Behind the dazzle of Fintech, India grapples with a deep talent and trust gap

By Manu Shrivastava*

As Mumbai hosts the 6th edition of the Global Fintech Fest (GFF) 2025 from October 7 to 9 at the Jio World Convention Centre, India finds itself at a critical juncture: the glittering promise of its Digital Public Infrastructure (DPI) stack stands in contrast to the stark realities of regulatory friction, a widening skills gap, and the persistent vulnerability of the end user.

This is no mere industry convention. With an estimated $3 billion in potential deals and a confluence of 100,000 attendees, the GFF stands as the definitive global barometer for the maturity—and the equity—of India’s digital finance project.

The Fest’s ambitions have transcended the merely technological. The presence of UK Prime Minister Keir Starmer alongside his Indian counterpart, Narendra Modi, underscores a significant diplomatic overlay.

This is a geopolitical overture showcasing the India–UK corridor’s focus on areas such as quantum computing and digital trade, raising the stakes. The GFF has now become a platform for sovereign commitment, demanding measurable results beyond the official rhetoric of “Digital India.”

The official narrative will rightly celebrate the scale of the fintech revolution, driven by the universally acclaimed UPI and the DPI framework. Yet, this celebratory tone must confront a fundamental demographic reality: over 190 million Indians remain unbanked.

The true test of the Fintech Kranti lies not in the volume of transactions but in translating transactional efficiency into durable financial inclusion and credit access for this vast, underserved population.

The focus on cutting-edge sectors like generative AI, while commercially potent, dangerously overlooks India’s foundational challenges.

The industry suffers from an alarming digital skill deficit, with reports indicating a shortfall of millions of professionals required in emerging tech fields such as cloud computing and cybersecurity.

The push for high-margin AI services risks remaining an elite, urban engagement, leaving vast sections of the workforce strategically unprepared.

Simultaneously, the regulatory environment is strained. The complexities introduced by the Digital Personal Data Protection (DPDP) Act, 2023—particularly regarding data localisation—significantly escalate compliance and operational costs for small and mid-tier fintechs. This compliance burden remains a critical barrier to inclusive growth.

More immediately threatening is the endemic issue of digital fraud. The recent case of an infotech senior manager in Pune losing nearly ₹98 lakh to an online scam serves as a grim, real-time reminder: trust remains fragile.

Regulators must now be watched for how they move from asserting jurisdiction—across SEBI, RBI, and IRDAI mandates—to creating cohesive, operational security and consumer-protection frameworks that effectively counter sophisticated cross-border financial crime.

One of the marquee product showcases is DigiTathya, a QR-plus authenticity platform aimed at combating counterfeits and opaque supply chains.

Its live demonstration will be a crucial moment, testing whether the GFF is merely a stage for technological hype or a launchpad for scaling tangible, real-world solutions that address market integrity.

As the curtain rises, the core tension will be evident:

- Will the lofty pronouncements from global leaders translate into binding commitments on regulatory roadmaps and open-source mandates—or fade into mere high-level dialogue?

- Will central bankers and financial watchdogs adopt an interventionist or hands-off approach? Their tone will determine the immediate course for investor confidence and startup regulation.

- Will the story of India’s fintech be framed by the deep-pocketed organisers and political leadership, or will independent critics, consumer activists, and data-rights groups succeed in shifting the focus to digital equity and accountability?

The GFF 2025 will ultimately be judged not by the sheer magnitude of its participants or the dollar value of deals inked in its convention halls, but by the tangible roadmap it delivers to bridge the digital divide—ensuring that the Fintech Kranti becomes a democratic reality that reaches the hinterlands, not merely a tool to magnify the profits of marquee names.

The world awaits substance, not spectacle.

---

*A version of this article first appeared in The Draft

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