Fintechs key to decarbonization drive In India: Jayant Sinha

“India must decarbonize large sectors of its economy including transportation, power, and real estate so that we can get net zero by 2070-a vision shared by our Prime Minister Narendra Modi. There is a vast opportunity for investments due to decarbonization and fintechs have a crucial role to play in this,” said Shri Jayant Sinha, Member of Parliament (Lok Sabha) & Chairperson, Parliamentary Standing Committee on Finance, addressing the Global Fintech Fest.

Sinha was at a fireside chat with Prashant Shah, Managing Director, Head – Banks & Broker Dealers, South Asia & Country Head, Financial Institutions, India, Standard Chartered Bank. Sharing his views on the current geopolitical situation, Sinha said: “We have achieved macroeconomic stability and are in an excellent geopolitical position. Countries are attempting to strengthen their supply chains and seeking alternatives to China. This presents an excellent opportunity for India to step in and seize global supply chain opportunities.”

 GFF 2022 is organized and presented by the Department of Economic Affairs, Ministry of Finance, Government of India, Reserve Bank of India, International Financial Services Centers Authority (IFSCA), National Payments Council of India, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC). Pre-event festivities began virtually on September 19, 2022. This was the third edition of the Global Fintech Fest, and the first one where domain experts participated from across the globe in person and virtually.

Setup in 2017 as a fintech committee, Fintech Convergence Council was later converted into an independent council with its independent governing board, with over 70 members.  The FCC represents various players in the fintech, banking, financial services, and technology space. The FCC works towards the penetration of financial services with the aim of financial inclusion and moving towards a digitally empowered country. It creates opportunities for collaboration and convergence among various players in the financial services domain. Committees under FCC are Lending, Wealth Management, Insurance, Neo-Banking and Regtech. 

 GFF 2022 is being supported by the Unique Identification Authority of India (UIDAI), National Investment Promotion & Facilitation Agency (Invest India), Startup India, Reserve Bank Innovation Hub (RBIH) and ONDC. Special Partners of GFF 2022 are World Bank Group, United Nations Capital Development Fund, BIS Innovation Hub, KNOMAD, Better Than Cash Alliance and International Finance Corporation (IFC).