PM Modi to inaugurate key fintech event on December 3

The event brings to the fore growing efforts of the government and the regulators to harness fintech to further bolster the financial sector ecosystem. (File image)

Prime Minister Narendra Modi will inaugurate a first-of-its kind, two-day thought leadership programme on fintech on December 3, hosted by the International Financial Services Centres Authority (IFSCA) in Gujarat.

Reliance Industries chairman Mukesh Ambani, SoftBank chairman and chief executive Masayoshi Son and Infosys co-founder Nandan Nilekani will be among the key speakers at the event.

The event brings to the fore growing efforts of the government and the regulators to harness fintech to further bolster the financial sector ecosystem.

The first edition of the “InFinity Forum” is being hosted by the IFSCA under the aegis of the central government in collaboration with GIFT City and Bloomberg in virtual mode. Indonesia, South Africa and the UK are partner countries.

The idea is to unite the world’s leading minds in policy, business, and technology to discuss and come up with actionable insight into how technology and innovation can be leveraged by the FinTech industry for inclusive growth and serving the humanity at large.

Presenting the Budget for 2020-21, finance and corporate affairs minister Nirmala Sitharaman announced support to a “world-class FinTech hub” at GIFT IFSC, the country’s first IFSC. IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the IFSCs in India.

IFSCA chairman Injeti Srinivas said the authority is “focused on fostering and enabling growth of the financial services industry on a global scale”. “Our flagship Infinity Forum is part of our endeavor to bring together all key stakeholders of the global FinTech Industry to explore the limitless future of the industry in the spirit of mutual cooperation,” he said.

FM to visit IFSC on November 20

Separately, Sitharaman will visit the IFSC at GIFT City, Gandhinagar, on Saturday, along with two ministers of state and seven secretaries from her ministry, to brainstorm on ways to further develop the IFSC.

Her meeting will focus on the role of GIFT-IFSC as a gateway to global financial services for companies within India, drawing global financial business to the country and growth of the IFSC as a global fintech hub.