The second day of Startup Mahakumbh witnessed a landmark moment in India’s fintech journey with the launch of the India Fintech Foundation in the esteemed presence of Amitabh Kant, G20 Sherpa and Former CEO, NITI Aayog and Shri NS Vishwanathan, former deputy governor of Reserve Bank of India (RBI). This initiative marks a significant step towards fostering a sustainable, innovative, and self-regulated fintech ecosystem in India.
India’s fintech sector has been on an extraordinary growth trajectory, with revenues surging to $25 billion in 2023, reflecting a 56% year-on-year increase. With 150 fintech unicorns projected to reach a combined valuation of $500 billion by 2030, India’s fintech revenues are projected to reach 190 billion by 2030.
India Fintech Foundation Set to Drive Self-Regulation for Fintech
This growth is a testament to the innovative spirit of our entrepreneurs, driven by our tech-savvy youth, access to capital and government initiatives and advancement in internet and mobile technology,” pointed out Amitabh Kant, in his keynote address during the launch. “As we innovate, we must do so responsibly. We must not inadvertently exclude vulnerable populations, and we must also be vigilant about emerging risks like cyber security,” he added.
India Fintech Foundation Set to Drive Self-Regulation for Fintech
Highlighting the necessity of self-regulation with organisations like India Fintech Foundation, he said, “As we advance towards Viksit Bharat @ 2047, self-regulation will be critical in ensuring a trustworthy and resilient financial ecosystem. The RBI’s support for multiple Self-Regulatory Organizations (SROs) will uphold high compliance standards while empowering fintech growth. I am quite sure RBI will not limit itself to approving just one SRO but will also support several other SROs in this area.”
Educating fintechs is a very crucial role of SROs,” said Shri NS Vishwanathan, as he elaborated on the various ways in which SROs can be a game-changer for fintech. The launch was followed by a panel discussion on “Atmanirbhar Regulations – Creation of A Self-Regulatory Architecture for Financial Services in India” attended by Sai Sudha, CEO, SRO-Fintech Development Foundation, Mohit Mehra, Vice President, Payments & Primary Markets, Zerodha Broking Limited, Srikanth Rajagopalan, CEO, Perfios Account Aggregation Services (P) Ltd and Siddarth Pai, Founding Partner & CFO, 3one4 Capital. The panellists underscored the need for standardization in compliance, advocating for SROs to streamline compliance, making it an enabler rather than a burden for businesses.
The India Fintech Foundation aims to create a robust framework for self-regulation, ensuring diverse representation, safeguarding against conflicts of interest, and fostering trust in financial services. By balancing innovation with accountability, this initiative sets the foundation for a thriving and inclusive fintech sector that will shape India’s digital financial future.
