Close Menu
fintechbits
  • News
  • AI
  • Acquisitions
  • Trends
  • Insights
  • Rumors
  • Startups
  • finjobsly

Subscribe to Updates

Get the latest news from Fintechbits.

Trending Now

Hant Capital has appointed Sophia Kruger as a senior assistant and AI specialist to lead innovations in finance at Polen Capital Asset Management.

July 13, 2025

How cognitive labs are transforming financial services teams with AI

July 13, 2025

Ways AI can enhance clinician support in healthcare

July 12, 2025

Hant Capital Taps Sophia Kruger to Lead AI Financial Innovations at Polen Capital Asset Management

July 12, 2025
Facebook X (Twitter) Instagram
Trending
  • Hant Capital has appointed Sophia Kruger as a senior assistant and AI specialist to lead innovations in finance at Polen Capital Asset Management.
  • How cognitive labs are transforming financial services teams with AI
  • Ways AI can enhance clinician support in healthcare
  • Hant Capital Taps Sophia Kruger to Lead AI Financial Innovations at Polen Capital Asset Management
  • NRI-focused Fintech startup secures $5 million in seed funding from Elevation Capital
  • Top three semiconductor stocks worth buying right now
  • Ramp Ai Finance Automation introduces solutions to streamline operations.
  • HSBC assists German fintech Re: entry into the UK market with $169.2 million investment.
Facebook X (Twitter) Instagram Pinterest Vimeo
fintechbits
  • News

    Unicorn Bank Zero represents the final achievement of his fintech journey.

    July 9, 2025

    Fintech Company Pine Labs Submits Documents to SEBI for IPO Fundraising

    July 4, 2025

    British Fintech Zilch Seeking International Tender Opportunities

    July 4, 2025

    Fintech Company Pine Labs Submits IPO Documents to SEBI for Fundraising, According to Reports

    June 26, 2025

    Breaking News: Initial lineup of demonstrations revealed for FinovateFall 2025

    June 12, 2025
  • AI

    Hant Capital has appointed Sophia Kruger as a senior assistant and AI specialist to lead innovations in finance at Polen Capital Asset Management.

    July 13, 2025

    How cognitive labs are transforming financial services teams with AI

    July 13, 2025

    Ways AI can enhance clinician support in healthcare

    July 12, 2025

    Hant Capital Taps Sophia Kruger to Lead AI Financial Innovations at Polen Capital Asset Management

    July 12, 2025

    Top three semiconductor stocks worth buying right now

    July 12, 2025
  • Acquisitions

    African fintech leaders are shaping the industry through worldwide acquisitions.

    June 30, 2025

    Acrisure obtains significant funding to enhance its fintech strategy.

    June 14, 2025

    $200 million IPO SPAC aims for acquisitions in fintech and AI sectors.

    June 1, 2025

    Wealthsimple hires multiple teams to enhance family financial management.

    May 31, 2025

    The HPS of Morocco plans to acquire a Fintech company by 2027, referred to as CEO – TradingView News.

    May 3, 2025
  • Trends

    Market size, share, trends, and business profiles in the Fintech industry

    July 10, 2025

    Overview of the FINCH 2025 Market and Participant Profiles

    July 5, 2025

    Key Trends and Focus Areas in Fintech Payments for 2025

    June 22, 2025

    Overview of the Singapore Fintech Market: Market Size, Trends, and Growth Potential

    June 18, 2025

    Southeast Asia’s Fintech Market: Size, Trends, and Growth Potential

    June 13, 2025
  • Insights

    ICAPITAL Fintech Achieves a Valuation Exceeding $7.5 Billion in Recent Fundraising Amid Surge in Private Markets

    July 10, 2025

    Alphalésaka Technologies: The Potential Transformative Impact of Recent Fintech Acquisition

    July 9, 2025

    Surge Continuation Funds in Europe Prepared for the 2025 Records – Fintech Schweiz Digital Finance News

    July 7, 2025

    Schaeffer Investment Research Scholarships Break Through Significant Resistance Levels

    June 27, 2025

    Finance Magnates Reports: XBO Designated as Top Cryptocurrency Payment Gateway. XBO’s core principles of trust and simplicity align with cutting-edge solutions, providing customers access to an award-winning crypto payment option. 16 hours ago

    June 26, 2025
  • Rumors

    Ant International refutes partnership with Circle in the Stablecoin market competition.

