Make in Maharashtra FinTech Policy 2024-2030

Reclaiming Mumbai’s Role as India’s Financial and FinTech Capital

Mumbai, long recognized as the financial capital of India, has played a pivotal role in the country’s economic and banking activities. With its deep-rooted financial institutions, stock exchanges, and a thriving commerce landscape, the city is now poised to establish itself as the FinTech capital of India through the Maharashtra FinTech Policy 2024.

This policy leverages Mumbai’s financial infrastructure, rich talent pool, and global connectivity to position it as a leading hub for fintech innovation, digital payments, and financial inclusion. The ultimate aim of Make in Maharashtra is to transform Mumbai into the epicenter of India’s fintech revolution, converging cutting-edge technologies, regulatory support, and global partnerships to reshape the financial services landscape.

Vision for 2030: Mumbai as the FinTech Capital of India and Beyond

By 2030, Make in Maharashtra envisions Mumbai as the nucleus of India’s fintech ecosystem, driving global recognition with the following key goals:

Positioning Mumbai as the FinTech Capital: Attract ₹50,000 crores in fintech investments, establishing connections with global fintech hubs like London, Singapore, and New York.
Building FinTech Hubs: Establish 10+ fintech hubs across Maharashtra, with Mumbai as the central hub, focusing on digital payments, blockchain technology, and financial inclusion.
Creating Employment: Generate 50,000+ jobs in Mumbai’s fintech sector by empowering financial professionals, technologists, and entrepreneurs.
Ensuring Financial Inclusion: Achieve 100% financial inclusion in Maharashtra by leveraging fintech innovations from Mumbai to expand access to banking services, credit, and digital payments.
Reinforcing Mumbai’s Global Standing: Host international fintech forums and promote cross-border collaboration to attract global fintech investments and partnerships.

Mission: Transforming Mumbai into a Global FinTech Hub

The Maharashtra FinTech Policy 2024 outlines the steps to elevate Mumbai into a global leader in financial technology:

Leverage Mumbai’s Financial Legacy: Build a robust fintech ecosystem driven by digital banking, payments, insurance, lending, and wealth management.
Attract Global FinTech Investments: Position Mumbai as the entry point for international fintech firms and investment in India.
Foster Global Partnerships: Lead cross-border collaborations in blockchain, decentralized finance (DeFi), and digital asset solutions.
Promote Financial Inclusion: Use fintech resources to address rural and underserved areas, ensuring access to modern financial services.
Support Regulatory Innovation: Collaborate with the RBI and other regulators to create a conducive environment for fintech experimentation and responsible innovation.

Key Objectives: Mumbai’s FinTech Roadmap

Mumbai as the Core of India’s FinTech Industry: Establish 10+ fintech hubs centered in Mumbai to drive research, development, and deployment of fintech solutions such as digital payments, blockchain, and AI-powered platforms.
Alignment with National FinTech Strategies: Collaborate with national regulators (RBI) and align Maharashtra’s fintech policies with Digital India, promoting financial literacy and inclusion across the country.
Global FinTech Collaborations: Facilitate partnerships with international fintech firms and venture capitalists to lead in cross-border financial innovation.
Building a Skilled FinTech Workforce: Develop fintech talent through partnerships with academic institutions, global organizations, and training centers.
Promoting Regulatory Sandboxes: Work closely with regulators to establish regulatory sandboxes that allow startups to test new financial solutions within a safe environment.

Strategic Focus Areas

Developing Mumbai as India’s FinTech Capital
Mumbai will be the headquarters for fintech hubs, offering the infrastructure to scale startups and attract global investments. Focus areas include blockchain development, AI-driven financial services, and digital payments.
Building Global FinTech Collaborations
Leverage Mumbai’s global reputation as a financial hub to attract international fintech companies, VC firms, and global financial institutions. The FinTech Council will host international forums, roundtables, and investment summits.
Promoting Financial Inclusion and Digital Payments
Mumbai will drive Maharashtra’s financial inclusion efforts by developing solutions for micro-financing, digital wallets, and credit access for unbanked populations.
Advancing Blockchain and DeFi from Mumbai
Mumbai will foster the development of blockchain technology and decentralized finance (DeFi). The city will be a global hub for smart contracts, digital currencies, and cross-border financial innovations.
Building FinTech Talent
Mumbai will lead in fintech education and R&D, creating certification programs, executive training, and incubation centers. This will ensure the development of fintech professionals capable of leading both India and global markets.

