SAMACHAR- AUGUST, 2024  
 
 

Honourable Prime Minister Shri Narendra Modi Graces Global Fintech Fest 2024 as Chief Guest
Hon’ble Prime Minister Shri Narendra Modi addressing the Global Fintech Fest 2024
The fifth edition of the Global Fintech Fest (GFF) was held August 28-30, 2024, at the Jio World Convention Centre, Mumbai. Honourable Prime Minister Shri Narendra Modi graced the conference with his august presence as the Chief Guest. He addressed a full-house special session of GFF 2024 on August 30. Before the address Shri Modi also visited the GFF 2024 Expo.
 
 

Hon'ble Prime Minister Shri Narendra Modi at the GFF 2024 Expo
GFF 2024 was presented by the Ministry of Electronics and Information Technology (MeitY), Ministry of External Affairs, Department of Financial Services (DFS), Reserve Bank of India (RBI) and International Financial Services Centres Authority (IFSCA). The conference was jointly organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI), and the Fintech Convergence Council (FCC). The theme of this year’s conference was 'Blueprint for the Next Decade of Finance: Responsible AI | Inclusive | Resilient'.
 
 

Hon'ble Prime Minister Shri Narendra Modi with Shri Shaktikanta Das (left), Governor, RBI and Mr. Kris Gopalakrishnan (Right), Chairman, Axilor Ventures, Co-founder, Infosys, and Chairman, GFF 2024 Advisory Council on the dais at GFF 2024
Upscaled several times from previous editions, GFF 2024 emerged as the largest fintech conference in the world, with more than 950 stalwarts of the fintech ecosystem arriving from over 40 countries as Speakers, and delegates from more than 75 countries registering over 100,000 footfalls. The three-day conference brought together on one platform policymakers, regulators, central bankers, industry captains, academicians and all other major stakeholders of the fintech landscape from all over the world. 

Among other Indian luminaries who addressed GFF 2024 were Shri Piyush Goyal, Union Minister for Commerce and Industries; Shri Shaktikanta Das, Governor, Reserve Bank of India; Shri Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs; Smt. Madhabi Puri  Buch, Chairperson, SEBI; Shri Ajay Kumar Choudhary, Non-Executive Chairman & Independent Director, NPCI; Shri T Rabi Sankar, Deputy Governor, RBI; Shri C S Setty, Chairman, State Bank of India, Mr. Nandan Nilekani, Co-founder & Chairman, Infosys Technologies; Shri Shaji KV, Chairman, NABARD; Amitabh Chaudhry, CEO, Axis Bank, and V Vaidyanathan, CEO, IDFC Bank.  

Experts who came from abroad to address GFF 2024 included, Dr. Florian Toncar, Parliamentary State Secretary, German Federal Ministry of Finance; Mr. Christopher Waller, Member, Federal Reserve Board of Governors of the United States; Mr. Allen Forlemu, Regional Industry Director, Financial Institutions Group, Asia and Pacific, International Finance Corporation; Mr. Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore; Ms. Tan Su Shan, Global Head of Corporate and Commercial Banking, DBS Bank; Mr. William Hockey, CEO & Founder, Column; Mr. Harish Natarajan, Practice Manager, Financial Inclusion & Infrastructure, The World Bank; Mr. Jay Surti, Financial Supervision and Regulation Division Chief, International Monetary Fund; Ms. Rossana Varesi, Planning and Project Chief of Department, Banco Central del Uruguay; Dr. Daranee Saeju, Assistant Governor, Bank of Thailand; Mr. Ryosuke Ushida, Chief Fintech Officer, Financial Services Agency of Japan, and Mr. Masakazu Osawa, Chief Executive for Asia Pacific, MUFG Bank.

