Mumbai, Fintech Capital of the world? PM Modi unveils a whopping ₹29,400Cr Investment Plan

• Mumbai is the finance capital, wait, scrap that! It is going to be the next fintech capital of the world.
• Prime Minister Modi’s whopping Rs 29,000 crore investment drive, focusing on critical infrastructure projects across roads, railways, and ports, aims to elevate Maharashtra’s global financial status.
• This could empower local fintech startups as well as attract founders from all across India.

Mumbai to become a Global FinTech Capital?

Prime Minister Narendra Modi has announced a significant Rs 29,000 crore investment initiative in Mumbai, targeting essential infrastructure projects in roads, railways, and ports.

This ambitious plan aims to position Maharashtra as a global financial powerhouse, with Mumbai set to emerge as a leading fintech hub.

During the launch event at Goregaon’s NESCO Exhibition Centre, PM Modi underscored the importance of these projects in boosting economic growth and enhancing connectivity.

Also read: Fintech will disrupt every business, says Ex-KPMG who moved to PayU – now a billion-dollar company.

Job Creation and Economic Growth

At the event, PM Modi praised Maharashtra’s rich history and strong present, envisioning a prosperous future for the state.

He believes Maharashtra has the power of industry, agriculture, and finance. This power has made Mumbai the financial hub of the country.

PM Modi also referenced a recent RBI report stating that 8 crore new jobs have been created in India over the last three to four years.

PM Modi added, “Skill development and employment in large numbers is India’s need of the hour.”

Emphasizing the importance of skill development and employment, Modi affirmed that the government is actively working to create more job opportunities and improve the economic landscape.

He emphasized that these projects will not only enhance transportation but also create substantial employment opportunities, contributing to the overall development of the region.

How can Mumbai achieve the title “Global FinTech Capital”?

Mumbai’s existing financial infrastructure and large market access position it well to build a conducive environment for fintech growth.

However, the following key points require consideration:

• Establishing supportive regulatory frameworks
• Developing robust infrastructure to meet technological demands
• Ensuring access to funding and incubation centers are crucial steps
• Continued investment in infrastructure, technology, and talent

Top Fintech Startups Headquartered in Mumbai

1. BillDesk
2. Upstox
3. Jupiter
4. PaySense
5. NeoGrowth Credit
6. Angel One
7. InCred Financial Services
8. Swipez – a briq company
9. Dezerv
10. Mintifi

Also read: This senior banker made a transition into the world of fintech with Easy Pay. Fintech creating opportunities in finance space?

Wrapping up

While Mumbai’s strong foundation as India’s financial hub provides a solid base for this transition, cities like Bengaluru currently house major fintech companies, giving it an edge over the former.

Several strategic actions are necessary to achieve the vision of transforming Mumbai into a fintech capital.

Here is what others are saying.

Vishal Sharma, co-founder of AdvaRisk, a fintech startup told Times Of India, “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,”

Akshay Mehrotra, cofounder and CEO of Fibe, told TOI,

“Elevating Mumbai’s role as a fintech hub will encourage entrepreneurship and innovation, leading to inclusive growth. To become a global fintech capital Mumbai needs to establish more incubators and accelerators to nurture innovation and create a fintech park with affordable housing to attract startups and tech talent.”