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Need environment for fintech firms to innovate: Official
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SME Times News Bureau | 08 Sep, 2020
K Rajaraman, Additional
Secretary for Investment and IER in the Department of Economic Affairs,
Ministry of Finance, has said that there is a need to create an
environment for fintech companies to partner large financial
institutions and offer innovative solutions.
Addressing a web
conference 'PICUP Fintech', organised by FICCI jointly with Indian
Banks' Association (IBA), Rajaraman said: "With all the partnership that
we have, we should be able to have an environment which enables fintech
industry to innovate.
He noted that this scenario will provide
better penetration of financial services, security, and lower cost of
business and, ultimately, offer better convenience and comfort to the
users.
Rajaraman further said that there are opportunities for
fintech to collaborate with companies in the insurance and pension
sectors also.
"There is an opportunity for us to harness and
marry the fintech companies with the flagship programmes of the
government. I urge the insurance industry to collaborate on micro
insurance and micro pension schemes rolled out by the government," he
said.
To promote innovations in the fintech sector, the officer
said that most of the last- mile KYC and other issues are being sorted
by the regulators.
"Securities and Exchange Board of India,
Insurance Regulatory and Development Authority of India, and Reserve
Bank of India have already rolled out regulatory sandbox, which will
enable the next wave of innovations benefiting the financial services
sector," he added.
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