Chief Minister Devendra Fadnavis on Saturday launched the two-day Mumbai Fintech — 2018 festival in presence of dignitaries from UK and Singapore amongst others. “Mumbai Fintech will evolve as the global leader as it takes the best from both United Kingdom and Singapore.”
On the first day of the festival, Andhra Pradesh government signed a memorandum of understanding (MoU) with Maharashtra to partner and adopt the Mumbai Fintech model. “Maharashtra is the first state in India to come out with a comprehensive Fintech Policy 2018, which will change the face of economy,” Fadnavis said.
He said, “We are not confining the applications to elite segments of the society. We are taking forward the digital process to deliver the change in the lives of every citizen.”
“From entrepreneurs to marginal farmers every one should be benefitted from the innovations which are underway,” he said. Fadnavis said, “When we talk of Fintech policies and digital process, we want to provide the best platform that would bring greater accountability and transparency in system and government. Our endeavor is to take Maharashtra a trillion dollar economy by year 2025.”
He said, “Mumbai is the home for first Artificial Intelligence University in the country. Similarly, Mumbai Fintech will be a major milestone,” he added.
What is interesting to note is that the innovations and applications of the technology are not going to be confined to any specialised sector or segments. On the contrary we have decided to scale its applications to bring the transformation at the grassroots. It would contribute immensely in micro small and medium enterprises (MSMEs), public health care, education and agriculture, industries and service sectors.
The digital solutions will take Maharashtra to an altogether new plan and bring prosperity. We are always ready to embrace the new technology, he added. Earlier, Crispin Simon, British Deputy High Commissioner, said, “India has innovation and UK has infrastructure. Together, UK and India can develop a strong living bridge.”
Sopnendu Mohanty, Chief Fintech Officer, Monetary Authority of Singapore, emphasised on how applications of Fintech should be on small and medium scale sectors, which promise sizeable job creation.