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The Government of Maharashtra and Zone Startups Conclude India’s Largest Fintech Conclave, Fintegrate 2019 at Mumbai

  • Thursday, March 7, 2019 6:23PM IST (12:53PM GMT)
Mumbai, Maharashtra, India: The Government of Maharashtra in partnership with Zone Startups and other partners/sponsors have concluded the 3rd edition of Fintegrate at World Trade Center, Mumbai.

The valedictory ceremony was attended by Honorable Governor of Maharashtra Shri CH. Vidyasagar Rao; Right Honorable Mr Mark Christopher Field, Minister of State for Asia and Pacific, United Kingdom;  Ms Tara Tara Scheurwater, Consul General of Canada in Mumbai;  Shri S V R Srinivas, Principal Secretary, Department of Information Technology and Mr Sopnendu Mohanty, Chief Fintech officer of Singapore.

The fintech conclave spread across 3 days saw participation from 300+ fintechs, with 120 exhibiting their products. More than 60 top corporates like Visa, ICICI Lombard, Virtusa, Netcore, Royal Bank of Canada, participated in the conclave and 750-plus B2B meetings were conducted between fintechs and corporates to explore possible collaboration opportunities.  15,000 delegates from India and 15 other countries were present for the event across the financial and technological ecosystem.

Mumbai Fintech Hub, an initiative by the Government of Maharashtra, showcased the start-ups from Mumbai Fintech Accelerator at the event. The unique accelerator program is a public-private initiative with partners such as NPCI, PayU, Fino, Indusind, India First Life, CRIF coming together to support the growth journey of the fintech sector and is being conceptualized and executed by The Fintech Meetup. The 12 startups from the accelerator are Bon Fleet, One Wallet, Hue Pay, Phi Commerce, Crelytics, GoPlannr, M2P, MicroChippayments, Monitree, Riskcovry, Finlok and News4Use. Honorable Governor interacted with the startups from the accelerator at the beginning of the event.

The valedictory session started with the unveiling of India Fintech Report 2019. The report has been co-created by Medici and Zone Startups. Medici tracked the Indian fintech ecosystem’s growth over the last 5 years.  The report reveals that over the last three years the Indian FinTech ecosystem has seen massive growth, and with 2035 active start-ups as of 2019, India has now become the 2nd largest FinTech hub, globally.

This was followed by the launch of UDAY - The Fintech Education Platform by Government of Maharashtra which is targeted to fill the demand-supply gap for Fintech talent. The initial pilot focus will be the fresh graduates in engineering/management curriculum. This platform has been created in partnership with PWC and many other academic institutes, financial institutes and fintechs.

During the session Honorable Governor Ch. Vidyasagar Rao facilitated 8 fintech startups with a quarterly grant of INR 10 Lakh each for fintechs in Maharashtra state – Pingal Technologies, Auto O2, Pentation Analytics, Fidypay, Mintoak, Alo Agritech, Fingpay and MakeMyEMI.

Honorable Governor, Ch. Vidyasagar Rao congratulated Mumbai Fintech Hub and Zone Startups for the success of Fintegrate Zone 2019. In his speech he mentioned, “Today, I am extremely pleased that FinTech is empowering women entrepreneurs to build their maiden ventures. I have no doubt in my mind that women entrepreneurs will chart out success stories and correct the gender imbalance in employment. I am confident, all these efforts will converge in fostering next-generation innovation across the financial services ecosystem to nurture exceptional FinTech firms that enable financial empowerment and technological advancement.”

Shri. S.V.R Srinivas, Principal Secretary, Directorate of Information Technology, Government of Maharashtra, said, “The Government of Maharashtra has taken the lead in Fintech sector in India by creating the first Fintech policy in February 2018. In one year, immense progress has been made by Mumbai Fintech Hub in catalyzing the growth of Fintech startups. Zone startups has been one of our accelerator partners from the beginning and events like Fintegrate has deepened our partnership in this journey.”

Suniti Nanda, Fintech Officer, Government of Maharashtra said, “Fintegrate 2019 has been a testimonial of deep collaboration between fintechs, incubators /accelerators, financial institutes, corporates, VCs, academic institutions and Governments from across the globe. This principle of Collaborate-Build-Transform will help us unleash the Big potential for India Fintech landscape and make Mumbai a Global Fintech Hub.”

The largest FinTech conclave in India concluded with the promise to Collaborate-Build-Transform the FinTech landscape of the country and bring in new dimensions during Mumbai FinTech 2020.

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