Digital banking is a huge play in India, according to KPMG's Pulse of Fintech, which also points out that it has a unique model compared to other jurisdictions, with digital banks serving primarily as Software as a Service (SaaS) providers and regulatory responsibilities remaining with bank partners. The fintech business received $2 billion in investments in the first half of 2021, which is equivalent to the total amount invested in the entire year of 2020.
Commenting on the scope of fintechs, Nishant Arora, founder, Sixth Element Finserv's Setup Services India (SSI), says, "After working in the financial advisory/consultancy industry for more than seven years, I found out that there is no brand in the financial advisory industry that guaranteed quality services to the general public. The Fintech companies have to realize that not every startup can or want to hire a huge accounting firm because they are not only expensive to hire, but also lack the flexibility that a startup may wish to. As a result, SSI was founded as a pure management consulting firm with advisors, facilitators, and problem solvers to help SMEs, young entrepreneurs, salaried employees/professionals, foreign investors, and business owners overcome their challenges."
According to Nishant, "The goal of the Fintechs should be to assist startups by making it easier to do business in India. At SSI, our goal is to become an extensive KPO in the B2B arena and provide various solutions to the new India. We use advanced data metrics and new methods to handle finances professionally." Nishant began working in finance even before graduating with a bachelor's degree in commerce from the University of Delhi in 2016. He started his career as an Articled Trainee in an accounting firm in 2013 and later continued as a Senior Associate, until 2017. He worked on Statutory Audits, financial structures, and taxes of leading companies in the housing and real estate, consumer goods manufacturing, engineering, heavy equipment manufacture, textile, automobile, hospitality, entertainment, banking industries and PSUs throughout his time with the accounting company.
Talking about filling the gap and help the business grow from scratch, Nishant, says, "The aim should be to develop a one-stop financial services solution for the next-gen entrepreneurs. The need is to help foreign and Indian companies identify strategic advantages and incentive schemes in the Indian commercial ecosystem before incorporating their businesses. At SSI, we keep these goals in mind.
Explaining more about his company, he informs that "the role of SSI starts before the launch stage of a business; SSI nurtures past ideation & projection, and then proceeds with the registration of formal entities for clients and further help them to structure their MIS, create internal financial control systems, restructure their capital layouts and raise funds via both debt as well as equity instruments.
Also, to facilitate the #startupindia initiative, SSI does not charge any professional fees for startup registrations.
Apart from companies, we also help individual clients with their financial needs and compliance requirements throughout the year." Looking to promote outsourcing technical activities related to finance, SSI is bringing in domestic KPO culture. Nishant adds, "We aim to become a gateway for foreign companies who are looking out to establish their businesses in India."