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

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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.

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