In PwC’s survey about India’s FinTech market, over 95% of incumbents seek to explore FinTech partnerships, as the investment potential remains high in 2017.
The country’s government sets its budget for 2017 to set up a FinTech regulator which would provide direction and guidelines for this fast growing sector.
The regulatory responsibility is most likely going to vest with the Reserve Bank of India (‘RBI’). Along with the decision to do away with the Foreign Investment Promotion Board (‘FIPB’), this move would go a long way towards making financial regulation in the country a one-stop process with the RBI being the primary guiding body. |
Global FinTech Report 2017:
India insights |
| 67% |
| believe that FinTech poses a substantial risk to their business |
| 95% |
| of incumbents in the financial services industry seek to explore FinTech partnerships |
| 29% |
| expected annual RoI on FinTech-related projects |
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The Reserve Bank of India has set up an inter regulatory Working Group to study the entire gamut of regulatory issues relating to Fin Tech and Digital Banking in India. The terms of reference of the Working Group will be:
♦ To undertake a scoping exercise to gain a general understanding of the major Fin Tech innovations / developments, counterparties / entities, technology platforms involved and how markets, and the financial sector in particular, are adopting new delivery channels, products and technologies.
♦ To assess opportunities and risks arising for the financial system from digitisation and use of financial technology, and how these can be utilised for optimising financial product innovation and delivery to the benefit of users / customers and other stakeholders.
♦ To assess the implications and challenges for the various financial sector functions such as intermediation, clearing, payments being taken up by non-financial entities.
♦ To examine cross country practices in the matter, to study models of successful regulatory responses to disruption across the globe.
♦ To chalk out appropriate regulatory response with a view to re-aligning / re-orienting regulatory guidelines and statutory provisions for enhancing Fin Tech / digital banking associated opportunities while simultaneously managing the evolving challenges and risk dimensions.
♦ Any other matter relevant to the above issues. |
Mr. Shri N. S. Vishwanathan;
Deputy Governor;M
Reserve Bank of India (RBI) |
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India’s FinTech market has been dominated by payments and lending companies so far, although other segments, particularly personal finance and enterprise solutions, are poised to gain ground this year.
On behalf of Reserve Bank of India, the Deputy Governor, Mr. Shri N. S. Vishwanathan will show you the FinTech Growth in India: Regulation, Current Status and Prospects on FinTech APAC Connect 2017 (September 20-21 | Singapore).
| PART OF CONFIRMED SPEAKERS OF FINTECH APAC CONNECT 2017 |
♦ Mr. Shri N. S. Vishwanathan, Deputy Governor, Reserve Bank of India (RBI)
♦ Mrs. Tipsuda Thavaramara, Deputy Secretary-General, Securities and Exchange Commission, Thailand
♦ Prof. Hyoung Joong KIM, Chairman, Korean Society of Fintech
♦ Mr. Ron Chiong, Associate Director, Risk and Strategy Unit & Fintech Contact Point, Securities and Futures Commission (SFC), HK
♦ Mr. John Flint, Chief Executive, Retail Banking and Wealth Management, HSBC
♦ Mr. Shameek Kundu, Global Head of Data, Technology Strategy and Innovation, Standard Chartered
♦ Mr. Micky Lo, Chief Technology Risk Officer APAC, BNY Mellon
♦ Mr. Masato Kaneda, Deputy General Manager, Digital Innovation Department, Mizuho Bank
♦ Mr. Neal Cross, Chief Innovation Officer, DBS Bank
♦ Mr. Satoshi Tateyama, Head of Innovation Team, APAC, MUFG
♦ Mr. Go Masuda, Vice President, SMFG Silicon Valley Digital Innovation Lab., Sumitomo Mitsui Financial Group (SMFG)
♦ Mr. Antony Lewis, Director of Research, R3
♦ Dr. Frank Tong Fuk-kay, Chief Executive Officer, Hong Kong Applied Science and Technology Research Institute (ASTRI)
♦ Dr. Leila Fourie, Chief Executive Officer, Australian Payments Clearing Association (APCA)
♦ Mr. Janos Barberis, Founder and CEO, SuperCharger Fintech Accelerator & FinTech HK
♦ Mr. Kelvin Tan, Head of FinTech and Data, Singapore Exchange (SGX)
♦ Mr. Alok Mittal, Co-founder and CEO, Indifi & Treasurer, Digital Lenders Association of India (DLAI)
♦ Mr. Ryan Caldbeck, Founder and CEO, CircleUp
♦ Contact us for more speaker details. |
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