RBI Hints of Regulatory Sandbox at India Fintech Day as KPMG Report Emerges
- RBI talks of plans during the India Fintech Day event as a new report emerged.
Before India Fintech Day 2016 which took place yesterday at the Grand Hyatt in Mumbai, Indian startup Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term NASSCOM partnered with KPMG to produce a report entitled 'Fintech in India' announced during the event and where the country's central bank regulator revealed related fintech plans.
NASSCOM has an initiative called ‘10000 Startups' which aims to incubate, fund and provide ambient support to help 10,000 technology startups in India by 2023, according to a description of the program.
The report was quite comprehensive, comparing the regulatory jurisdictions for mature fintech hubs with the prospects for India's emerging fintech potential and across a detailed scope of finance-related products.
RBI committee to study fintech impact
During the event yesterday, Reserve Bank of India (RBI) Executive Director N S Vishwanathan said: “RBI is in the process of setting up a multi-disciplinary committee with representatives from all financial regulators, stakeholders and banks to conduct an exploratory study of what kind of fintech is happening in the country, what can be allowed and create the right ecosystem for it."
Creating the 'right ecosystem' for fintech could be a hint of a regulatory sandbox or new guidelines and reforms to help support firms while having the right rules in place for relevant laws to be followed.
The news follows as the Reserve Bank of India (RBI) had referenced fintech in its June 2nd circular, which noted "the need to keep abreast of Fintech and digital innovations and peer-to-peer lending, the need to regulate credit guarantee schemes," as part of matters discussed during the 17th Meeting of the FSDC Sub-Committee in Mumbai.
An excerpt of the joint report published by KPMG and NASSCOM can be seen below, highlighting the weightings of seven key themes in India, as the prospects for fintech in India appears to gain further momentum from its early stages of maturity across the Asia-Pacific (APAC) Asia-Pacific (APAC) The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or Read this Term) region and compared globally:
Source: KPMG/Nasscom 2016 Fintech in India report
Before India Fintech Day 2016 which took place yesterday at the Grand Hyatt in Mumbai, Indian startup Accelerator Accelerator An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he An accelerator or startup accelerator is defined as fixed-term programs that look to foster investment, connections, sales, and education to kindle growth in a project.Most commonly this effort constitutes a public pitch event, demos, and other forms of marketing. Startup accelerators are most commonly associated with Silicon Valley, a global hub for investing and fintech.Startup accelerators however are a global phenomenon that privately funded as an investment fund. This nature of investing he Read this Term NASSCOM partnered with KPMG to produce a report entitled 'Fintech in India' announced during the event and where the country's central bank regulator revealed related fintech plans.
NASSCOM has an initiative called ‘10000 Startups' which aims to incubate, fund and provide ambient support to help 10,000 technology startups in India by 2023, according to a description of the program.
The report was quite comprehensive, comparing the regulatory jurisdictions for mature fintech hubs with the prospects for India's emerging fintech potential and across a detailed scope of finance-related products.
RBI committee to study fintech impact
During the event yesterday, Reserve Bank of India (RBI) Executive Director N S Vishwanathan said: “RBI is in the process of setting up a multi-disciplinary committee with representatives from all financial regulators, stakeholders and banks to conduct an exploratory study of what kind of fintech is happening in the country, what can be allowed and create the right ecosystem for it."
Creating the 'right ecosystem' for fintech could be a hint of a regulatory sandbox or new guidelines and reforms to help support firms while having the right rules in place for relevant laws to be followed.
The news follows as the Reserve Bank of India (RBI) had referenced fintech in its June 2nd circular, which noted "the need to keep abreast of Fintech and digital innovations and peer-to-peer lending, the need to regulate credit guarantee schemes," as part of matters discussed during the 17th Meeting of the FSDC Sub-Committee in Mumbai.
An excerpt of the joint report published by KPMG and NASSCOM can be seen below, highlighting the weightings of seven key themes in India, as the prospects for fintech in India appears to gain further momentum from its early stages of maturity across the Asia-Pacific (APAC) Asia-Pacific (APAC) The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or The Asia-Pacific (APAC) region is one of the fastest growing in terms of population. This region in particular is of great importance to the financial services industry, as it is seen as the largest growth market for clients.APAC is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.The region has been seen as one of the hardest to enter by FX brokers for this reason, as well as grappling cultural or Read this Term) region and compared globally:
Source: KPMG/Nasscom 2016 Fintech in India report