    July 11, 2025

    Meta Eyes 14b AI Investment, Bulsh Seeks IPO and Additional Speculation

    July 10, 2025

    Blackrock XRP ETF Speculation Ignites Interest in the Crypto Market

    July 9, 2025

    PayTM’s Share Price Drops by 10%: Understanding MDR and the Call from FinTech Companies for Government Action.

    July 5, 2025

    PayTM restricts 10% amid rumors of government cancellation of MDR – Is the expansion of UPI in India becoming a challenge for fintech companies? More details here.

    July 2, 2025
  • Startups

    NRI-focused Fintech startup secures $5 million in seed funding from Elevation Capital

    July 12, 2025

    HSBC assists German fintech Re: entry into the UK market with $169.2 million investment.

    July 11, 2025

    New Zealand fintech startups must demonstrate viability in the domestic market before exploring export opportunities, according to a VC firm.

    July 11, 2025

    Nigerian fintech Lemfi expands its operations in Egypt

    July 11, 2025

    Fintech startup catering to NRIs secures $5 million seed funding led by Elevation Capital.

    July 11, 2025
  • finjobsly
fintechbits
Home » Fintech sector: Self-regulatory organization must keep Fintech sector in check: RBI Dy Guv T Rabi Sankar
Regulatory Updates

Fintech sector: Self-regulatory organization must keep Fintech sector in check: RBI Dy Guv T Rabi Sankar

5 Mins Read
Facebook Twitter Pinterest Telegram LinkedIn Tumblr Email Reddit
1730251950 Articleshow.jpg
Share
Facebook Twitter LinkedIn Pinterest Email Copy Link
Reserve Bank of IndiaT Deputy Governor Rabi Sankar spoke at the Global Fintech Festival 2024 on Thursday. In his speech, he spoke about the self-regulatory organization (SRO) to regulate the financial technology sector.

He said the fintech sector faced trust and integrity issues because it was not regulated by a regulator. He added that it was a relatively new industry and it would take time for people to trust it.

“We must ensure that the sector grows responsibly and is trusted by all. It must meet commercial and social objectives. This is difficult because the financial sector derives its trust from being licensed and regulated. Fintech is” says Sankar.

The RBI deputy governor added that the fintech sector needs to become a partnership between public and private players as the public sector has the infrastructure to develop products, while private players have the innovation and access needed to bring products to remote parts of the country.

“Fintech or technological innovators are and will continue to transform the financial ecosystem. What we have seen so far is just the tip of the iceberg,” he said.

“India’s commitment to the Fintech sector is very clear. I refer to it as the Indian model of digital modernization. In India, we are creating a basic digital public infrastructure, opening access to the private sector so that “It can innovate and create products and take these products to every corner of the country. The public sector is not as good at innovation as the private sector,” Sankar added.

Speaking about the growth and success of UPI OperationsSankar said, “UPI transactions reached over 460 million in the previous year. New instruments have arrived, CBDC resume. The opportunity for growth remains for the Fintech sector. »

“Transactions translate to 0.3 transactions per person per day. Mpesa transactions per day are 1.5 per person per day. This shows the room for growth in the sector,” Sankar said, indicating necessary growth in the system. He said SROs had a key role to play in advancing the fintech sector. He added that competition was necessary for the sector to develop equitably.

“The SRO must play a role in this. It must work consciously and systematically to create favorable competition. It must work systematically to create favorable conditions for competition. It is necessary to make markets effective and efficient. An important indicator of the market is pricing. The advantage of the Fintech sector is profitability, the other being faster delivery. Profitability should be determined by technology and not by the ability to resist losses,” Sankar said.

