Highlights of 4th Edition of Global Fintech Fest 2023

Global Fintech Fest (GFF) is the largest fintech 3-day conference held from September 5 to 7, 2023 at Jio World Convention Centre, Mumbai, Maharashtra, India .It was jointly organized by the National Payments Corporation of India (NPCI), the Payments Council of India (PCI), and the Fintech Convergence Council (FCC).

• Theme: Global collaboration for a responsible financial ecosystem -Inclusive | Resilient | Sustainable.
• 5th edition of GFF will take place on October 8-10, 2024.

i.The GFF 2023 supported by key Indian governmental bodies, including the Ministry of Electronics and Information Technology (MeitY), the Department of Economic Affairs (DEA) under the Ministry of Finance, the Reserve Bank of India (RBI), and the International Financial Services Centres Authority (IFSCA).
ii.Additionally, several prominent international organizations joined hands with GFF 2023, including the World Bank, the Global Knowledge Partnership on Migration and Development (KNOMAD), the Consultative Group to Assist the Poor (CGAP), and Women’s World Banking. Furthermore, Australia, Brazil, the United Kingdom, Germany, and Israel acted as Country Partners for GFF 2023.

• Three hackathons were conducted by Securities and Exchange Board of India(SEBI), National Bank For Agriculture And Rural Development (NABARD) and State Bank of India (SBI).

FinMin Nirmala Sitharaman Inaugurated the Global Fintech Fest 2023
Finance Minister Nirmala Sitharaman’s address at the Global Fintech Fest 2023 in Mumbai covered several important aspects of India’s financial ecosystem and its challenges.

• Kris Gopalakrishnan, Chair GFF 2023, and Naveen Surya, Chairman, Fintech Convergence Council, were also present amongst the dignitaries in the inaugural session.

Here’s a summary of her key points and the threats she highlighted:
i.Fintech’s Role: Fintech has become a powerful tool for financial inclusion, surpassing traditional financial activities.
ii.Dematerialized (Demat) Accounts: The number of demat accounts in India has grown significantly, from 4.1 crore in 2019-20 to 10 crore in 2022-23, marking a 2.5-fold growth.
iii.Mutual Funds and Systematic Investment Plans (SIPs): There’s a record number of mutual funds and SIPs, contributing to wealth generation with cities beyond the top 30 in India have seen their share in total mutual fund assets grow from 15% to 26% in the last four years.
iv.RBI’s Payments Vision for 2025 involves actively supporting global outreach efforts to expand the reach of domestic payment systems through collaboration with relevant partners.
v.Maharashtra remains the leader in terms of ITR (Income Tax Return) filings, while other states, including those in the North-East, Chhattisgarh, and even Jammu & Kashmir, have experienced double-digit growth in new ITR filings.
vi.It states that the estimated annual cross-border payments globally amount to $20 trillion, incurring $120 billion in transaction costs according to a Boston Consulting Group(BCG) Study. It also mentions that India is the largest recipient of remittances, receiving approximately $100 billion worth of remittances in 2022.
vii.The Union Finance Minister Nirmala Sitharaman also released a report titled ‘The Second Wave: Resilient, Inclusive, Exponential Fintechs’ and inaugurated a fintech exhibition during the event.
Note:
i.Payments Council of India (PCI): PCI was established in the year 2013 under the support and backing of the Internet and Mobile Association of India (IAMAI).
ii.Fintech Convergence Council (FCC): Setup in 2017 as a fintech committee, Fintech Convergence Council was later converted into an independent council with an independent governing board, with over 70 members.

RBI Governor Unveils Five Exciting Payment Solutions at Global Fintech Fest 2023
The Reserve Bank of India (RBI) Governor Shaktikanta Das recently announced five new innovative payment solutions developed by the National Payments Corporation of India (NPCI) at the Global Fintech Fest 2023. These solutions aim to expedite credit lines and advance the offline payments ecosystem, contributing to a more inclusive, resilient, and sustainable digital payments environment in India.

Credit Line on UPI:

• This offering enables pre-sanctioned credit lines from banks through Unified Payments Interface (UPI).
• Facilitates faster access to credit, promoting a streamlined and digital banking system.

UPI LITE X:

• Allows users to send and receive money offline using near-field communication (NFC) technology.
• Expands offline payment capabilities to areas with poor connectivity.
• Transactions are limited to Rs 5,000 within the NFC payment limit.

UPI Tap & Pay:

• Enhances quick response (QR) code and NFC technology adoption for payments.
• Users can tap NFC-enabled QR codes at merchant locations for payments.

Hello! UPI — Conversational Payments on UPI:

• Enables voice-enabled UPI payments in Hindi and English, with regional language support coming soon.
• Users can make payments via UPI apps, telecom calls, and IoT devices using voice commands.
• Improves accessibility for users who prefer native languages and those less experienced with digital payments.
• Users can simply give voice commands to transfer funds and input a UPI Personal Identification Number (PIN) to complete the transaction.

BillPay Connect — Conversational Bill Payments:

• Introduces a nationalized number for bill payments across India.
• Customers can pay bills by sending a simple message “Hi” or giving a missed call.
• Voice-assisted bill payments are available through smart home devices and physical collection centers.

