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