financial ecosystem, where access to digital financial services is no longer a privilege but a standard.

Responsible AI and Resilience

Discussions at the fest also delved into the role of AI in the future of finance. The consensus was that while AI presents enormous opportunities, it must be implemented responsibly. The focus on responsible AI was coupled with talks on building resilience in financial systems, preparing them to withstand disruptions—be they economic, environmental, or technological. For industries, this means a future where financial services are not only smarter but also more secure and reliable.

While speaking at the GFF, Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch advocated automated and simplified compliance to facilitate business.