About NPCI:
It is an initiative of the Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) to create a robust payments and settlement system.
Founded: 2008
MD & CEO: Dilip Asbe
Headquarters: Mumbai, Maharashtra

Hitachi Payment Services Introduces ‘India’s first ever’ UPI-ATM

Hitachi Payment Services, a 100% subsidiary of the Japanese conglomerate Hitachi Ltd., has introduced India’s first-ever UPI-ATM, known as the “Hitachi Money Spot UPI ATM”,a White Label ATM. This innovative Automated Teller Machine (ATM), developed in partnership with the National Payments Corporation of India (NPCI), aims to transform the traditional ATM transaction experience and enhance customer security by eliminating the need for physical cards.

Key Features and Benefits:

i.UPI-ATM operates through QR-based UPI cash withdrawals and requires users to have a UPI app installed on their Android or iOS devices.

ii.Cardless Cash Withdrawals: The UPI ATM offers cardless cash withdrawals, eliminating the need for physical cards. Users can access funds from multiple accounts using their Unified Payments Interface  (UPI) app.

Note: White Label ATM (WLA): WLAs are a type of automated teller machine that is owned and operated by non-bank entities or private companies rather than traditional banking institutions.These ATMs are called “white label” because they typically do not bear the branding or logo of a specific bank.

About Hitachi Payment Services:
MD: Sumil Vikamsey
Founded:2008 (as Prizm Payment Service)
Headquarters: Goregaon, Mumbai

Global Fintech Awards 2023: Adeeb Ahamed Wins Leading Fintech Personality of the Year Award at GFF Mumbai

Fintech Awards recognize outstanding emerging start-ups, disruptive technologies, unique business models and innovative founders and entrepreneurs across the globe. Fintech companies, financial institutions and start-ups can nominate their works for Fintech Awards in 15 diverse sub-categories under 3 classifications (Global Awards, Entity Awards, Special Fintech Achievements).

• Adeeb Ahamed, Managing Director of LuLu Financial Holdings based in Abu Dhabi. Ahamed has been instrumental in revolutionizing cross-border payments between the GCC and India. His company operates a network of 300+ customer engagement centers and digital payment solutions in 10 countries.

Winners of Global Fintech Awards 2023:

Reimagining Aadhaar Authentication: UIDAI Demonstrates AI and ML-Powered Aadhaar Enhancements

The Unique Identity Authority of India (UIDAI) made a significant impact at the Global Fintech Festival (GFF) 2023 in Mumbai, organized an industry meet-up under the theme “Reimagine Aadhaar #together.” UIDAI’s unwavering commitment to providing seamless services through the Aadhaar identity platform was evident, allowing residents to access a wide array of services with ease.

Key Points:

i.Enhanced Face Authentication Facility: UIDAI showcased its in-house developed Face Authentication feature, powered by cutting-edge Artificial Intelligence (AI) and Machine Learning (ML) technologies.

ii.Collaboration with Industry Partners: UIDAI actively encouraged collaboration with industry and fintech partners under the Volunteer Guideline 2022 initiative.

A notable partnership with Airtel Payments Bank focused on enhancing the resident experience for face authentication, including improvements for low-light conditions and fraud prevention mechanisms.

iii. Practical Use-Cases:: Attendance systems for beneficiaries of the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and streamlined customer acquisition processes for banks.

iv.Innovation Initiatives: UIDAI unveiled plans to establish a new Sandbox environment and a state-of-the-art Innovation Lab at the UIDAI Tech Centre, Bangalore, Karnataka.

These initiatives aim to facilitate research and development, fostering innovation within the Aadhaar ecosystem.

About UIDAI

The Unique Identification Authority of India (UIDAI) is a statutory authority and a government department, established on 12 July 2016 by the Government of India under the jurisdiction of the Ministry of Electronics and Information Technology, following the provisions of the Aadhaar Act 2016.

• Prior to the enactment of the Act, the UIDAI had functioned, since 28 January 2009, as an attached office of the Planning Commission (now NITI Aayog)

CEO: Sh. Amit Agarwal

Headquarters: New Delhi, Delhi

SBI unveils ‘Nation’s First Transit Card’: RuPay NCMC Prepaid Card

The State Bank of India (SBI), the largest lender in the country, has unveiled the ‘Nation First Transit Card,’ also known as the RuPay National Common Mobility Card (NCMC) Prepaid Card, at the Global Fintech Fest 2023.

• Dinesh Kumar Khara, Chairman of State Bank of India, highlighted how the ‘Nation First Transit Card,’ powered by RuPay and National Common Mobility Card (NCMC) technology, aligns with the national vision of “One Nation One Card” and contributes to the country’s growth.

Key Features of RuPay NCMC Prepaid Card : 

i.The card is designed to simplify the commuting experience by enabling digital fare payments for metro, buses, water ferries, and parking, all through a single card.

ii.It also serves as a convenient means for retail and e-commerce transactions.

Background of NCMC Programs by SBI:

• SBI initiated NCMC programs in 2019 in collaboration with transit operators.
• As part of these programs, SBI successfully introduced various cards like the “City1 Card,” “Nagpur Metro MAHA Card,” “MUMBAI1 Card,” “GoSmart Card,” and “Singara Chennai Card” for different metro systems across the country.

Ongoing NCMC Initiatives:

• SBI is currently implementing NCMC-based ticketing solutions for Mumbai Metro Rail Corporation Limited (MMRC) Metro Line 3 and Agra Metro, which are in advanced stages of execution and will soon be available to the public.

About SBI Card:
MD & CEO: Abhijit Chakravorty
Established: May 1998
Headquarter: Gurugram, Haryana