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Indian and Brazilian startups to meet later this month to explore new technologies in financial sector

Huma Siddiqui
India, brazil, startups, new technologies, financial sector, economy, news

Business leaders and experts in financial technology from India and Brazil are getting together under one roof for the India-Brazil Fintech Conference in Mumbai on April 23.

The focus of this conference is to explore opportunities for cooperation and partnerships and to identify and exploit complementarities between the Brazilian and Indian fintech sectors.

Confirming this to Financial Express Online, Pedro Ivo Ferraz da Silva, Head of Energy, environment, and science and technology & Innovation section, Embassy of Brazil in India, said that the forthcoming conference will help the startups on both sides as there will presentations from government officials of both countries, startups, investors, academics and incubator managers.

According to Silva, topics including innovation programs, emerging technologies, regulatory environments, investment markets and financial inclusion will be addressed.

In an earlier interaction, Andre Aranha Correa da Lago, ambassador of Brazil to India had said that Fintech startups launched in Brazil will be visiting India in April and there are plans to make this visit an annual event.

These startups have so much to share, especially new technologies in the financial sector, agriculture sector, storage systems, analysis of satellite images for the agro sector and in the study of all sorts of bio-pesticides and all sorts of fish, added Silva.

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The fintech sector is among the most dynamic innovation areas in India and Brazil. And, the successful combination of technology and entrepreneurship has been fundamental to address the increasing demand for financial inclusion and modernisation of the respective economies.

To tackle issues related to the access to top level technological skill, availability of data and compliance, the establishment of multi-stakeholder innovation networks devoted to the fintech domain have proven to be successful in the two countries, as they serve as a platform to share experiences and collaboratively work on solutions. A further step in this direction is the internationalization of such networks, as problems encountered in specific markets may have been addressed by innovative solutions in others.

Young business leaders and engineers, and large number of population of these two countries are gaining from the advantages of online banking, digital payment and disruptive technologies such as blockchain and artificial intelligence.

2018 Fintech 100 report by KPMG states that 3 Indian and 3 Brazilian companies are among the most innovative fintech startups in the world. In spite of the overwhelming advancements, challenges are still to be overcome.