World FinTech Day is observed across the globe on 1st August (annually) to raise awareness about the growing importance of FinTech (Financial Technology) in modernising financial services and improving access to financial products.
- The day emphasises the transformative impacts of FinTech on the global financial industry.
Exam Hints:
- Event: World FinTech Day 2025
- Date of Observance: 1 August (Annually)
- Origin: To honour Cosimo de’ Medici, Father of Modern Banking
- Purpose: To celebrate and provide awareness on innovation in financial technology (FinTech)
- Notable Events: Global FinTech Fest 2025
Background:
Commemoration: This day commemorates the death anniversary of Cosimo de’ Medici, an Italian Banker and politician, in 1464.
About Cosimo de’ Medici: He was known as the father of the modern banking system.
- He is noted for his representation and expansion of his family bank, Medici Bank and handling of Papal Finances and finances of the Roman Catholic Church(RC), the world’s largest Christian Church.
About FinTech:
Introduction: FinTech is the term used to describe the integration of technological innovation in the design and delivery of financial services and products.
- This integration aims to modify, enhance, or automate financial services for businesses and consumers.
Uses: It has helped to democratize finance by providing equal access to financial services, regardless of geographical location or socioeconomic background.
- It is used to revolutionise the banking sector by making financial services faster, more convenient, and more secure.
- FinTech uses technologies like Artificial Intelligence (AI), Blockchain, and Data Analytics to streamline processes and reduce costs.
Application: The various aspects of FinTech include digital banking, mobile payments, blockchain and cryptocurrencies, Regulatory Technology (RegTech), and InsurTech (insurance technology).
About Global FinTech Fest (GFF) 2025:
Introduction: The GFF is an annual FinTech conference organised by the Ministry of Electronics and Information Technology(MeitY) & Reserve Bank of India (RBI) along with the Payments Council of India(PCI), the National Payments Corporation of India(NPCI), and the Fintech Convergence Council (FCC).
Event: The 6th edition of the GFF is set to take place in October 2025 at the Jio World Convention Centre in Mumbai, Maharashtra.
Theme: The 2025 theme of GFF is “Empowering Finance for a Better World, Powered by AI”.
Background: It was started in 2020, as a platform to bring together industry leaders, policymakers, innovators, and stakeholders to discuss and promote advancements in financial technology.
Note: FinTech solutions can contribute to India’s goal of a USD 7 trillion economy by 2030.
