At an event held in Mumbai, CNBC-TV18 and Rubique announced the ‘FINTECH EDGE’ awards and hosted panel discussions for FinTech Industry personnel
In the post-demonetization and post-GST era, the Fintech industry has come to play an imperative role in the way people deal with their finances. Recognizing the industry’s potential growth, CNBC-TV18 with Rubique, announced FINTECH EDGE, a first-of-its-kind awards in Finance & Technology sector, in an event held on 21st August 2017 in Mumbai. The event witnessed riveting panel discussions on topics such as “Has Fintech Industry Reinvented Financial Services?” and “Future of FinTech Industry: Issues, Challenges & Opportunities.” The key note speech at the event was delivered by Amit Goel, Co-founder and MD, Let’s Talk Payments.
The renowned panellists and speakers at the event discussed technological advancements and digitization that has given impetus to the industry at large. Revenue models, consumers, partnership with banks and other fundamental issues and practices in the industry were also discussed. The FINTECH EDGE panel discussions have been taking place across the country with CNBC-TV18 and Rubique inviting industry experts, entrepreneurs and innovators to take the conversations forward. Held in Bengaluru, Delhi earlier and now Mumbai, FINTECH EDGE will also travel to other parts of India.
The esteemed group of panellists, at the Mumbai event, included Harshil Mehta, CEO, DHFL, Rishi Gupta, MD&CEO, Fino Payments Bank, Chavi Jafa, Head, commercial cards and B2B payments (India and South Asia), Visa, Suresh Sethi, Former CEO, M-Pesa at Vodafone, Vivek Belgavi, Partner, Fintech Leader, PWC). In addition to that, Manav Jeet, MD&CEO, Rubique, Jitendra Gupta, Founder, Citrus Pay India & MD, PayU India, , Neha Punater, Partner and Head - Digital Strategy, Innovation and Fintech at KPMG India) also formed a part of the panel. CNBC-TV18’s AB Ravi and Ritu Singh served as moderators for the discussions.
Commenting on the occasion, Joy Chakraborthy, President Revenue – Network 18 and CEO, Forbes India said, "Network 18 has always pioneered in thought leadership and fintech firms are at the forefront of creating the biggest paradigm shift in the financial services industry. CNBC-TV18 believes that the recent moves by the government along with vigorous activity in fintech space in India has accelerated interest in the fintech ecosystem and we do have an edge over the others to become a global fintech superpower. With the launch of Fintech Edge in partnership with Rubique, CNBC-TV18 aims to set a new platform that recognizes the young icons, acts as a knowledge sharing platform that encourages entrepreneurship and innovation.”
Manav Jeet, MD and CEO, Rubique says, “The future is digital & when it comes to spreading this wave across the diverse market of India, we need to collaborate. Rubique has collaborated with Network 18 team to spread the awareness about this emerging category & recognizing the efforts of all entities involved in financial technologies in India. This will be one of the first platform which not only considers the ecosystem but also ensures knowledge sharing for its success. We are excited about the launch of this award which will help us to connect & collaborate to shape India's digital economy
Some of the important points that was highlighted by the panelist were:
1) Vivek Belgavi, Partner and Fintech leader, PwC:
• Banks vs Fintechs is a debate that is long-forgotten, world over the move is toward a more collaborative approach
• The next level of differentiation for banks will come from partnerships with start-ups that is addition to having cutting edge technologies, enable then to increase reach in existing markets or penetrate new markets
2) Chavi Jafa, Head, Business Solutions, Visa India and South Asia:
• Fintechs have the advantage of agility which allows them to explore higher efficiencies and bridge gaps quicker than traditional players, however collaboration across fintechs and traditional players is key to scalability and success
3) Suresh Sethi, Former CEO, M-Pesa, Vodafone:
• Technology and Digitalization is the answer to drive frugal innovation in the Financial services space
• It is critical to leverage the same for driving last mile financial inclusion at sustainable and affordable levels. This would in turn lead to discovery of new revenue models built arounddata monetization in a data rich ecosystem
4) Harshil Mehta, CEO, DHFL:
• With digitally active millennials, consumer preferences, internet penetration, technology upgrade coupled with Government’s efforts to digitize finance and boost digital platforms, India is growing to be a digitally democratic economy