Fintech Capital: Mumbai’s Aspiration to Become the Global Fintech Capital | Mumbai News

Mumbai: Prime Minister Narendra Modi’s vision to make Mumbai the global fintech capital resonates with many startups who believe the city’s proximity to the financial market and regulators gives it a significant edge. While Mumbai has been the country’s financial capital since the British era, the aspiration to add the ‘global fintech capital’ title is seen as ambitious. “I believe Prime Minister Narendra Modi’s vision to make Mumbai the world’s fintech capital is ambitious and achievable. Achieving this goal will require a supportive regulatory environment, significant investment in digital infrastructure and a commitment to fostering innovation through education and research,” said Yashoraj Tyagi, CEO, CASHe. According to Tyagi, collaboration between financial institutions, technology companies and regulators is essential. “Given Mumbai’s robust financial services sector and vibrant tech ecosystem, I am confident we can make this vision a reality,” said Tyagi. Akshay Mehrotra, co-founder and CEO of Fibe, also believes the plan is ambitious but strategically significant. “This will spur global investment in fintech and provide employment opportunities to the youth, while providing unparalleled cross-border collaboration opportunities. Elevating Mumbai as a fintech hub will encourage entrepreneurship and innovation, leading to inclusive growth,” Mehrotra said. Bhavin Patel, co-founder and CEO of LenDenClub, says Mumbai has potential. India is already a world leader in payments innovation, and that leadership is spreading to other areas. “India is a world leader in lending, wealth management and peer-to-peer lending. If the startup ecosystem is better fostered in Mumbai, it could soon become the fintech capital of the world,” Patel said. While Bengaluru has been the undisputed startup capital thanks to its thriving IT sector, educational institutions and global back offices, there has been a fierce competition for the fintech capital status. Thanks to the startup ecosystem, the largest fintech broker and the largest payment company are headquartered in Bengaluru. New-age insurers Digit and Acko have chosen Bengaluru as their base. However, many companies in Mumbai feel that their city has an edge in finance. “Mumbai is already the fintech capital of India with 42% of the top 50 fintech companies headquartered in the city and a major financial hub of the world. There is no doubt that it has the potential to become the fintech capital of the world,” said Vishal Sharma, co-founder of AdvaRisk, a fintech startup that supports financial institutions with its AI platform. He adds that to become the fintech capital of the world, Mumbai needs to establish more fintech incubators and accelerators to nurture innovation and create a fintech park with affordable housing to attract startups and tech talent.

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