Indian FinTech Forum Concludes IFTA 2021 with Focus on Financial Inclusion and Emerging Technologies

Mumbai, India, November 26, 2021 / PRNewswire / – The IFTA 2021 India FinTech Forum saw 34 demonstrations of innovative products over 3 days with congratulations from Stockal as FinTech Startup of the Year and IDfy as Scaleup FinTech of the Year. IFTA 2021 saw the participation of senior representatives from Gujarat International Finance Tec-City (GIFT City) and the government of Tamil Nadu. It is the oldest fintech event in India, and it was the 6th consecutive year of celebration of innovation in the FinTech sector.

Partners at IFTA 2021

Meet the most innovative fintech companies

The 4-month assessment process resulted in the recognition of the most innovative companies in a number of fintech and related fields from over 800 applications. The evaluation framework was developed and managed by Deloitte, and Perfios congratulated the winners. Over 40 industry leaders were on the distinguished jury and over 50 speakers shared their valuable insights.

Past IFTA winners include well-known names like Simpl, Capital Float, ZestMoney and Valocity Global, and have cumulatively accumulated more $ 3 billion in funding to date.

Winner at IFTA 2021

Fintech Startup of the Year

Stockal

Rising fintech stars

(Fintech Startup of the Year)

BukuWarung, AccuraScan, Money View

FinTech Scaling of the Year

Idfy

Fintech Leader of the Year

Ravi Kumar, Co-Founder and CEO, Upstox

Woman leader in FinTech

Aarti Ramakrishnan, Co-Founder and COO, Crayon Data

Most innovative Fintech product

Pine laboratories

Best Fintech Consumer Lender

Paisabazaar

Best Fintech Commercial Lender

InCred

Best International Fintech in India

TO MODIFY

Best partner in the FinTech ecosystem

Grameen Impact Ventures

Most innovative bank of the year

IDFC FIRST Bank

Financial inclusion initiative of the year

Jai Kisan

Excellence in payments

Scanning Technologies

Better use of AI in FinTech

Marsview.ai

Most innovative blockchain or crypto product

Whirlpool

Best innovation in RegTech

Signzy

Best innovation in wealth management

Stockal

Best Tech Company for Fintech Solutions

Zeta

The most innovative Neo Bank

Open financial technologies

Excellence in InsureTech

Digital insurance

The list of winners is available on: www.indiafintech.com

Financial technology growth facilitators

The growing importance of Fintech can be seen by the Prime Minister Shri Narendra Modi participation in the next Fintech InFinity forum organized by the IFSCA and launch of the FinTech policy of Tamil Nadu by the Chief Minister Shri MK Stalin. Sir. Sandip Shah, Head – IFSC Dept, GIFT City informed the IFTA audience that GIFT City is today the only place in India which has been recognized and notified as an International Financial Services Center (IFSC).

M / s. Pooja kulkarni, IAS, MD and CEO, Guidance Tamil Nadu elaborated on the multiple initiatives taken within the framework of the Fintech policy for fintech companies, including a Fintech Board of Directors under the chairmanship of the Honorable Minister of Industries, the development of a Fintech city with a built space of 1 million square feet in Chennai, Neo-TIDEL parks in level II and III cities, electrical infrastructure, connectivity, cybersecurity, disaster recovery center in Trichy, funding channels and reduced compliance burden.

The drivers of fintech growth in India

Companies including PayU, CashRich, Perfios, Huobi Global, KUDOS Finance, TransUnion CIBIL and Miami Fintech came together to fuel discussions on upcoming technology opportunities, challenges and the way forward to capitalize on the next 2-3 years. Sir. Jitendra Gupta, Founder and CEO, Jupiter and India FinTech Forum Advisory Board member noted, “The Indian stack has been a game-changer alongside Aadhaar. Government initiatives and the regulatory sandbox for fintechs have been very helpful. The availability of capital in a dynamic ecosystem is one of the main drivers of fintech growth. “

FinTech companies in India are riding the global wave of innovation despite the pandemic. This is supported by the number of unicorns in India which are financial technology companies. Sir. Rajesh kumar, Managing Director and Chief Executive Officer, TransUnion CIBIL had a very positive outlook for the growth of FinTech companies and said, “This is a dynamic evolving ecosystem where collaboration, competition and convergence exist in equal measure. and a strong governance framework in their quest for growth.

Upcoming innovation in global payments

M / s. Praveena Rai, COO, NPCI, noted that global payment systems were traditionally offered by large monolithic institutions with payment infrastructure in various countries, but now we also have country-specific popular payment systems. It is necessary to examine how these payment systems can begin to work together so that a network of payment systems can be created. The recently announced plan by the RBI and MAS to link UPI and that of Singapore PayNow will be helpful. She stressed: “There is a need to look at payment solutions that can work offline. »Global payments are likely to be a very important source of revenue for FinTech companies, given the current high cost of international transactions and the potential to bring more efficiency, transparency and speed to the same. . Mr. Mohit Gopal, SVP at PayU warned that vanilla payment products tend to have very low margins, so finding other products to achieve those margins is important.

Sir. Vincent lau, MD – International Operations, Huobi Global spoke about recent global trends such as NFT, gaming and the metaverse, and how cryptocurrencies could enable unbanked people to earn, invest, and transact.

Sir. Ramgopal subramani, COO, Perfios noted that the India FinTech Forum’s IFTA continues to be an event where you learn not only what is happening in India but also globally. He said it was inspiring to know that the future is bright in the hands of startups who showcase their fintech innovation.

Sir. Sougata Basu, Founder, CashRich and a member of the India FinTech Forum executive committee, said: “IFTA 2021 gave us the opportunity to see amazing innovations made by fintech companies during the year despite the challenges caused by the pandemic . Several fintech companies have created solutions for true financial inclusion. using the power of technology. “

About the India FinTech Forum: India FinTech Awards (IFTA) is organized by India Fintech Forum, a non-profit initiative that provides a platform for fintech companies to collaborate and express their opinions on relevant policy issues. Over 2,000 FinTech companies and over 25,000 members of this forum are dedicated to improving the ecosystem to ensure that India leads the global wave of fintech innovation. Website link: www.indiafintech.com

Media contact:
[email protected]
+91 91379 29779

(PRNewsfoto / India FinTech Forum)

(PRNewsfoto / India FinTech Forum)

Cision

Cision

View original content to download multimedia: https://www.prnewswire.com/news-releases/india-fintech-forum-concludes-ifta-2021-with-focus-on-financial-inclusion-and-emerging-technologies -301432375 .html

SOURCE India FinTech Forum

About Joel Simmons

Check Also

Analysis of Weatherford International (WFRD) and its rivals

Weatherford International (NASDAQ: WFRD – Get Rating) is one of 23 public companies in the …