5th Global Fintech Fest Held in Mumbai

The 5th Global Fintech Fest was held in Mumbai, Maharashtra, from 28-30 August 2024. The festival, which started in 2021, aims to establish itself as the premier global conference for the global fintech ecosystem, promote collaboration, and influence the future of the Fintech industry.

Prime Minister Narendra Modi addressed the 5th Global Fintech Fest on 30 August 2024.

Reserve Bank Governor Shaktikanta Das and Chairman of Global Fintech Fest (GFF)  Kris Gopalakrishnan were also present at the occasion.

The Global Fintech Fest is always held in Mumbai.

Organiser of the Global Fintech Fest

The Global Fintech Fest is organised by the National Payment  Corporation of India (NPCI), the Payment Council of India and the Fintech Convergence Council.

The Fintech Convergence Council was established in  2018 and represents the various regulated financial service providers and fintech companies.

The Payment Council of India was established in 2013 to serve the needs of the digital payment industry. It includes various non-banking payment industry players, such as prepaid instrument issuers, payment banks, etc.

The National Payment Corporation of India (NPCI) was established in 2008 as an umbrella organisation for operating retail payment and settlement systems in India under the Payment and Settlement Systems Act of 2007.

It is owned by 56 commercial banks in india. NPCI has launched UPI, RuPay Cards, the BHIM app, IMPS, etc.

Theme of the 5th Global Fintech Fest 

The theme of the 5th Global Fintech Fest was ‘Blueprint for the next decade of finance: Responsible AI| Inclusive| Resilient.'

Global Conference on Digital Public Infrastructure & Emerging Tech

The Reserve Bank of India organised the Global Conference on Digital Public Infrastructure and Emerging Technologies in Bengaluru on 26-27 August 2024.

It was organised as part of its RBI@90 initiative.

During his inaugural address, RBI governor  Shaktikanta Das said the RBI will soon launch the Unified Lending Interface (ULI) technology platform across the nation.

About Unified Lending Interface 

The ULI is expected to make a credit appraisal of a borrower in India seamless. 

Various authorities, such as the central government, state governments, banks, NBFCs, etc., currently hold the crucial data required by lenders about borrowers (companies, individuals, etc.) for granting loans. 

As these authorities/institutions are not connected, the lenders often do not get crucial information about the borrowers.

The ULI will connect all these authorities online so that the lender has all the crucial data about the borrower for granting loans. The ULI is expected to make loan granting simpler and quicker and also prevent fraud.