Following are the highlights of GFF 2024: 
  • Footfalls: 100,000 from 75+ countries 
  • CEO & Founders: 4000+
  • Speakers: 950+ from 40+ countries
  • Investors: 400+ 
  •  Expo booths: 325+
  • Sessions: 325+
  • Product launches: 100+
  • Thought Leadership Reports & White Papers: 20+
 
 
Submission on Guidelines for the Prevention and Regulation of Unsolicited and Unwarranted Business Communication, 2024
The Internet and Mobile Association of India (IAMAI) made a submission regarding the Draft Guidelines for the Prevention and Regulation of Unsolicited and Unwarranted Business Communication, 2024 issued by the Department of Consumer Affairs, Government of India. The guidelines aim to regulate unsolicited and unwarranted business communications.

IAMAI highlighted that the Draft Guidelines were beyond the jurisdiction of the Consumer Protection Act, 2019 and underlined that the current regulations under TRAI and the Telecommunications Act, 2023 were sufficient. In its submission IAMAI also pointed out that compliances envisaged under the Draft Guidelines should not be extended to OTT services, as they would not only affect the ease of doing business but also hinder technology innovation due to regulatory hurdles.
 
 
Comments on TRAI's Framework for Service Authorisations to be Granted Under the Telecommunications Act, 2023
IAMAI submitted written comments in response to the Telecom Regulatory Authority of India on Consultation Paper on the Framework for Service Authorizations to be Granted Under the Telecommunication Act, 2023. In its submission IAMAI contended that CDNs should be kept outside the scope of registration as they were fundamentally different from telecommunication providers. Noting that the internet has thrived, including in India, under an "innovation without permission" approach and efficient, localised exchange of traffic through the growth of CDNs, IAMAI argued that introducing a mandatory registration regime would stifle this virtuous circle.

Citing the flexibility approach adopted by major economies such as Singapore and the USA towards allowing exemptions for digital enterprises to establish and manage Private Enterprise Network that have turned said economies into global digital hubs, IAMAI argued for the government to provide clear exemptions such as ‘Captive Use Exemption’ for exclusive use by private enterprises.
 
 
Submission on Chandigarh Administration Motor Vehicle Aggregator Draft Rules, 2024
IAMAI made a submission to the Transport Department, Chandigarh Administration, on the ‘Chandigarh Administration Motor Vehicle Aggregator Draft Rules, 2024’ which aims to regulate the business of IT-based transportation aggregators. The submission highlighted the need to align the Draft Rules with the forthcoming Motor Vehicles Aggregator Guidelines 2024. IAMAI also highlighted the need to harmonise the Draft Rules with the Code of Social Security 2020 as the Code already envisions a network of social security benefits for all gig and platform workers. The submission underlined the importance of allowing the aggregation of non-transport vehicles as it would provide livelihood for thousands of vehicle owners in Chandigarh.
 
 
Representation Expressing Concern Over Karnataka Govt’s Attempt to Levy Cess of OTTs
On 23rd July 2024, the Karnataka Assembly unanimously passed the Karnataka Cine and Cultural Activists (Welfare) Bill, 2024 imposing a welfare cess of 1-2% on cinema tickets, subscription fees, and all revenue generated from the Related Establishments including OTTs in Karnataka. In view of this IAMAI made a representation to Shri Thawar Chand Gehlot, Governor of Karnataka, on August 7, 2024, expressing concerns that the Bill exceeded the legislative competence of the State Legislature. It was stated that the subject matter of the Bill was outside the state's domain and pointed out the potential double taxation on OTT platforms, who were already subject to 18% GST. The representation highlighted that this additional burden could increase subscription costs, reduce the OTT subscriber base, and adversely impact both national and regional OTT platforms in the state. The Governor returned the Bill, seeking clarification on whether the government had power to levy such cess.
 
 
Representation on SEBI Consultation Paper on New Asset Class
The Invest Committee of IAMAI’s Fintech Convergence Council (FCC) made a representation to the Securities and Exchange Board of India (SEBI) on the “Consultation Paper on Introduction of New Asset Class/Product” published in July. The representation collated feedback and inputs from the industry on the consultation paper.
 
