India has emerged as one of the most robust fintech economies in the world with landmark innovations in secure payment systems and gateways, paperless lending, mobile banking and wallets, and other innovations that are driving the country’s digital transformation. India’s fintech sector, currently the third-largest and third-highest funded globally, trailing only the USA and China, is poised to emerge as a global leader. Against this backdrop, World Trade Center Mumbai and the All India Association of Industries are set to host the 9th edition of their flagship event, the Global Economic Summit, themed ‘FinTech: Accelerating the Digital Revolution,’ from August 8-10, 2024. The summit will discuss pathways and strategies to meet the unmet credit needs of micro, small and medium enterprises (MSMEs), women entrepreneurs, and underserved communities through digital solutions such as paperless credit, account aggregator framework, cash-flow-based funding, alternative credit scoring methods, and so on. Moreover, central banks are encouraging their traditional banks to deploy technologies to promote digital supply chain financing for MSMEs and digital payments.

Source:  economictimes.indiatimes.com