IndiaStack is Brilliant; Next Step to Make it Globally Interoperable: Says Shivananda, CTO, Paypal, at the Global Fintech Fest
[ lee joon suh 2020-07-24 ]  

The first day of Global Fintech Fest (GFF) 2020 - the largest two-day virtual fintech meet-up saw powerful ideas and forecasts coming from several marquee global fintech and BFSI leaders.

GFF, supported by World Bank and the United Nations Capital Development Fund (UNCDF), is organised by National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC) of Internet & Mobile Association of India (IAMAI).

In a fireside chat, Paypal SVP and CTO Sri Shivananda described the interoperable IndiaStack coupled with Aadhaar and Indian Prime Minister Narendra Modi's Jan-Dhan Yojna (PMJDY) as 'Brilliant'.

"There is no technical stack in the world with a country's name as prefix. What the Indian government and regulators have done together with the common national identity through a digital system and a common national API for payments, is nothing but brilliant. India is one of the first countries that has a platform first approach, with the platform being secure, robust and reliable. It is a role model for many other countries to follow," he said.

Meanwhile, Amitabh Kant, CEO, NITI Aayog, Government of India said the future of lending will be Phygital. He bet big on digital lending as the next big driver in fintech, driven by retail loans. Kant said fintech is the shining star of India's startup and technology ecosystem, enabling seamless transition from physically connected to a physically distant but socially connected environment.

Speaking on financial inclusion, Monetary Authority of Singapore Chief Fintech Officer Sopnendu Mohanty added that COVID has made it clear that now is the time to move towards sustainable and resilient products.

Mohanty expressed that there is great opportunity in open banking globally, with video and immersive banking expected to grow as ASEAN markets shift from 4G to 5G network. 

Offering insights on fintech growth, P Vasudevan, CGM-DPSS, Reserve Bank of India remarked that the regulator has seen 58 percent CAGR growth in volume in digital transactions in the last 5 years. There are significant events like Demonetisation and COVID which have really changed the way we do digital payments, he said. Vasudevan estimated that at current CAGR, in next 5-6 years daily digital transactions can reach 3 times to 15 trillion rupees in India. He added that the purpose of digital payments is to have financial inclusion.

In his opening address, Dilip Asbe, Managing Director and CEO, NPCI said, "The phenomenal success of our home-grown platform of UPI and the global recognition it received is a testimony in itself as to how far we have come as a nation - from being followers to innovators and pioneers in the industry. The pandemic has been a great catalyst for the industry and we aim to develop an eco-system where digital transactions are executed remotely, possibly by majority of our population."

GFF saw participation from 50+ countries, 100+ speakers and 10000+ delegates, 75 exhibitors. Over 45% speakers comprised of global community.

About FCC

FCC of IAMAI represents the Indian Payments, FinTech and BFSI ecosystem. FCC encourages collaboration and builds synergy between BFSI companies and FinTech start-ups. FCC interprets the regulatory and legal framework, aggregates feedback of ecosystem players and communicates with regulators and lawmakers.

This article is an unedited press release.

Global News Network 'AVING'
by lee joon suh (

Copyright ⓒ 2020 AVING. All Rights Reserved.   메일보내기 인쇄하기
  AVING Around the World 
    latest Mobile/Computing
[MIK HOT SPOT_Seoul Food Startup Center] Connect With develop... 2020-08-07
CEO Hong Su-yeon of Connect With started this business after she quit her job and went to France. She then promoted Kore
[MIK HOT SPOT_Seoul Food Startup Center] Ventus Ac Aqua stars... 2020-08-07
Seo Ji-woon, the CEO of Ventus Ac Aqua, started selling perfumes because he loved the scent As he was selling the perfum
Alibaba Hong Kong Entrepreneurs Fund Launches JUMPSTARTER 202... 2020-08-07
Alibaba Hong Kong Entrepreneurs Fund today kicked off JUMPSTARTER 2021 Global Pitch Competition (JUMPSTARTER 2021), its
Meet AdminaHealth in the Exhibit Pavilion at VCIA 2020 2020-08-07
AdminaHealth LLC, a leading provider of billing and payment solutions for the healthcare, insurance, and employee benefi
Enhanced Technologies Help E-commerce Platforms and Merchants... 2020-08-07
Huawei Developer Webinar was held today to unveil an enhanced live e-commerce solution.

Copyright ⓒ 2020 AVING. All Rights Reserved.  Contact Webmaster for more Information