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The chances and challenges facing the fintech sector are highlighted at the Bharat Fintech Summit.

3,000 members of the Indian fintech community attended the Bharat Fintech Summit 2024, which was arranged by The Digital Fifth in Mumbai. The second iteration of the summit took place from February 7–8, and featured up to 23 speaker sessions, five fireside chats, and ten demonstrations.


The panel discussions covered a wide range of pertinent topics, such as the evolving fintech scene in the nation, which includes product-led innovations, the necessity of banks and fintech players working together, cybersecurity, and the need for more regulatory compliances in digital lending and payments to enhance customer experiences and safeguard them against fraud.


It's important to note that the event is taking place at a time when the fintech sector is profiting from the dramatic digital transformation of the banking sector and the expansion of e-commerce in India and around the world.


In the near future, banks and other financial institutions will operate exclusively online for their retail and MSMEs clientele. Significant advancements in the Indian BFSI sector have been driven by public infrastructure like Account Aggregator, IndiaStack, and the ONDC, as well as regulatory bodies. According to projections, the enterprise fintech market is expected to reach a valuation of $20 billion by 2030, indicating its potential for growth.


Sameer Singh Jaini, the CEO and cofounder of Digital Fifth, told that enterprise fintechs have seen a steady stream of funding over the past ten years. This is highlighting the market's previously unrealized potential, along with the arrival of new-age players in a number of enterprise segments.


"We host the summit, which is content- and depth-focused, and we welcome everyone from the entire Indian fintech ecosystem here, including the participation of 70–80 VC firms, where they intend to thrive their businesses amongst each other, collaborate, and share fruitful insights,” he continued.


During the event, embedded finance was also in the spotlight because there was a general consensus to highlight the need for more players to drive customer engagement in collaboration with banks.


RBI Executive Director P Vasudevan emphasized the importance of frictionless credit in his keynote address, pointing out that it has the potential to become the next big thing in digital public infrastructure.


Attending a summit like this is an exciting experience for me, and I'm glad to have participated in a panel where we talked about tech-led credit networks, utilizing multi-layered lending partnerships and cutting-edge technology to create a financial sector that is ready for the future.


The environment for MSMEs lending, including obstacles, creativity, teamwork, and more. Alok Mittal, co-founder and MD of Indifi, told Entrackr that "the MSMEs sector has been the backbone of the Indian economy and the emergence of technology in this space is worth watching."


Small businesses that turned a profit last year and exceeded Rs 1,500 crore AUM in March 2023 are eligible for loans from Indifi.


Chief Strategy Officer of Perfios Ramgopal Subramani expressed gratitude for the summit, stating that it is essential for knowledge sharing, establishing alliances, and propelling all-encompassing industry expansion.


"We at Perfios are delighted to collaborate with events such as BFS, which offer a platform for the BFSI sector to come together and discuss issues and new ideas," he stated.


Vaibhav Tambe, co-founder of TransBank, said, "It's always great to be associated with The Digital Fifth and the summit which can be a game changer for the entire fintech Indian ecosystem and curated this event for the last where a lot of collaborations took place."


TransBank is a software-as-a-service platform that charges per transaction and requires a minimum guarantee for a specific number of services.


Spokesman for a variety of fintech startups, including Trifecta, GetVantage, Zaggle, FinBox, Skydo, Bureau, Fixerra, and others, were present at the summit.


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