Maharashtra Governor lauds favorable fintech business environment in Mumbai

Maharashtra Governor C Vidyasagar Rao Friday said the competitive business environment of the megapolis makes it a perfect base for a thriving financial technology (FinTech) ecosystem. Speaking at the Valedictory Session of the Fintech Conclave 'Fintegrate Zone 2019', the Governor said with an estimated wealth of USD 820 billion and the highest FDI inflow in India, Mumbai has the infrastructure to match its scale and pace of activities.

"Today, Mumbai is home to many premiere financial institutions including the Reserve Bank of India, Sebi, NSE, BSE and many others. The city today stands at the cusp of change. Its competitive business environment makes Mumbai a perfect base for a thriving financial technology ecosystem," he said. He informed the gathering that last year Maharashtra took the initiative to make Mumbai the global fintech hub with a vision to foster innovation and entrepreneurship, develop citizen-centric products and service offerings, deepen market participation and liquidity, as well as drive transformative economic development.

"In February 2018, the state rolled out the country's first-ever Fintech policy. It's heartening to see the traction created during the last one year. The impact created on fintech sector is of utmost importance," Rao said. He further said the fintech registry, department's engagement with fintech start-ups for proof of concepts, grants/reimbursement for early stage start-ups, accelerator programs, fintech education platform, financial inclusion lab and market access events, are so pivotal to the well-rounded development of the sector.

"In this path to elevate the fintech sector, our global partnerships will play a vital role. In coming days, the India-Singapore and India-UK corridors will enable the fintech sector for broader global market access and enormous knowledge exchange," Rao said. He further added that growing popularity and acceptance of fintech products will encourage our entrepreneurs to focus on many opportunities in the days to come..