 
Representation on RBI draft circular on Regulatory Principles for Management of Model Risks in Credit
The Digital Lending Committee of the FCC made a representation to RBI collating the industry’s inputs, on the Draft Circular on the “Regulatory Principles for Management of Model Risks in Credit”. The representation included various recommendations and sought clarifications on certain issues regarding implementation of the guidelines.
 
 
FCC-NSE Joint Creative Awareness Campaign
The FCC in collaboration with NSE has been campaigning to spread awareness among small retail investors enabling them to make informed investment decisions. The campaign started in April 2024. Several FCC members are participating in the campaign including Paytm Money, ICICI Securities, Fintoo, and Stockgrowth is participating in the campaign. The campaign message for August was: "Never click on unverified links from unverified resources."
 
 

3rd Global Fintech Fest Awards


Ms. Melissa Frakman (Centre), CEO & Founding Partner, Emphasis Ventures, receiving the Fintech Person of the Year (Global) Award
The results of the 3rd edition of the prestigious Global Fintech Awards (GFA) 2024, were announced on August 29, 2024, at a gala at the Jio World Centre, Mumbai. Instituted under the Global Fintech Fest (GFF), the Global Fintech Awards recognise and celebrate trailblazers and their outstanding accomplishments as well as entities in the fintech ecosystem around the globe. The awards were given in three categories, divided into 19 subcategories.

Mr. Sameer Nigam, Founder & CEO, PhonePe, took away the Fintech Person of the Year – India Award. Ms. Shalini Warrier, Executive Director, Federal Bank, won the Fintech Woman of the Year – India Award. Fintech Person of the Year – Global went to Ms. Melissa Frakman, CEO & Founding Partner, Emphasis Ventures. PayGlocal was adjudicated to be the Fintech Startup of the Year.

The complete list of GFA winners is available here: Global Fintech Awards 2024: Celebrating the Award Winners and Innovations (globalfintechfest.com)
 
 

Fintech Leaders' Dialogues Roundtable


Participants of the Fintech Leaders' Roundtable
IAMAI in collaboration with SAP, organized a roundtable titled “Fintech Leaders’ Dialogues” on August 28, 2024, at the Jio World Convention Centre, Mumbai. Important issues discussed at the roundtable included, building the foundation for hypergrowth, unlocking the power of AI, collaboration for mutual success, and navigating the regulatory landscape.

Among the speakers at the roundtable were, Arun Tikoo, CBO, Cashfree Payments; Ashwin Sekar, Chief Product & Technology Officer, InCred; Eniyan Narayanaswamy, Chief Product Officer, Bijlipay; Giftson Selladurai, Co-Founder & CEO, Axlerate Fintech; Jatin Bhasin, Chief Product Officer, Axio; Jayesh Jain, Group CFO, Balance Hero India; Kapil Kapoor, Chief Product & Technology Officer, CredAble; Neha Shivran, Chief Data & Analytics Officer, Ring; Pankaj Goel, Chief Technology Officer, BharatPe; Rajat Mangla, Board Member, Acko; Rajesh Kini, CFO, Perfios; Somnath Mukherjee, VP - Corporate Development, Zerodha; Tejas Maniar, Chief Digital Officer, Fino Payments Bank; Vipul Agarwal, President- Digital Lending & Embedded Finance, Piramal Capital & Housing Finance, and Vivek Belgavi, Partner and Fintech Leader, PwC.
 
 
BFSI Leadership Exchange Roundtable
Participants of the BFSI Leadership Exchange Roundtable
IAMAI in collaboration with IBM organised a roundtable titled BFSI Leadership Exchange, on August 28, 2024, at the Jio World Convention Centre, Mumbai. The theme of the roundtable was “"Generative AI: Harnessing Emerging Technologies for the Financial and Insurance Sectors". Among the key issues discussed were AI-driven data security and privacy, integration challenges in legacy systems, government support and regulatory alignment, and best practices on how to scale Gen AI for your business.

