Demonetisation impact: Global Entrepreneurship Summit to include fintech as focus sector, says US official

The Global Entrepreneurship Summit in Hyderabad will be attended by US President’s advisor Ivanka Trump. The meet will also be attended by PM Modi.

Written by Shubhajit Roy | New Delhi | Published: August 18, 2017 4:24 am

The demonetisation move has prompted the organisers of the Global Entrepreneurship Summit to include financial technology in digital economy as one of the “focus” sectors, a US official said here on Thursday. “The Prime Minister’s Independence Day speech also focussed on the digital fund transfers, and the financial technology is going to really take off. So, the Prime Minister’s Office and the Niti Aayog is pushing the sector in a big way,” the US official said in Delhi.

As first reported by The Indian Express, the Global Entrepreneurship Summit in Hyderabad from November 28 to 30 will be attended by US President’s daughter and advisor Ivanka Trump. The meet will also be attended by Prime Minister Narendra Modi.

Apart from financial technology in digital economy, the remaining focus sectors of the GES include energy and infrastructure; healthcare and life sciences; media and entrepreneurship and possibly, agriculture and agricultural entrepreneurship.

About 1,500 delegates, which will include 1,200 entrepreneurs and 300 investors from across the world, are expected to attend. Of the 1,500 delegates, 500 will be from the US, 500 from India, and remaining 500 from about 180 countries, the US official said.

However, there will be a “light government footprint”, and this is in line with previous summits. The theme of the summit is ‘Women First, Prosperity for All’. We hope to have women represent at least 50 per cent of entrepreneurs and investors,” the US official said.

“The GES will showcase how the US and India are increasingly beginning to converge on different aspects,” the US official said, adding that the bilateral ties are doing quite well. The summit is also a chance to reinforce our increasing cooperation on entrepreneurship and technology,” he said.

“The idea is to have a critical mass of smart people, and the event will look at developing mentorship, entrepreneurial start-up ideas, and connecting entrepreneurs with angel investors,” the official said.

Other than the US, the GES had been held earlier in Morocco, Kenya, the UAE, Malaysia and Turkey. The event will be held in India for the first time. Corporate giants, including Microsoft, Facebook, Apple and Google, had participated in the previous summit, said the US official.

“This is the new (US) administration. In the last GES, President Obama showed up, but this time it looks like it will not be President Trump attending, so he has decided that his daughter Ivanka Trump will lead the US delegation,” said the official.

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