Fintech sector can play a prominent role in the rapid advancement of MSMEs and the digital global economy as a whole. The 9th edition of the Global Economic Summit organised by WTC Mumbai and All India Association of Industries (AIAI) from August 8-10, 2024 will highlight this critical role of fintech.
The cutting-edge technologies such as Gen AI, blockchain, machine learning and Large Language Models and their use cases in fintech will be discussed and exhibited at the 3-day Summit. These digital technologies are transforming MSMEs’ access to a wide range of services such as secure and instant online payments, collateral-free supply chain credit, automating book-keeping practices, cash flow management, fraud detection, micro insurance, compliance management, asset management, logistics and and supply chain management. Fintech solutions can promote entrepreneurship in the MSME sector and has the potential to generate employment to the tune of 30 million in the coming years. By facilitating entrepreneurship and MSME development, Fintech solutions can contribute to the goal of USD 7 trillion economy by 2030. Participate at the Summit and learn more about these solutions.
The Summit will foster strategic alliance between fintech companies and MSMEs who are the nation builders as they drive growth, innovation, contributing 30% to GDP, 45% to exports and generate 113 million jobs in the Indian economy.
Yet, these units face USD 240 billion or Rs. 19 lakh crore worth of credit shortage and they lack cost-effective solutions to engage in cross-border businesses. If we facilitate their foray into global market through integration of cutting-edge cross-border payment, currency settlement solutions, it will boost their contribution to the economy further.
The Summit Conference will discuss the potential of alternative credit assessment models, driven by data analytics, based on Udyami portal, GST and e-commerce transactions, Artificial Intelligence and machine learning in bridging MSME credit gap.
The twin objectives of the Summit are: 1) fostering strategic alliance for MSMEs with fintech companies and 2) connecting local fintech startups to international experts and delegates for their global expansion in Africa, Middle East, Asia, Europe and the Americas. Besides projecting India’s fintech ecosystem and their benefits for MSMEs, the Summit will bring perspectives from different nations.
The two-day conference will also generate innovative ideas on cross-border collaboration in fintech policies, regulatory sandbox, hackathon and exchange of best practices on fintech regulation. The world of fintech is constantly evolving, with USA, UK, India, China and Singapore, leading the charge. USA has the world’s highest number of fintech unicorns and has advanced ecosystem in digital assets, tokenization. UK has a well-established presence in InsurTech and RegTech, while France is also leading in non fungible tokens, Russia has a strong crowdfunding, P2P lending and blockchain ecosystem. Even countries such as Luxembourg, Estonia and Portugal have a well established fintech sector.
India is a leader in the instant digital payments and it has already integrated its world-class UPI system to African, Asian, European and Latin American countries.
The Summit will be addressed by eminent dignitaries, policymakers and experts who will share insights on emerging trends shaping critical emerging technologies, new business models in fintech, fintech lending, guardrails, compliance and regulation, wealth management and insurance management and investment potential in startups. Experts will discuss emerging fintech ecosystem transforming Global Digital Economy with special emphasis on MSMEs and their exemplary contributions in India and globally, which can have a spiraling effect on growth and development.
Fintech expert from Luxembourg will deliberate new vistas of India-EU collaboration in fintech regulation, while fintech professional from Japan will bring out India-Japan collaboration in fintech innovation and entrepreneurship. Experts from Philippines will highlight potential to take Indian fintech brands to the global market, especially in Africa and the Asia Pacific, which is the largest fintech hub of the world. Asia Pacific is leading with 70% of fintech adoption, higher than world average of 64%, as per EY study. Asia Pacific attracts 43% of global fintech funding, as per industry report.
The panel sessions will put spotlight on critical emerging technologies transforming fintech solutions for MSMEs, such as Large Language Models, Gen AI and blockchain. Distinguished speakers will also discuss strategies to attain vision of transforming Mumbai into the global fintech hub, as articulated by Hon’ble Prime Minister. Industry leaders will share perspectives on evolving business models such as neobanking, embedded finance, superapps and so on transforming MSME businesses. Entrepreneurs from digital lending sector and financial institutions will create awareness on FinTech platforms transforming access to finance, enabling small businesses to access paper-less and collateral-free credit with low turnaround time.
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