Speakers at the roundtable were A Balakrishnan, Sales Director, Google Cloud; Abhijit Kedia, Chief Technology Officer, Raheja Qbe General Insurance Company Limited; Anjani Kumar, Chief Technology Officer And Executive Vice President, TATA AIG General Insurance Company Limited; Charu Mathur, Chief Digital Officer & Head- Digital Banking & Strategy, IndusInd Bank; Johnson K Jose, Chief Technology Officer, Federal Bank; Keshav Mishra, Chief Digital Officer, Shivalik Small Finance Bank; Namrata Singh, Partner, Private Banks, Financial Services, IBM Consulting; Nandakumar Palani , Chief Technology Officer , NABARD; Om Seth, Chief Information Officer, IDBI Bank; Ravi Saladi, Chief Digital Officer, Andhra Pradesh State Co Bank; Sanjay Mittal, VP Financial Services Sector, IBM Consulting; Shanmugam Manivannan , National Manager- Digital Banking, Equitas Small Finance Bank; Shubosree Dasgupta, Chief Data and Analytics Officer, HSBC India; Siddhesh Naik, Country Leader, Data, AI & Automation Software, IBM, and Vishweshwaran Ramakrishnan, SVP & Head IT Applications, Unity Small Finance bank
 
 
Roundtable on Unlocking Fintech Potential
Participants of the roundtable on 'Unlocking Fintech Potential'
The Fintech Convergence Council (FCC) and TransUnion CIBIL jointly organised a roundtable on “Unlocking Fintech Potential: A Framework Towards Profitability” on August 30, 2024, at the Jio World Convention Centre, Mumbai. The roundtable brought together thought leaders and key investors from private equity and venture capital firms, primarily invested in the BFSI sector.The discussion focused on the challenges fintech lenders face and strategies for sustainable growth and profitability. Attendees exchanged insights on optimizing performance, scalability, and capitalizing on market opportunities, aligning industry and investor perspectives on driving fintech profitability. M V Nair, Former Chairman, TransUnion CIBIL Chaired the Roundtable Discussion, and Debdoot Banerjee, Director, Accion, was the moderator. Among other speakers were Abhijeet Kumar, Co-Founding Partner, ah! Ventures; Amish Dedhia, Principal, Chiratae Ventures; Amit Ratanpal, MD and Founder, BLinC Invest; Amit Kulshreshtha, Partner, Beams Fintech Fund; Anshul Muley, Investment Professional, MUFG; Ashish Fafadia, Partner, Blume Ventures; Ashish Vanigota, Principal, Ivycap Ventures Advisors; Bhushan Patil, Founder, Multiply Ventures; David Finch, Vice President for FinTech – International, TransUnion; Harsh Gupta, Principal, Flourish Ventures; Niren Shah, Managing Director and Head of India, Norwest Venture Partners (NVP); Pratekk Agarwal, Founder & General Partner, GrowthCap Ventures; Rahul Shah, Partner, EvolutionX Debt Capital; Rajat Mangla, Vice President, General Atlantic; Ruchir Shah, Investment Professional, Trifecta Capital; Sagar Sheth, VP, Eight Roads; Shaleen Baweja, Portfolio Manager, Quona Capital; Simit Batra, Principal, TPG Capital India; Vivek Pillai, Principal, Alteria Capital, and Yagnesh Sanghrajka, Founding Partner and CFO, 100X.VC.
 
 
Webinar on Consultation Paper on Review of IFSCA (Fund Management) Regulations.
FCC organized a webinar around the Consultation Paper on Review of IFSCA (Fund Management) Regulations on August 8, 2024. It was addressed by Mr. Vivek Mimani, Partner - Investment Funds, Khaitan & Co. More than 50 industry professionals participated in the webinar.