Repurposing Global Best Practices

Mumbai can learn and adapt successful strategies from global fintech hubs to drive its fintech revolution:

Tokyo: Regulatory Innovation and Public-Private Collaboration
Establish regulatory sandboxes and strengthen collaboration between government, regulators, and financial institutions.
Hong Kong: Global Connectivity and Talent Development
Develop global fintech connectivity and invest in fintech talent development by partnering with international organizations and universities.
Singapore: Business-Friendly Policies and Investment Environment
Implement tax incentives, capital subsidies, and fast-tracked approvals to create a business-friendly regulatory environment for fintech companies.
New York: Financial Expertise and Institutional Collaboration
Promote collaboration between traditional financial institutions and fintech startups to drive innovation in banking, payments, and lending.
Dubai: FinTech Zones and Pro-Innovation Policies
Establish dedicated fintech zones with tax benefits and foreign ownership incentives to attract global fintech firms.
London: Regulatory Sandboxes and Cross-Border Collaboration
Build regulatory sandboxes and drive cross-border financial collaborations to enhance global fintech connectivity.

Actionable Strategies Based on Global Learnings

Create Regulatory Sandboxes and Innovation Zones
Enable fintech companies to test new ideas in regulatory sandboxes, with dedicated innovation zones offering tax benefits and global market access.
Develop FinTech Talent and Expertise
Partner with academic institutions and global organizations to offer certifications, training courses, and internships for fintech professionals.
Build Cross-Border FinTech Collaborations
Facilitate cross-border initiatives in payments, blockchain, and DeFi by partnering with global companies and governments.
Facilitate Institutional Partnerships and Investment
Promote partnerships between banks, financial institutions, and fintech startups to develop innovative products for digital payments and financial management.
Promote Global FinTech Connectivity and Financial Inclusion
Extend fintech benefits to underserved and rural areas by leveraging digital platforms and mobile banking to ensure universal access to financial services.

Incentives for FinTech Investments in Mumbai

Incentive Type	Details
Capital Investment Subsidy	50% subsidy on capital investment for fintech infrastructure in Mumbai, capped at ₹30 crores per project.
Tax Incentives	100% SGST reimbursement for fintech startups and tax holidays for 5 years for Mumbai-based fintech hubs.
R&D Grants	40% subsidy on R&D expenditure, capped at ₹5 crores per year, to support innovation in digital payments and blockchain.
Global Expansion Support	50% reimbursement for participation in international fintech forums, with a focus on promoting Mumbai-based companies globally.
Regulatory Sandbox Support	Incentives for startups using regulatory sandboxes to test new fintech solutions in collaboration with the RBI and FinTech Council.
Talent Development Programs	50% reimbursement for fintech companies investing in skill development and training for local talent.

Ease of Doing Business: Streamlined Approvals and Regulatory Support

Mumbai will implement a Single Window Clearance System to ensure streamlined approvals for fintech companies, offering fast-tracked regulatory support to make Mumbai the most business-friendly fintech destination in India.

Conclusion: Mumbai Leading India’s FinTech Revolution by 2030

The Maharashtra FinTech Policy 2024 is designed to reclaim Mumbai’s role as India’s financial capital, establishing it as the nation’s fintech hub. By fostering global collaborations, driving investment, and focusing on financial innovation, Mumbai will lead India’s fintech revolution and emerge as a gateway to the global financial technology industry.

Make in Maharashtra invites global fintech companies, investors, and entrepreneurs to join Mumbai’s transformative journey and contribute to building a globally competitive fintech ecosystem.

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About Make in Maharashtra

The Make in Maharashtra is a Public Benefit Corporation (PBC) with a mission to establish Maharashtra as a key player in international economic collaboration, focusing on strategic partnerships with nations like USA, Europe, Australia, African Union, KSA, China, India, Qatar, Saudi Arabia, Türkiye, and the UAE across vital sectors such as energy, technology, agriculture, and finance. Our goal is to integrate lessons from successful global economic models, adopting best practices to ensure sustainable and inclusive growth. We aim to enhance economic prosperity and diversification, contribute to societal progress, and promote sustainable economic practices. By leveraging Maharashtra’s unique position, Make in Maharashtra strives to drive substantial economic growth, spur innovation, and solidify Maharashtra’s stature in the international economic arena, resonating with the government’s vision of a technologically advanced and interconnected economy.