Mumbai: Prime Minister Narendra Modi’s goal of making Mumbai the global fintech capital resonates with many startups which believe the city’s proximity to the financial market and regulators gives it a significant advantage.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 PM Narendra Modi’s vision of making Mumbai the world’s fintech capital is both ambitious and achievable. Achieving this 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, tech companies and regulatory bodies is essential. “Given Mumbai’s robust financial services sector and vibrant tech ecosystem, I am confident that we can turn this vision into reality,” said Tyagi.Akshay Mehrotra, cofounder and CEO of Fibe, also feels that the plan is ambitious but strategically significant. “This will boost global investments in the fintech industry and provide employment opportunities to the youth while offering unparalleled cross-border opportunities for collaboration. Elevating Mumbai’s role as a fintech hub will encourage entrepreneurship and innovation, leading to inclusive growth,” said Mehrotra.Bhavin Patel, co-founder and CEO at LenDenClub, says Mumbai has the potential. India is already a global leader in payment innovation, and this leadership is spreading to other areas. “India is leading the world in lending, wealth management, and p2p lending. If the startup ecosystem is fostered better in Mumbai, it may soon become the global fintech capital,” said Patel.While Bengaluru has been the uncontested startup capital thanks to the thriving IT industry, educational institutions, and global back offices, there has been a fierce contest for the fintech capital status. Thanks to the startup ecosystem, the biggest fintech broker and the biggest payment company are housed in Bengaluru. New-age insurers Digit and Acko have chosen Bengaluru as their base. However, many Mumbai firms feel that their city has an edge in finance.“Mumbai is already the fintech capital of India with 42% of the top 50 fintechs housing in the city and a prominent financial hub of the world. There is no doubt that it has the potential to become the world’s fintech capital,” said Vishal Sharma, co-founder of AdvaRisk, a fintech startup that supports financial institutions with its AI platform. He adds that to become global fintech capital 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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