Con­fer­ence - Govt Role ..........................

Banking Frontiers - - Contents -

Fin­tech ex­perts share their views on gov­ern­ment ini­tia­tives to pro­mote start-up fin­tech’s in In­dia at Tech­noviti 2019:

Su­niti Nanda, Fin­tech Of­fi­cer , Gov­ern­ment of Ma­ha­rash­tra

Ev­ery In­dian state has its own fin­tech poli­cies. The startup pol­icy adopted by the Ma­ha­rash­tra gov­ern­ment was not rightly focused to­wards fin­tech sec­tor as there was need for more de­tail­ing and hand hold­ing pol­icy - par­tic­u­larly for the fin­tech seg­ment. To over­come the weakness of these poli­cies, the state gov­ern­ment had in­tro­duced a sep­a­rate pol­icy for the fin­techs. Mum­bai is the fi­nan­cial hub and Ma­ha­rash­tra is one of the for­ward states of In­dia. The state gov­ern­ment had in fact taken the ini­tial lead to sup­port the fin­tech sec­tor of In­dia.

Space and cap­i­tal are critical as­pects for fin­techs, which need to be ad­dressed. We are try­ing to bridge the gap be­tween fin­techs, fi­nan­cial in­sti­tu­tions, reg­u­la­tors and the aca­demic sec­tor. For tak­ing fin­techs to the global level, we have ap­proached the fin­tech hubs of Sin­ga­pore, the UK, Bahrain, the US and Aus­tralia. The adoption of tech­nolo­gies by star­tups is one of the big­gest chal­lenges for us. Dif­fer­ent de­part­ments of the com­pa­nies need to join hands, they need to come to­gether to achieve the de­sired re­sults for the fin­tech sec­tor of In­dia.

Yash Gandhi, In­vest In­dia

In­vest In­dia is the first point of con­tact for in­vestors en­ter­ing the In­dian mar­ket. The idea be­hind `Make in In­dia’ ini­tia­tive was to trans­form In­dia into a global manufactur­ing hub and mak­ing it the most at­trac­tive place for in­vest­ment across the globe. In the last few years, we have worked with 7 In­dian and for­eign fin­tech com­pa­nies and helped them in reg­u­la­tory and ad­vi­sory as­pects, and in find­ing the right stake­hold­ers in the gov­ern­ment and right part­ners in banks and fi­nance com­pa­nies.

We have re­ceived good re­sponse from coun­tries like the US, China, the UK and Sin­ga­pore for In­vest In­dia. There are sev­eral changes in the fin­tech land­scape and reg­u­la­tory changes are the key chal­lenge for us. We want to un­der­stand the pain points faced by the in­dus­try and want to come out with poli­cies to make the en­vi­ron­ment con­ducive for the Startup In­dia ini­tia­tive. We have over 15,000 star­tups reg­is­tered with us and In­vest In­dia helps in con­nect­ing po­ten­tial in­vestors with star­tups. We have 300,000 users of our por­tal.

Ab­his­hant Pant, Founder, The Fin­tech Meetup

Op­por­tu­ni­ties are too big i n our ecosys­tem. The Ma­ha­rash­tra gov­ern­ment has pro­vided fund­ing for startup fin­techs. But there are many things that need to be done. Mas­si­fi­ca­tion is miss­ing in the next level of tech­nol­ogy adoption. New tech­nolo­gies like AI, Blockchain and ML are not the part of the aca­demic cur­ricu­lum in In­dia. These tech­nol­ogy top­ics are needed to be included in to the aca­demic cur­ricu­lum of schools in the coun­try. States like Ma­ha­rash­tra, Ker­ala, Te­lan­gana and Andhra Pradesh are tak­ing ini­tia­tives to pro­mote fin­techs. The state gov­ern­ments should re­spect the star­tups and help them in achiev­ing their goals, as the own­ers of the star­tups and other team mem­bers have left their jobs to cre­ate big op­por­tu­ni­ties for the coun­try.

Sailesh Gha­dia, Nom­i­nee Di­rec­tor at Pun­jab & Sind Bank

Tech­nol­ogy de­vel­op­ment is a part of the over­all de­vel­op­ment of the coun­try as the coun­try can­not grow with­out tech­nol­ogy de­vel­op­ment, es­pe­cially in the fi­nan­cial ser­vices sec­tor. Our young and tal­ented pop­u­la­tion prefers to work in coun­tries like the USA, the UK and Aus­tralia, as they do not get ba­sic fa­cil­i­ties and re­wards in In­dia. Cost is the main con­straint for us.

Cor­po­rate gov­er­nance can­not be ac­com­plished with­out tech­nol­ogy and there is need for the lat­est tech­nol­ogy. Most of the banks in In­dia have achieved good cor­po­rate gov­er­nance and bet­ter NPA re­sults. The high cost of soft­ware and tech­nol­ogy in­fra­struc­ture puts hur­dles on the banks while adopt­ing the lat­est tech­nol­ogy. Only 40% banks have cre­ated the re­quired tech­nol­ogy in­fra­struc­ture. Lack of such in­fra­struc­ture is an ob­sta­cle for the coun­try’s de­vel­op­ment.

Panelists lis­ten­ing to a point be­ing made

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.