By Sachin Murdeshwar

Mumbai : Mr. Saurav Sinha , CGM, Department of Banking Regulation,  RBI,was of the opinion that technology is improving and fintech is one of the biggest outcomes of its disruption. He said that the RBI is comprising a working group to understand the financial sector and monitor disruptors. He stated the importance of regulatory sandboxes and how it benefits customers, market participants and regulators by reducing the cost of products, cost of launch of products, increasing access to products, bringing appropriate regulatory policies, greater visibility into new innovations and better protection of consumers. Speaking of RegTech and SupTech, he mentioned how these technology based solutions can solve regulatory and compliance requirements.

Mr. Manoj Kumar, CGM, SEBI discussed that SEBI is focussing on how to harness technology toward deeper penetration and how to leverage technology to have a proactive oversight of the market. SEBI is also coming up with a new working committee to deal with regulatory sandbox issues.

Mr. K. Nanaiah, MD, Equifax Credit Information Services Limitedstated that growth of NBFCs is happening at a higher rate than banks in terms of credit which is quite remarkable. He stated the differentiated lending strategies for Fintechs. As enablers, there is need to address new customer segments, provide verification services, offer cloud based decision management platform.

 Mr. Anand Pejawar, President, Operation, IT and International Business, SBI Life stated that major disruptions can only happen within the company as entities within an organization are the ones that are most aware of the organization’s pain points. He felt that right from sourcing to policy issuance, the entire process should be digitized.

Mr. Ameya Prabhu, MD, Duesberg Bosson Financial Services and Co Chairman, ICC Western Council was of the opinion that revolution is coming up in the Fintech space and there is a long way to go. Citing the example of China, he stated that entrepreneurship is booming and India should take cues from the scenario there to boost up its ecosystem further. He said India has huge potential and it should leverage the opportunities at hand to take itself to a level where even small “thelawalas” start accepting only digital payments. He felt there is need to protect the interest of the common man through financial inclusion and bring out solutions that would cater to the inclusive growth.

 Mr. Sudhin Roychowdhury, Member ICC National Expert Committee on BFSI & Ex Member Life, IRDAI delivered the formal vote of thanks.

 The Summit was also addressed by senior representatives from Citibank, ICICI Bank, UTI Asset Management Co. Ltd, Scoreme, SBI Life Insurance, Artherstone Capital Markets Limited, Tally Solutions, and State Bank of India.

 The Summit concluded with a grand startup pitching session. In the same, 18 Fintech StartUps incubated by reputed organizations like Nasscom 10,000 StartUps and Barclays Rise Mumbai pitched in front of BFSI Giants, IT Companies and Corporate.