The Moneycontrol India Fintech Conclave 2024 concluded its second edition with resounding success, uniting a distinguished lineup of policymakers, industry leaders, regulators, and innovators under the theme ‘Innovate :: Transform :: Regulate.’

Held in Mumbai, the event provided a platform to discuss actionable strategies to elevate India’s fintech ecosystem, positioning it as a global powerhouse, the company said in a press release.

Kicking off the event, Ananth Narayan, Whole-Time Member of SEBI, stressed the need for balanced growth in India’s financial markets. Highlighting the risks associated with overtrading, he emphasized SEBI’s focus on maintaining stability while fostering innovation. “Our goal is to ensure a secure yet dynamic financial environment, ready to handle future challenges,” Narayan remarked.

A fireside chat between K. V. Kamath, Chairman of Jio Financial Services, and Kunal Shah, Founder of CRED, captivated the audience with reflections on India’s transformative fintech journey. Kamath likened India’s current trajectory to China’s prolonged growth cycle, stating, “This is India’s era of long-term growth, with fintech playing a pivotal role in shaping our financial future.” Shah echoed the sentiment, adding, “Fintech is not just complementing traditional banking but compelling it to evolve rapidly, keeping pace with technological advancements.”

In another engaging session, Ashishkumar Chauhan, MD & CEO of NSE, highlighted the remarkable evolution of India’s financial infrastructure. He recounted how the National Stock Exchange pioneered satellite telecommunications in 1994 and now executes trades in nanoseconds. Chauhan’s insights underscored the role of technology in making India’s financial ecosystem resilient and future-ready.

Ritesh Shukla, CEO of NPCI International Payments, shed light on the international expansion of the Unified Payments Interface (UPI). Now operational in seven countries, including Nepal, UAE, and Singapore, UPI is revolutionizing cross-border payments, catering to Indian travelers and global inbound transactions. “This is just the beginning of UPI’s global story,” Shukla declared, showcasing its transformative potential.

Addressing the evolving needs of Indian consumers, R. Doraiswamy, MD of LIC of India, emphasized a growing focus on protection and retirement planning among younger generations. He remarked, “The demand for insurance products that merge coverage with long-term wealth creation has surged, pushing the industry to innovate rapidly.”

Reflecting on the sector’s rapid growth, Parag Rao of HDFC Bank shared some staggering statistics. He noted that financial inclusion in India has jumped from 20 percent to 80 percent, fintech investments have reached $31 billion, and the startup ecosystem has grown by 500 percent. “These numbers highlight how India’s fintech sector is transforming into a global leader,” Rao stated, underscoring the importance of continued collaboration between stakeholders.

The conclave closed on a high note, reaffirming its commitment to strengthening India’s fintech ecosystem. It emphasized the need for innovation, collaboration, and sustainability to ensure India remains at the forefront of global financial transformation.

As attendees departed with fresh perspectives and actionable insights, the India Fintech Conclave 2024 solidified its role as a catalyst for the country’s financial evolution, promising a future where technology, inclusivity, and resilience converge to create a world-class fintech ecosystem.