Rajiv Krishnan, MD and CEO of Ma Foi Strategic Consultants, says regulations and compliance standards are becoming more stringent in the industry, as is the scrutiny from regulators. As some players move closer to listing on stock exchanges, the scrutiny is becoming more stringent. With markets and technology evolving rapidly, boards are looking for members who have been part of this ecosystem and understand it well.
Early-stage startups are also strengthening their regulatory and legal teams and following the letter of the law, says Pranshu Upadhyay, regional director, head of India technology practice, Michael Page.
Required skills
Krishnan explains that the confluence of financial services and technology presents a unique challenge. Leaders in this sector must be at the forefront of technology, whether it is cybersecurity, blockchain or artificial intelligence (AI). “In addition, they have to deal with innovation, rapid growth, alliance building and a focus on profitable and sustainable growth. The new frontiers are only vaguely defined and this adds to the complexity,” he says.
Shantanu Rooj, Founder and CEO, TeamLease Edtech, says, “With the fintech sector at the forefront of technological innovation, there is an increased demand for senior executives and board members who are not only tech-savvy but can also navigate the complex regulatory landscape. This need is driven by fintech’s unique position, where understanding both cutting-edge technology and complex compliance standards is critical to guiding companies towards sustainable growth amidst a rapidly changing market.” Rooj agrees that professionals with expertise in blockchain, AI and cybersecurity are in high demand. The landscape also demands strong interpersonal skills such as adaptability, strategic thinking and the ability to foster a culture of innovation and teamwork, he says. This combination ensures that fintech companies are not only technology leaders but also excel in customer engagement and regulatory compliance. Upadhyay sees a surge in interest from founders and more hiring opportunities at the mid-level, with 6-7 years of experience in the environment.
Changes in the board of directors
Krishnan says that while diversity is helpful, candidates for leadership roles should ideally tick at least one of the following boxes: a track record of global success, rapid growth in emerging industries, and innovation with customer-centric products or solutions. “Integrity, a deep understanding of technology/consumer interfaces, a commitment to growth driven by strong governance, cybersecurity and regulatory standards” are the needs of the hour.
Somdutta Singh, Founder and CEO of Assiduus Global Inc, says fintech boards are undergoing a profound transformation and are seeing a strong demand for directors with a blend of traditional financial expertise and cutting-edge technology know-how. “Investment in fintech reached a record high in 2023, with venture capitalists pouring nearly $2 billion into the sector, although down from previous years, it is substantial. Boards need strong leadership to manage this hyper-growth. From AI-driven wealth management to blockchain-based payments, technology is driving fintech. Boards need directors who understand these innovations and their potential impact,” he says.
Learning and skills development
Rooj highlights the importance of continuous training and upskilling in this field. According to him, the rapid evolution of the fintech sector highlights the importance of continuous learning. With most employers citing the difficulty of finding talent with the right mix of technical and soft skills, the focus on continuous training and upskilling becomes paramount. With fintech companies embodying a start-up culture, professionals must also demonstrate a passion for the sector and an understanding of its impact, making it essential for individuals to continuously adapt and align their skills with the ever-changing demands of the sector.