New technologies have radically different business strategists than traditional companies. The SRO must ensure that these strategists do not crowd out the competition. SRO can play a role in eliminating inefficiency in financial markets through technology, Sankar said at the festival.

He said we need more participants than banks, better technology and a new process to ensure cross-border digital transactions go smoothly. “Many inefficiencies exist due to the absence of technology and therefore, removing these inefficiencies is the responsibility of Fintechs and a Fintech SRO should be able to guide the industry in identifying these inefficiencies and removing them,” Sankar added.

Sankar said SROs must focus on creating value for consumers. The Fintech sector has become a positive destructive force as it provides value to consumers, but many practices resemble dark patterns. SRO must identify these practices as early as possible and raise awareness within the industry. Many practices may not be obvious and some may be justified as providing value.

It is up to the SRO to ensure that the fintech sector earns trust by treating customers fairly, Sankar said. This also includes pre- and post-sales interactions. Advertising must be truthful and avoid misleading consumers. The SRO must ensure this. “The mantra should be to leverage technology, do business with integrity and ensure that the customer is not underestimated in the process,” Sankar said.

Focusing more on the role of the SRO, Sankar emphasized that it should facilitate honest two-way communication between the regulator and the industry. “Regulators must rely on companies’ assessment for feedback. Sometimes, regulatory measures require adjustments in the way the fintech industry operates. This can lead to some friction within the industry. Ultimately, these things s “will work out, but the process can be smoother and faster if the industry is aware that the measures would sometimes lead to inconveniences, but we have to do it and SRO must make sure that this happens,” he said. added.

As technology and services rapidly evolve, the regulatory scope must adapt quickly. Although regulation can make things difficult for the fintech sector, it can be simplified through proper communication that the SRO can establish for all stakeholders in the ecosystem.

“Although the fintech sector is young, SROs are necessary. As you mature, this should be reflected in your behavior. We started with one SRO, we may have more in the future and coordination between all stakeholders is important,” Sankar said.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

New Trade Exchange Regulations in Fintech Enhance Water Issues Management

July 10, 2025

Baker McKenzie Expands Fintech Team in Washington with Two New Partner Additions from A&O Shearman

June 26, 2025

Assessment Revision in Fintech by an Asian Legal Firm

June 23, 2025
Leave A Reply Cancel Reply

Latest news

Hant Capital has appointed Sophia Kruger as a senior assistant and AI specialist to lead innovations in finance at Polen Capital Asset Management.

July 13, 2025

How cognitive labs are transforming financial services teams with AI

July 13, 2025

Ways AI can enhance clinician support in healthcare

July 12, 2025
News
  • AI in Finance (1,354)
  • Breaking News (155)
  • Corporate Acquisitions (65)
  • Industry Trends (178)
  • Jobs Market News (290)
  • Market Insights (191)
  • Market Rumors (244)
  • Regulatory Updates (150)
  • Startup News (910)
  • Technology Innovations (154)
  • X Feed (1)
About US
About US

FintechBits is a blog delivering the latest news and insights in fintech, finance, and technology. We cover breaking news, market trends, innovations, and expert opinions to keep you informed about the future of finance

Facebook X (Twitter) Instagram Pinterest Reddit TikTok
News
  • AI in Finance (1,354)
  • Breaking News (155)
  • Corporate Acquisitions (65)
  • Industry Trends (178)
  • Jobs Market News (290)
  • Market Insights (191)
  • Market Rumors (244)
  • Regulatory Updates (150)
  • Startup News (910)
  • Technology Innovations (154)
  • X Feed (1)
Happening Now

November 28, 2024

“ Intentionally collaborative ”: how the Rotman school of U of T leads Innovation Fintech

February 6, 2025

‘1957 Ventures’ to Drive FinTech Innovation in Saudi Arabia

September 10, 2024
  • About FintechBits
  • Advertise With us
  • Contact us
  • Disclaimer
  • Privacy Policy
  • Terms and services
  • BUY OUR EBOOK GUIDE
© 2025 Designed by Fintechbits

Type above and press Enter to search. Press Esc to cancel.