CII’s Finance Summit Focusses on Internet, Digital Finance
Thiruvananthapuram: Considering the urgent necessity to address the advancements in the field of evolving digital and mobile technologies, the finance summit organised by Confederation of Indian Industries (CII) focussed on the penetration of internet and resolved to advocate the strategic use of financial instruments like loans, investments and insurance. The main goal of the summit was to familiarise and define the present and upcoming trends in global finance to all stakeholders in banking, fintech, insurance and markets. The inaugural session of the summit themed on ‘New Age Digital Finance’ was held at Hilton Garden Inn in Thiruvananthapuram. Digital/Micro Insurance and Digital Loan Platforms; Emerging Trends in Financial Analytics; Impact of Digital Age Financial Technologies; Robotics and Cognitive Automation & Regulatory Sandboxing; Peer-to-Peer Lending; Cryptocurrency; Mobile Wallets; Advantage of New Age Money Transfer System; and Future of Finance and Safe Side Investment in Digital Currency were some of the key topics of deliberation in the summit. Besides, another key objective was to create awareness about gateways of governmental schemes benefitting business. The event focussed on target stakeholders like public and private investment entities, international and national development consultants, bank authorities, finance experts, investors and venture capital firms, financial experts and share market experts. Thomas John Muthoot, Chairman, CII Finance Summit and Chairman and MD, Muthoot Fincorp delivered the theme address and said, “The technological disruption that we are currently witnessing is certain to propel the future of finance. It is important to embrace the changes because only so will we able to grow along with the changes in the ecosystem.” The summit saw the participation of financial and banking experts, economists, representative of fintech companies and experts from the fields of Artificial Intelligence, Big Data and IoT. During the inaugural session, S Venkataraman, Chief General Manager (CGM), State Bank of India (SBI), said the digital revolution in India’s finance sector, “is going to have far-reaching effects.” The CGM of India’s largest public sector bank added that while technology is changing the dynamics of banking, it is important to ensure that the priorities of the customers are safeguarded. SBI has been making heavy investment in IT and maintenance, earmarking a large share for cyber security. “SBI spends Rs. 5000 crore on IT annually, to hold all our systems in good shape,” Venkataraman said. V K Mathews, former chairman, CII and Chairman, IBS Software suggested that the government needs to take the role of a referee while the operations of public services are entrusted with private players. “While the government could regulate the activities, the private entities can focus on the development side of public utilities,” Mathews opined. Meanwhile, Sanjeev Kaushik IAS, Princinpal Secretary, Finance (Resource) and Chairman, Kerala Financial Corporation (KFC) pointed out how Kerala is spearheading the digital revolution. “In governmental circles, there was resistance to changes in the beginning of 2000s; however, now Kerala is at the forefront of technological change,” he said. Other keynote speakers at the summit were Shalini Warrier, Chief Operating Officer, Federal Bank; Rajarshi Mitra, Head – Crypto Research, Coinlive; Naushad Contractor, CEO, Avenues Payments; Brijesh Madhavan, CEO, Curvelogics Advanced Technology Solutions; Swaminathan K, Head, Retail Liability, ESAF Small Bank; Raimon Jose, VP, Switching Technology, Operations, National Payments Corporation of India; Rajesh Ramaswamy, Associate Director, Ernst & Young; P Ganesh, former chairman, CII Kerala State Council and MD, Glass & Glaxing Systems; Arun Surendran, Chair – Yi Trivandrum Chapter and Principal, Trinity College of Engineering; Amit Jain, Director, PricewaterhouseCoopers and Anand Laxman, Founding Manager and Director – Strategy & Consulting, Exponential Digital Solutions. Destination Kerala was the Magazine Partner of the event.