With the required talent pool, innovation capacity and robust regulations, India’s fintech space is the best in the world for investments, said G Padmanabhan, a former executive director at the Reserve Bank of India.
“We are seeing many people taking a look at India as a place where talent is easily available. This is the best place where that's happening," Padmanabhan said at the Global Fintech Fest (GFF).
India is the leader when it comes to fintech innovation, Padmanabhan told Moneycontrol, while highlighting that many global companies are now looking at setting up their businesses here.
“Even the best of companies are looking to set up in India to make sure that the talent is easily available. And India is ideally placed to attract this talent and investment,” Padmanabhan said.
Padmanabhan is also on the advisory council of the GFF, which is the annual fintech conference organised by the Payments Council of India (PCI), the National Payments Corporation of India (NPCI) and the Fintech Convergence Council (FCC).
On the use of artificial intelligence and machine learning (ML) in the banking industry, Padmanabhan said banks are getting bigger and becoming global but it requires a lot more than AI and ML (machine learning) to boost them. He also highlighted that fintechs play a key role in enhancing and boosting the tech efficiency of these banks in some spaces.
“Fintechs are also able to help the bank in doing proper credit underwriting,” he said.
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