Good governance will be key to durable and long-term success of any company, and in particular the fintechs, says RBI Governor Shaktikanta Das.
RBI Governor Shaktikant Das on Wednesday addressed the Global Fintech Fest 2023 to share his insights and vision for the future of the fintech sector. During his speech, Das emphasized that Indian fintech is expected to generate $200 billion in revenue by 2030, contributing 13 percent to the global fintech revenue.
He attributed this expansion to various factors, including the rising prevalence of digital payments, the expansion of the digital lending sector, and the emergence of insurtech and wealthtech firms.
Self-regulatory organisation
Speaking at the Global Fintech Fest Das also said that RBI encouraged fintech companies to speak up and address the development of SROs
RBI Governor urges fintech players to form a self-regulatory organisation at the earliest.
Digital transactions in India
The digital transactions surged from 1.2 billion in 2014 to 90 billion in 2022, Das said. The Unified Payments Interface (UPI) has emerged as a global model and a testament to the success of collaboration between the public and private sectors.
Data privacy
Speaking at the Global Fintech Fest, Das said, "Fintech players need to evolve industry best practices, privacy and data protection norms in sync with the law of the land," he said, adding that they can also set standards on issues like misselling, promoting ethical business practices and transparency in pricing."
"We are on the cusp of a major transformation in the fintech sector, not only in India but also in many other countries," said RBI Governor Shaktikanta Das.
