GFF’23 THEME
Global Collaboration for a Responsible Financial Ecosystem
Inclusive | Resilient | Sustainable
The theme of GFF 2023 highlights the critical need for global collaboration to build a financial ecosystem that is inclusive, resilient, and sustainable. With this, we envision to create a future with equitable growth that is “resilient by design.” In order to realize this vision, we seek to re-engineer the financial services industry into one that can recover quickly from black-swan events. And to accomplish this, we believe that the conversations, innovations and insights shared at GFF by all ecosystem stakeholders will help us in furthering this goal.
Inclusive
With a view to steer the belief that financial services must be accessible to everyone, regardless of their socioeconomic status or geographic location, the first pillar of the theme at GFF 2023 is Inclusive. Achieving such financial inclusion requires collaboration between global governments, financial institutions, and consumers. Together, we can create a financial ecosystem that benefits everyone and provides access to financial services for individuals and businesses worldwide.
Resilient
We continue to face macroeconomic uncertainty and need to adapt to develop innovative solutions that meet evolving needs. Recent global events have shown that financial systems are often vulnerable to unexpected shocks, such as economic downturns or natural and man-made disasters. Building a resilient financial ecosystem requires collaboration between all stakeholders on a global level to create a system that can recover quickly from unexpected events.
Sustainable
As we take responsibility for our future, it’s crucial to bring sustainability from concept to action. This means creating a financial ecosystem that is environmentally and socially responsible. By collaborating on a global scale, we can create a financial industry that has a positive impact on the environment and society.
To build a financial ecosystem that is inclusive, resilient, and sustainable, a collaboration between incumbents, new-age players, and other ecosystem enablers such as investors, and regulators is essential. By working together, we can bring positive change to the financial industry and create a system that benefits everyone. We explore multiple relevant topics in the fintech industry through 8 different sub-themes that cover all the necessary perspectives.
Narrative on GFF ’23
Dawn of a New Era
The world is entering a new era in the backdrop of the recent global pandemic, reshaping the socio-political landscape, weakening growth, and increasing costs. We continue to face macroeconomic uncertainty and need to adapt to provide innovative solutions that meet the customers’ evolving needs. A “resilient by design” financial ecosystem is the need of the hour, to be better prepared for future black swans – pandemics, weather, geopolitics, macroeconomics. That requires better data, tools, and processes to sense and react more effectively, coupled with productivity to stay stronger in tougher environments. Fintechs will have a critical role in making the financial services landscape more resilient as we seek to rebuild the balance sheets of individuals, companies, and nations.
Advancements in Technology
More than 90% of the world’s data since human existence has been generated over the past two years. The use of rich data has enabled rapid development and deployment of new technologies, thus ushering in profound changes across healthcare, education, transportation, communication, entertainment, and finance domains. Cutting-edge technologies are leveraging the power of data to revolutionize the financial ecosystem. New tech such as Artificial Intelligence and Machine Learning, Web 3.0, Cloud computing, and 5G have paved the way for faster, more convenient, and efficient access to information and services. Artificial Intelligence and machine learning have facilitated automation, cost reduction, and personalized customer services. The emergence of Web 3.0 is expected to enable decentralized finance, more secure and transparent transactions, and greater user control over personal data. Cloud computing would enable more efficient and secure technology platforms. 5G is likely to unlock the next frontier of global productivity.
Rise of Competition
The world is entering a new era in the backdrop of the recent global pandemic, reshaping the socio-political landscape, weakening growth, and increasing costs. We continue to face macroeconomic uncertainty and need to adapt to provide innovative solutions that meet the customers’ evolving needs. A “resilient by design” financial ecosystem is the need of the hour, to be better prepared for future black swans – pandemics, weather, geopolitics, macroeconomics. That requires better data, tools, and processes to sense and react more effectively, coupled with productivity to stay stronger in tougher environments. Fintechs will have a critical role in making the financial services landscape more resilient as we seek to rebuild the balance sheets of individuals, companies, and nations.
Investment and Regulatory Dynamics
As technology rapidly advances and becomes widely adopted, it is increasingly important to consider regulations surrounding it. Investors are seeking clarity on this matter, and the “Shapers & Investors” forum provides a unique opportunity for policymakers to share their strategic perspectives on regulations within the fintech industry and guide investors for more efficient use of capital. This dialogue also allows investors to express their thoughts on the likely direction of capital and investment outlook, as well as potential challenges and risks within different fintech domains that need the attention of policymakers
Nurturing Inclusive Growth
As technology rapidly advances and becomes widely adopted, it is increasingly important to consider regulations surrounding it. Investors are seeking clarity on this matter, and the “Shapers & Investors” forum provides a unique opportunity for policymakers to share their strategic perspectives on regulations within the fintech industry and guide investors for more efficient use of capital. This dialogue also allows investors to express their thoughts on the likely direction of capital and investment outlook, as well as potential challenges and risks within different fintech domains that need the attention of policymakers.
There is also opportunity to unlock global efficiencies by cross-border collaboration and creating globally interoperable Fintech solutions. Setting up global corridors and inter-ministerial dialogues can pave the way for such collaboration.
Green Consciousness
Sustainability is moving beyond a nice-to-have narrative to an increasingly important source of differentiated value creation for organizations. There are compelling voices demanding a shift towards an environment friendly and socially responsible practices. Businesses need to ensure that they have a more balanced corporate scorecard, including measuring their sustainability practices and apply the ESG lens to operational decisions. The financial ecosystem has a pivotal role to play in ensuring a smooth transition into low carbon economy, given the need for significant capital required to drive this change.
The fintech industry needs to assist the traditional banking industry through creation of alternate asset classes such as tokenized investments for green financing. Mass adoption of green technologies is currently impeded due to lack of easy financing opportunities for consumers. Fintechs also have a key role to play to enable higher access to credit for “green customers”
