In the post-demonetization and post-GST era, the FinTech industry has come to play an imperative role in the way people deal with their finances. Recognizing the industry’s potential growth, CNBC-TV18 with Rubique announced Fintech EDGE, a first-of-its-kind award in the Finance & Technology sector, in an event held on August 21, 2017, in Mumbai. The event witnessed riveting panel discussions on topics such as “Has Fintech Industry Reinvented Financial Services?” and “Future of FinTech Industry: Issues, Challenges & Opportunities.” The keynote speech at the event was delivered by Amit Goel, Co-founder and MD, Let’s Talk Payments. LTP is proud to be associated with FinTech Edge as an innovation partner.
The renowned panelists and speakers at the event discussed technological advancements and digitization that has given impetus to the industry at large. Revenue models, consumers, partnerships with banks and other fundamental issues and practices in the industry were also discussed. The Fintech EDGE panel discussions have been taking place across the country with CNBC-TV18 and Rubique inviting industry experts, entrepreneurs and innovators to take the conversation forward. Held in Bengaluru, Delhi earlier and now Mumbai, Fintech EDGE will also travel to other parts of India.
The esteemed group of panelists, at the Mumbai event, included Harshil Mehta, CEO at DHFL; Rishi Gupta, MD & CEO at Fino Payments Bank; Chavi Jafa, Head of Commercial Cards and B2B Payments (India & South Asia) at Visa; Suresh Sethi, Former CEO of M-Pesa at Vodafone; and Vivek Belgavi, Partner & FinTech Leader at PWC. In addition to that, Manav Jeet, MD & CEO of Rubique; Jitendra Gupta, Founder of Citrus Pay India & MD at PayU India; Neha Punater, Partner & Head – Digital Strategy, Innovation & FinTech at KPMG India also formed a part of the panel. CNBC-TV18’s AB Ravi and Ritu Singh served as moderators for the discussions.
Commenting on the occasion, Joy Chakraborthy, President of Revenue at Network 18 & CEO at Forbes India said, "Network 18 has always pioneered in thought leadership and FinTech firms are at the forefront of creating the biggest paradigm shift in the financial services industry. CNBC-TV18 believes that the recent moves by the government, along with vigorous activity in FinTech space in India, has accelerated interest in the FinTech ecosystem, and we do have an edge over the others to become a global FinTech superpower. With the launch of FinTech EDGE in partnership with Rubique, CNBC-TV18 aims to set a new platform that recognizes the young icons, acts as a knowledge sharing platform that encourages entrepreneurship and innovation.”
Manav Jeet, MD & CEO at Rubique, says, “The future is digital and when it comes to spreading this wave across the diverse market of India, we need to collaborate. Rubique has collaborated with Network 18 team to spread the awareness about this emerging category & recognizing the efforts of all entities involved in financial technologies in India. This will be one of the first platforms which not only considers the ecosystem but also ensures knowledge sharing for its success. We are excited about the launch of this award which will help us to connect & collaborate to shape India's digital economy.”
You can nominate your support for FinTech Edge awards at the link here. The last date for accepting nominations is September 28.
Here are some of the important points that were highlighted by the panelists:
Vivek Belgavi, Partner & FinTech Leader at PwC:
- “Banks vs. FinTechs” is a debate that is long-forgotten. The world over, the move is toward a more collaborative approach.
- The next level of differentiation for banks will come from partnerships with startups. In addition to having cutting-edge technologies, it will enable banks to increase reach in existing markets or penetrate new markets.
Chavi Jafa, Head of Business Solutions at Visa India & South Asia:
- FinTechs have the advantage of agility which allows them to explore higher efficiencies and bridge gaps quicker than traditional players. However, collaboration across FinTechs and traditional players is key to scalability and success.
Suresh Sethi, Former CEO of M-Pesa, Vodafone:
- Technology and digitization are the answer to drive frugal innovation in the financial services space.
- It is critical to leverage the same for driving last-mile financial inclusion at sustainable and affordable levels. This would, in turn, lead to the discovery of new revenue models built around data monetization in a data-rich ecosystem.
Harshil Mehta, CEO at DHFL:
- With digitally active millennials, consumer preferences, internet penetration, and technology upgrades coupled with the government’s efforts to digitize finance and boost digital platforms, India is growing to be a digitally democratic economy.