Mumbai Fintech Model will emerge as a global leader: Devendra Fadnavis

Mumbai, June 5 (KNN) To make Mumbai the Fintech Hub of the country, Maharashtra Chief Minister Devendra Fadnavis launched 2 day Mumbai Fintech-2018 festival in the presence of dignitaries from UK and Singapore. Experts also deliberated upon how applications of Fintech should be on small and medium scale sectors.

Speaking at the occasion, Fadnavis said “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, a memorandum of understanding was signed between Andhra Pradesh government and 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, "The model developed to foster digital technology will not confine to elite segments of the society rather we take it forward to deliver the change in the lives of every citizen."

Adding to this, he said “from entrepreneurs to marginal farmers everyone should be benefited from the innovations which are underway.”

Talking about fintech policies and digital process, Fadnavis said that his government wants to provide best platform that would bring greater accountability and transparency in system and government.

“Our endeavor is to make Maharashtra a trillion dollar economy by year 2025,” he added.

He said, “Mumbai is the home for first Artificial Intelligence University in the country. Similarly, Mumbai Fintech will be a major milestone.”

Innovation and application of the technology 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.

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 of Monetary Authority of Singapore, emphasized on how applications of Fintech should be on small and medium scale sectors, which promise sizeable job creation.