India’s think tank, NITI Aayog in collaboration with PhonePe, AWS and EY are organising a three-week long virtual summit, ‘Fintech Open’ from 7-28 February. The summit was inaugurated today by Union Minister for Railways, Communications, and Electronics and IT Ashwini Vaishnaw in the presence of NITI Aayog Vice Chairman Dr Rajiv Kumar.
Fintech Open will bring together regulators, fintech professionals and enthusiasts, industry leaders, the start-up community, and developers to collaborate, exchange ideas and innovate.
While flagging off the event, Ashwini Vaishnaw said, ‘Under the leadership of Hon’ble Prime Minister Shri Narendra Modi, we believe in creating open platforms, such as Cowin and UPI, for healthcare, logistics and other sectors. An open platform is created using public investment, wherein numerous private entrepreneurs, start-ups and developers can join to create new solutions. For example, today, 270 banks are connected with the UPI and many entrepreneurs and start-ups have provided solutions that have helped increase the country’s fintech adoption rate—which is the highest globally at 87%.’
NITI Aayog Vice Chairman Dr Rajiv Kumar said, ‘India is witnessing increasing digitization with people getting greater and easier access to financial services. This has led to a shift in consumers’ financial behaviour—from cash to e-wallets and UPI. The expansion of digital payments is an important pivot for creating a more equitable, prosperous and financially inclusive India. The rise of fintech has accelerated financial inclusion. I am excited to see the countless possibilities that will be presented by the bright minds of our country over the next few weeks.’