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SROs and fintechs: The emerging plot
Business Standard
|November 04, 2024
The Reserve Bank of India (RBI) recently recognised the Fintech Association for Consumer Empowerment (FACE) as a self-regulatory organisation for fintech (SRO-FT) and is in the process of examining two other applicants.
The fintech ecosystem in India is the third largest in the world, with an estimated 10,000 registered firms which operate across financial services.
The relationship between fintechs and incumbent regulated entities (REs) started out as a competition, and has now reset to that of collaboration. Fintechs now act as technology service providers or as an agent institution of the regulated entities, enabling digital delivery of financial services.
Given that fintechs are unregulated, there are no regulatory entry barriers for the ecosystem. And REs are increasingly engaging with fintechs to digitalise and automate several business operation processes.
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