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Need environment for fintech firms to innovate: Official

New Delhi,  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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