##ms ) services 24 * 7 * 365. these two services serve as the backbone for indian financial system. they also enable neft and rtgs payment transactions. iftas also provides cloud - based solutions like mobile wallets and mobile banking for several banks. rebit also provides assistance in implementation of it projects of rbi and cybersecurity assessment of entities supervised by the rbi. fintech department in rbi in 2022 ; and ( vi ) establishment of the reserve bank innovation hub ( rbih ) to promote innovation in financial services. c. policy initiatives 12. timely and appropriate policy initiatives play a crucial role in shaping the development of the fintech sector. the focus of our policy initiatives is to promote a conducive environment for innovation and also ensure the security and stability of financial services. we have taken many such policy initiatives in the recent times. they include issuance of regulatory guidelines for emerging areas such as payments banks ( 2014 ), account aggregators ( aa ) ( 2016 ), pre - paid instruments ( 2017 ), peer - to - peer ( p2p ) lending ( 2017 ), invoice discounting ( trade receivable and discounting system - treds ) ( 2018 ), and digital lending guidelines ( 2022, 2023 ). incidentally, the cumulative number of consent - based information sharing through account aggregators has reached 15. 65 million in july 2023. with entities from insurance, capital markets and pension funds joining the aa framework, it is receiving a lot of traction. 13. the regulatory sandbox framework was announced in august 2019 with a view to foster responsible innovation and promote efficiencies in financial services. the four cohorts on retail payments, cross border payments, msme lending and prevention of financial frauds, together with the neutral fifth cohort, reflect our commitment to promote innovation in the fintech space. drawing upon the learnings from the first cohort of regulatory sandbox, rbi has put in place a ‘ framework for facilitating small value digital payments in offline mode ’ which should give a push to digital transactions in areas with poor or weak internet or telecom connectivity. 14. further, rbi is now conducting hackathons to promote innovation. our first hackathon, harbinger was conducted in 2021 under the broad theme - ‘ smarter digital payments ’. the second edition of our global hackathon – ‘ harbinger 2023 ’ – has also been launched with the theme ‘ inclusive digital services

fintech and the changing financial landscape keynote address by shri shaktikanta das, governor, rbi at the global fintech festival, mumbai, september 6, 2023 it gives me great pleasure to be here at the 4th edition of the global fintech festival ( gff ). i compliment the organisers for bringing all stakeholders of the fintech ecosystem together for this three - day event with the aim of achieving a common goal of inclusive, resilient, and sustainable financial system. it would be obvious to state that innovation is the bedrock of the fintech industry. events such as these festivals enable sharing of knowledge and experience with peers, both domestic and global, which facilitate more innovation. by bringing regulators and fintechs on the same forum, the festival also facilitates an understanding of regulatory expectations by the industry on the one hand, and appreciation of industry developments and expectations by the regulators, on the other. such thematic events provide the right kind of platform for nurturing a more vibrant fintech ecosystem. 2. in my address today, i propose to touch upon changes in the financial landscape with the advent of fintechs, with particular emphasis on the role of digital public infrastructure and role of the reserve bank in fostering innovation. 3. the landscape of traditional financial services has undergone a profound shift with the advent of fintechs. this transformation has significantly impacted delivery of financial services by making them faster, cheaper, efficient and more accessible. the global fintech sector which currently generates $ 245 billion annual revenue - a mere 2 % share of global financial services revenue - is estimated to reach $ 1. 5 trillion annual revenue by 20301. the indian fintech industry is projected to generate around $ 200 billion in revenue by the year 20302. this projection indicates that by 2030, india's fintech sector could potentially contribute to approximately 13 % of the global fintech industry's total revenue. these projections underscore the increasing significance of the indian fintech sector. https : / / www. bcg. com / publications / 2023 / future - of - fintech - and - banking https : / / www. ey. com / en _ in / financial - services / how - is - the - fintech - sector - in - india - poised - for - exponential - growth 4. technological innovations by fintechs are the result of interplay between the underlying ( i ) digital public infrastructure ; ( ii ) institutional arrangements ; and ( iii )