NeoGrowth, in association with Khaitan & Co. organized an engaging event on “Fintech Evolution and Regulatory Imperatives” for a select audience, on the evening of 18th February in Mumbai. The Keynote address was delivered by Prof. Douglas Arner, an expert in the field of Fintech and a Faculty of Law, University of Hong Kong.
Prof. Arner, took the audience through the evolution of Fintech, of how the amalgamation of financial services & information technology is changing the dynamics of the business eco system. Fintech is redefining banking; retail; mobilewallets and payment-gateways. Fintech is emerging as a ubiquitous imperative to drive more and more elements of our daily life.
The fact that in today’s time, people can access various financial services through few simple clicks on the smartphone in their hands has given rise to various opportunities in terms of multi-faceted services available, and at the same time gives rise to challenges in terms of ensuring the security of information Prof. Arner also pointed out that this expansive coverage is triggering a debate around risks such as cyber-security, data-privacy, delinquency and frauds consequently influencing new regulation. Regulation will Play vital role in balancing the financial services with the compliance requirements. Ensuring fairness of conduct in various transactions was one such requirement asserted by the Professor.
Prof. Douglas Arner addressing audience on concept of Fintech & Regulations associated around it.
The emergence of start-ups in this sector, and the various challenges in terms of licensing, compliance, with a view of ensuring no loss to the end consumers has become an integral part of the regulatory aspects of the Fintech Growth.
Panel Discussion with Fintech experts The Event also had a panel discussion followed by a question and answer round. The panel also included eminent panelists like Sharad Sharma (Co-founder & Governing Council member of iSPIRIT), Abhishek Sinha (Co-founder of Eko India Financial services) & Sridhar Hariharasubramanian (Head of Digitization & Enterprise Mobility, IBM India) who also acted as moderator for the Panel discussion. The panel had very engaging discussion about how the Fintech emergence & evolution has made businesses all over the world take notice and gear up to embrace this emergence.
The panel also showed light on how the Asian countries were more fragmented in terms of the regulations, markets & services for the Fintech space as compared to their Western counterparts.
The panel had very engaging discussion about how the Fintech emergence & evolution has made businesses all over the world take notice and gear up to embrace this emergence. The panel also showed light on how the Asian countries were more fragmented in terms of the regulations, markets & services for the Fintech space as compared to their Western counterparts.
Factors like ease of use of financial services, interlinked with the authentication & security protocols in terms of Information exchange were heavily discussed during the panel discussion and kept the audience comprising of Bankers, entrepreneurs, people with background of technology & regulations engaged throughout the event.
To conclude, Mr. Piyush Khaitan (PK) Managing Director of NeoGrowth thanked all panelists who had demystified Fintech for everyone & drew our attention to the immense possibilities & opportunities in this field. He said regulatory imperatives normally follow innovation though are reactive in nature but they are important because they develop an environment of trust in the customer who is end user of all innovations.
He also mentioned that it’s just serendipity that the evolution of NeoGrowth as a Fintech organization is coinciding with the Fintech age.