MUMBAI, Nov. 7 (Xinhua) -- Mumbai, the financial capital of India, has positioned itself as the fintech gateway for India ahead of hosting the India Fintech Festival in March next year.

The festival is a global platform, backed by World Bank, Indian government's think tank NITI Aayog among others to discuss the challenges and solution of the fintech industry with over 5,000 delegates across 50 countries and regions expected to attend the event.

With over 400 fintechs, an API sandbox, investment platform, education platform and fintech adoption by Maharashtra, the state is leading the fintech movement in India, said Ajit Patil, managing director of Maharashtra IT Corporation Limited late Wednesday.

"We are firm in our belief to make Mumbai a Global Fintech Hub and the Fintech gateway for India," Patil said.

Maharashtra, the western state of India with Mumbai as its political capital, was the first state in the country to launch a fintech policy in 2018 in an attempt to build awareness and inculcate the widespread adoption of financial technologies.

In October 2018, the World Bank jointly with the International Monetary Fund unveiled the Bali Fintech Agenda to help countries harness the opportunities and mitigate the risks associated with the rapid advances in financial technology that are transforming the economic and financial landscape.

"We are pleased to be a partner to the government of Maharashtra and the Fintech Convergence Council in the organization of the inaugural India Fintech Festival," said Esperanza Lasagabaster, practice manager of finance, competitiveness and innovation global practice at the World Bank.

"This event will offer an opportunity to showcase the rapid strides made by India in harnessing the potential of Fintech responsibly and also to bring lessons from across the world to shape the further development of Fintech in India." Enditem

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