O projeto Global Fintech Fest 2024, held from 28th to 30th August, proved to be a landmark event in the world of financial technology. Bringing together industry leaders, innovators, and policymakers, the three-day conference served as a platform for groundbreaking ideas and collaborations.
From the bustling exhibition halls to the thought-provoking panel discussions, GFF 2024 offered unparalleled insights into the transformative power of technology in the financial sector. It’s clear that several key trends emerged, setting the tone for the next decade of financial innovation. Let’s dive into the major themes that dominated the discussions at GFF 2024:
The transformative power of digital public infrastructure (DPI)
One of the most prominent themes at GFF 2024 was the critical role of Digital Public Infrastructure (DPI) in driving financial inclusion and economic growth. During the opening session: Blueprint for the Next Decade of Finance, on 28th August, speakers emphasised how DPI is not just a technological advancement but a fundamental shift in how financial services are delivered and accessed.
A key point raised during the sessions was the potential of DPI to narrow the economic gap. Looking ahead, speakers predicted that digital currencies and digital credit would play a crucial role in empowering the MSME sector, potentially creating jobs in a significant way.
The global implications of DPI were also a key focus. India’s G20 presidency was noted as an opportunity to spotlight the importance of DPI, particularly in providing low-cost solutions to digital processes.
Pismo’s vision for fintech’s future
Pismo also participated actively in these discussions, offering insights into the evolving fintech industry. During the sessions, key trends emerged, particularly the rapid adoption of cloud-native solutions and the growing importance of cross-border interoperability in payment systems.
On the first day of the event, Varun Dudeja, Head of Business Development for APAC at Pismo, spoke at the session titled ‘Payments Processing in the Cloud: No Longer a Dream.’ He highlighted the increasing inclination of smaller and mid-tier banks towards cloud adoption, noting their desire to launch innovative products, differentiate themselves, and achieve cost-effectiveness.
Dudeja emphasised the versatility of Pismo’s offerings, explaining how its microservices and APIs are tailored to meet the needs of financial institutions worldwide while also being customisable for local markets like India.
On the second day, Vishal Dalal, CEO of International Markets – Pismo, participated in the ‘Driving Trends in Payments’ panel. He underscored the efficiency gains of cloud-native platforms, pointing out the significant reduction in development time and costs compared to legacy systems.
Vishal also touched upon the optimism surrounding India’s payment stack, highlighting its potential and current performance. Additionally, he spoke about Pismo’s unique position in facilitating cross-border transactions, noting the platform’s certification for both Brazil’s PIX and India’s UPI systems, which places the company at the forefront of global financial integration trends.
Cybersecurity and fraud prevention: Safeguarding India’s digital financial future
The session ‘Protecting 1Bn+ Users from Digital Frauds’ at GFF 2024 shed light on the critical trends in cybersecurity for India’s burgeoning digital finance sector. Speakers highlighted India’s vulnerability as one of the most cyber-attacked countries in Asia, emphasising the urgent need for enhanced security measures.
Key trends discussed included the exploitation of user fear and negligence by fraudsters, and the challenges posed by information flow gaps between payment partners. The session underscored that while technological solutions exist, the industry must focus on three crucial steps: improved collaboration among stakeholders, more effective deployment of existing security measures, and rigorous execution of regulations.
Experts agreed that the path to a safer digital financial ecosystem lies not just in developing new technologies, but in better implementation and coordination of current solutions to stay ahead of evolving fraud tactics
PM highlights India’s fintech milestones
Prime Minister Narendra Modi’s address on the final day of GFF 2024 highlighted India’s remarkable progress in fintech and its impact on financial inclusion. He emphasised the country’s fintech diversity, noting that it now impresses foreign visitors as much as India’s cultural diversity.
Modi underscored the success of initiatives like Jan Dhan Yojana, UPI, and the JAM (Jan Dhan-Aadhaar-Mobile) trinity in revolutionising financial services.
Modi concluded by expressing confidence in India’s fintech ecosystem, stating, “Our best is yet to come,” and affirming its potential to enhance the ease of living globally.
The promise of India’s fintech revolution
The Global Fintech Fest 2024 proved to be a landmark event, showcasing India’s burgeoning fintech ecosystem and its global impact. From cybersecurity challenges to the transformative power of digital public infrastructure, the discussions highlighted the sector’s rapid evolution and future potential.
India’s fintech industry is poised to play a pivotal role in shaping an inclusive, innovative, resilient financial ecosystem.
Pismo, as a key player in this dynamic environment, remains committed to driving innovation through its cloud-native core banking and payments platform. Our vision aligns seamlessly with the trends discussed at GFF 2024 – embracing advanced technologies, fostering global collaboration, and prioritising security and inclusivity.
As we look ahead, it’s clear that the synergy between policy, technology, and industry will catalyse India’s fintech revolution.
