Global Economic Summit 2024 to empower MSMEs through fintech solutions
Against this backdrop, World Trade Center Mumbai and the All India Association of Industries are set to host the 9th edition of their flagship event, the Global Economic Summit, themed ‘FinTech: Accelerating the Digital Revolution,’ from August 8-10, 2024.
The summit will discuss pathways and strategies to meet the unmet credit needs of micro, small and medium enterprises (MSMEs), women entrepreneurs, and underserved communities through digital solutions such as paperless credit, account aggregator framework, cash-flow-based funding, alternative credit scoring methods, and so on. Moreover, central banks are encouraging their traditional banks to deploy technologies to promote digital supply chain financing for MSMEs and digital payments.
According to the UK Sinha-led Expert Committee of RBI, the MSME sector faces a credit gap to the extent of Rs. 20-25 lakh crore and fintech can be a key enabler of credit accessibility and affordability for small-scale enterprises.
Highlighting the importance of this summit, Vijay Kalantri, Chairman, MVIRDC World Trade Center (WTC) Mumbai remarked, “India has the fastest growing fintech industry in the world and the summit will add further momentum to this growth by connecting local companies to their global counterparts, fostering opportunities for investment and exchange of technology and business partnerships. This also aligns with the government’s initiative to take India’s fintech innovations such as UPI to the global market.”
The summit is supported by ONDC, an open
