The SWIFT India and South Asia Conference was held in Mumbai, Maharashtra. Its theme was "Digitisation in transition: The future of innovation and cyber security.
It was organized and hosted by Society for Worldwide Interbank Financial Telecommunication (SWIFT).
Its objective was to discuss key issues with specific focus on innovation and our preparedness to face challenges around cybersecurity.
It had seen participation of 500 delegates representing financial institutions, multinational corporations (MNCs), regulators, market infrastructure experts, and other industry professionals, to discuss the most pertinent issues concerning the nation's financial market.
SWIFT India: It is local unit of SWIFT global that facilitates international payments functions for banks.
India lost its world's fastest-growing economy title to China after it registered 6.3% in January-March 2019 quarter as against 6.4% growth recorded by China.
India had been ahead of China for two years. However, its economic growth rate slowed to 5.8% during fourth quarter of 2018-19 due to low agriculture and mining output along with subdued consumer demand.
India's economic growth driven by domestic consumption. According to government data, economy has grown at its slowest pace in almost five years. The unemployment also reached 45-year-high in the financial year 2017-2018.