Niti Aayog on Monday launched a three-week-long virtual summit ‘Fintech Open’ to showcase the journey and opportunities in the Indian fintech industry.
The summit, which will run from 7 to 28 February, was inaugurated by Union Minister for Railways, Communications, and Electronics and IT Ashwini Vaishnaw in the presence of NITI Aayog Vice Chairman Dr Rajiv Kumar.
In collaboration with , AWS, and EY, this event by Niti Aayog is a first-of-its-kind initiative, which aims to bring together regulators, fintech professionals and enthusiasts, industry leaders, the startup community, and developers to collaborate, exchange ideas and innovate.
While flagging off the event, Shri Ashwini Vaishnaw said,
‘Under the leadership of Hon’ble Prime Minister Shri Narendra Modi, we believe in creating open platforms, such as Cowin and UPI, for healthcare, logistics and other sectors. An open platform is created using public investment, wherein numerous private entrepreneurs, startups and developers can join to create new solutions.
For example, today, 270 banks are connected with the UPI and many entrepreneurs and startups have provided solutions that have helped increase the country’s fintech adoption rate—which is the highest globally at 87 percent.’
Fintech Open aims to create an immersive learning experience. It has three objectives:
- Encourage an open ecosystem across the fintech industry
- Foster innovation and growth
- Ensure financial inclusion and leverage new models like Account Aggregator to unleash the next wave of fintech innovation.
According to the press statement, a key highlight of the summit will be India’s biggest fintech hackathon ever, which will provide an opportunity to individual developers and the startup community to present breakthrough ideas with the potential to solve real-world problems. Additionally, to foster creativity, innovation, and an entrepreneurial mindset among children, another hackathon for school students will also be organized via Atal Innovation Mission’s Atal Tinkering Labs network.
It will have in-depth conversations, deep-dives, webinars, round-table discussions, etc., highlighting innovations and challenges undertaken by various start-ups. Additionally, fintech-related work will also be showcased, and the most innovative startup will be recognized in a virtual felicitation ceremony.
The summit will have distinguished speakers such as Nandan Nilekani, Co-Founder, Non-Executive Chairman of Infosys, and Amitabh Kant, CEO, NITI Aayog, along with several business leaders such as Kunal Shah, Founder, Cred; Yashish Dahiya, CEO, PolicyBazaar; Anuj Gulati, Founding MD and CEO, Care Health Insurance; Varun Dua, CEO, ; Nithin Kamath, CEO, ; Vijay Chandok, Managing Director, ICICI Securities; Lalit Keshre, CEO, ; Kavitha Subramanian Co-Founder, Upstox; and Harshil Mathur, CEO, Founder, Razorpay.
NITI Aayog Vice Chairman Dr Rajiv Kumar stated, "India is witnessing increasing digitization with people getting greater and easier access to financial services. This has led to a shift in consumers’ financial behaviour—from cash to e-wallets and UPI. The expansion of digital payments is an important pivot for creating a more equitable, prosperous and financially inclusive India. The rise of fintech has accelerated financial inclusion. I am excited to see the countless possibilities that will be presented by the bright minds of our country over the next few weeks."