“One of the topmost priorities for the International Financial Services Centres Authority (IFSCA) is fintech. Their growth has been exponential,” said Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA), at the Global Fintech Fest on Thursday in Mumbai. Srinivas was addressing the gathering in the presence of G Padmanabhan, Senior Consultant, AZB & Partners, and Ex-ED, RBI.
Today India has close to 6,000 fintech companies with a bulk of them set up in the last 5-10 years. “A large number of them are looking for a global footprint. Similarly, international companies are seeking Indian markets. For that, we have the Fintech Regulatory Framework and a Fintech Incentive Scheme, where we have a grant provision of Rs1 million to 7.5 million. We also have foreign connections, hackathons are organized to recognize the best solutions, and fintech guidelines are set,” Injeti added.
In the meantime, Injeti visited NSE and rang the NSE bell in presence of Ashishkumar Chauhan, MD & CEO, NSE.
Talking about regulatory compliance and better synergies between the regulator and fintech players, P Vasudevan, CGM, Department of Payment and Settlement Systems, RBI, said, “Entities like fintechs and everyone should also devote equal resources for compliance. It’s not just onboarding a customer, you have to onboard the regulator as well. Unless and until the regulator is comfortable, it’s very difficult to expect more and more things to come.”