2015 was a prelude to transformation in the lending, payments as well as personal finance space due to the pace at which financial technology companies emerged in India. The emergence of new technologies such as cloud-based systems and bio-metric recognition have changed the face of payments. Event the year 2016 continued with the same pace.
Mint put together a high-powered business conclave which brought together industry experts, regulators, FinTech, bureaucrats’ startups who discussed various issues that are an obstacle in building a favorable environment for the FinTech Industry.
“As all of these are gradually moving to the E-World, the eco system is changing, new market flow is opening up, and new profit pools are opening up and with this context suddenly the game does open up for collaborations and not for confrontation.” – V. Vaidyanathan, Founder & Chairman, Capital First
India’s FinTech sector may be young but is on the rise rapidly, fueled by a large market base, an innovation-driven startup landscape, along with government policies and regulations. Several startups populate this emerging and dynamic sector, while both traditional banking institutions and non-banking financial companies are trying to catch up. The Opportunities and Challenges in the India FinTech stack was discussed in a presentation by Sharad Sharma from iSPIRIT.
“If there at all is a golden rule when it comes to banking then it is, Thou shall the bank, shall not debit my account without my permission” – Sharad Sharma Co-founder and Governing Council Member, iSPIRT
“One word which all of you will hear more and more and more and it’s important that you understand it is the notion of tokenization. This is one big thing changing payments without adding to the clumsiness.” – T.R. Ramachandran, Group Country Manager -India & South Asia at Visa
Financial technology has changed the way industry practitioners, consumers, and policymakers think about innovation in the financial sector. Blockchain technology is making financial transactions open and transparent, crypto currencies are changing the way we think about money, and real-time payments systems are slashing down the costs of credit inter-mediation. FinTech has offered an impressive array of opportunities for economic growth. The ways to Strike balance in Innovations and Regulations in the FinTech sector was discussed at Mint FinTech Summit in conversation with Lowell Campbell and Monish Shah.
“People are trying to problem a solution rather than solution a problem.” – Lowell Campbell, Principal Global Specialist, Digital Financial Services, IFC (World Bank group)
“We have sent the customers into this big wide world, told them to go and transact somewhere over there and it’s not happening so well.” – Monish Shah, Partner, Deloitte
“If you build a city as smart as possible, I guess the Financial Services actually cannot be left out.” – Kevin Wu, CTO, Data Center Solutions, South-East Asia, Huawei
The event even included an informative Panel discussion on How to Spot and Nurture FinTech Startups with Bala Srinivasa, Nikhil Balaraman and Shailesh Lakhani as the panelists.
“FinTech in India is pretty different. There’s a whole not to disrupt but there’s a whole lot to create. So I don’t view it as FinTech disruption, its more in terms of what can you create using technology.” – Bala Srinivasa, Partner, Kalaari Capital
“You’re dealing with someone else’s money, you’re not selling a product you’re selling a service where someone in the system, either a lender or a consumer in the case of wealth needs to trust you with their money.” – Nikhil Balaraman, Partner, Orios Ventures
“Regulations and new initiatives by government are both welcomed and feared at the same time.” – Shailesh Lakhani, Partner, Sequoia Ventures
Watch the events’ webcast where experts discussed on ‘Regulations that make it conducive for FinTech’ at Mint FinTech presented by Capital First which took place on 30th June, 2016 in Bangalore.
Know about the various startups showcased at Mint FinTech Summit 2016 by clicking at the following link:
https://minteventsblog.wordpress.com/2016/07/12/indias-fintech-revolution-emerging-fintech-startups/
minteventsblog 