Moneycontrol's inaugural India Fintech Conclave (IFC) was held today. It featured power-packed discussions on the burgeoning financial technology or fintech landscape in the country as it puts the spotlight on defining trends to position the sector for transformational growth.
From Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology Rajeev Chandrasekhar, RBI's Executive Director Ajay Kumar Choudary to Zerodha founder and CEO Nithin Kamath, the MC fintech conclave saw discussions on pertinent topics such as digital payments, market regulations and lots more! Through fireside chats and deep-dive panel discussions, Moneycontrol's editors along with India's top industry leaders, changemakers, regulators, and unicorn founders probed the biggest trends that are reshaping fintech in India.
The live blog session has concluded. For more news, views and updates, stay tuned with Moneycontrol.com.
India Fintech Conclave Live:
"We are definitely going to use AA Framework and this data is going to change the way we do lending." says DeenaJacob co-founder, CFO, Open
"Before digital lending guidelines came in the industry was confused about how things work and many assumptions were being made. This was the need for the DLG to come in" adds Madhusudan E, Co-founder, CEO, Kreditbee
India Fintech Conclave Live:
"We are seeing a shift where public sector banks are trying to partner with NBFCs and that is adding an edge" says Gaurav Kumar, founder, CEO, Yubi. "Complexity on lending needs to be simplified. We need more horizontal business models within fintech which is both inter and intra operabld." he adds.
India Fintech Conclave Live: The fundamental of all regulation is that the regulator has tried to bring a framework: Madhusudan E, Co-founder, CEO, Kreditbee
"The entire confusion or chaos that happened is that we started off when it was an unregulated space and the growth was massive. Then RBi felt that with this massive growth without regulation there could be systemic risk.There are two extreme views in fintech. Whenther fintechs are a challenge to bank… Then it was that whether fintechs are a bubble that will burst... But fintechs will coexist whether with banks or other institutions, they are nimble." he adds.
India Fintech Conclave 2023 Live: Lending: The next big fintech frontier
"Data is the new oil but did we have dearth of data today?This is where the challenge is.Open helps enable or make sense of this data"Deena Jacob co-founder, CFO, Open
India Fintech Conclave 2023 Live: Subramanya Fisdom on Account Aggregator
- We have come to a critical point where we have to think about things over and above access. The market is forcing people to think about financial planning.
- The key thing back in 2016 was all about build fast and break things. Today, it has become about being compliant.
India Fintech Conclave 2023 Live: "We overvalue a lot of tech and undervalue a lot of regulation" says Pravin Jadhav, founder, CEO, Raise Financial Services
"No product is ever built until you go and speak to your customers" he adds
India Fintech Conclave 2023 Live: Fintech and Markets: Navigating the regulatory landscape
Radhika Gupta, MD and CEO, Edelweiss says that historically, the issues that have happened with the bond market have been related to transparency.
India Fintech Conclave 2023 Live: "If GST didn't exist, ONDC wouldn't have been possible" Nikhil Kumar, co-founder, Setu
"DPIs are interplaying very well with each other.Look around you and see what has changed fundamentally for you. It will be one of the apps built on DPI: Kumar adds.
India Fintech Conclave Live Updates: "Ecommerce as we see today will cease to become relevant" said T Koshy, CEO, ONDC
"In a few years time, every product or service owner will be able to catalogue it on this open network or ONDC" he said.E-commerce, according to him,will become just one more channel to sell.
- Future is not decades, but years. ONDC will lead to specialised buying applications which will help clients source what is good for them. E-commerce as we know today is going to become irrelevant
India Fintech Conclave Live Updates: "I have a lot more empathy towards founders today" says Nikhil Kumar, co-founder, Setu
"If you are venture capital funded, you are dousing one fire after another throughout the day...The first advice anyone will give to a founder is to survive whether through DPI or a closed system." he says.
India Fintech Conclave Live Updates: Digital Public infratructure
"There's a lot of excitement when somebody is fighting somebody else. Ours is an inclusive agenda" said T Koshy, ONDC CEO. "ONDC is an inclusive agenda. It is going to expand...Ecommerce is 5% on buying side and 1% on selling side in India today. This will balloon and expand" he adds.
India Fintech Conclave Live Updates:
"If you have to achieve 10X growth, huge investment is needed from the industry... Government incentives have helped us survive the zero-MDR in some way, but the government may change this,'' said Dilip Asbe of NPCI.
-"I think in thelast five years, the government and regulators have always be open with industry for QnA and other dialogues... When we say fintech has grown, the ecosystem is built too and wemust give the credit to the RBI,'' added Asbe.
India Fintech Conclave 2023 Live: Harshil Mathur, CEO of RazorPay on UPI going Global
-"This will create amazing opportunities for Indian companies.for fintech companies that have already created product on real-time payment or tax this is a big opportunity,'' said Mathur.
India Fintech Conclave Live Updates: Dilip Asbe on UPI Lite
-"We wanted something to give the gurantee that the transaction will happen. We wanted the transaction to happen locally and within short span of time. The ability to make the transaction in less than 2-3 sec. And this assurance is very high on Lite,'' said Asbe.
India Fintech Conclave Live:
Shinjini Kumar, Founder and CEO, SALT app said that the magic of UPI in remote scenarios is extremely useful.
India Fintech Conclave 2023 Live
: UPI mandates have changed the way IPOs happen in the country: Harshil Mathur, CEO of Razorpay
-We startups constantly take motivation to innovate looking at what NPCI does on a regular basis", added Mathur.
-Next phase of growth will be to identity what are some specific traditional methods of payment and innovating it. Finding the total addressable market that is yet to see innovation in payments and bridging the gap, said Mathur.
India Fintech Conclave Live Updates:
I don't think UPI has achieved its potential yet. For a country like India, we should do 10x of what we are doing: Dilip Asbe, CEO of NPCI
-"Realistically, if all of us continue the same efforts... I believe that by two to three years, we will reach 1 billion transactions, added Asbe
India Fintech Conclave 2023 Live: Discussing digital payment revolution in India
-Future of Payments in India – Sustaining the Digital Payments Juggernaut with Dilip Asbe, CEO, NPCI, Harshil Mathur, Co-Founder and CEO, Razorpay, Shinjini Kumar, Founder and CEO, SALT app- Session moderated by Chandra R Srikanth, Editor- Tech, Startups & New Economy, Moneycontrol
India Fintech Conclave Live Updates: There's a price to pay to live up to ethical banking, says V Vaidyanathan of IDFC First Bank
-We're a new bank. Our number one focus is, ethical banking. There's a price to pay to live up to that statement.
-Ethical banking is a number one priority. We want to charge customers in the proper way.
-We are taking out jargon from our terms and conditions and scrapping unnecessary charges, he added.
India Fintech Conclave 2023 Live:
-2-3 types of fintech operating, says V Vaidyanathan, MD and CEO of IDFC First Bank
-Some fintech are sourcing data and taking meaningful decisions, he said.
-There are some fintechs which deliver enterprised based solutions
-One of our very significant tasks is to build a tech focused platform, he added.
India Fintech Conclave Live: Technology is a large waterfront, says V Vaidyanathan of IDFC First Bank
-Banking is very prone and affected by technology because everything is electronics. And that is why banking can latch on and grow, said Vaidyanathan
-There is data everywhere. But everybody is not using to take meaningful decisions. Banking sector making meaningful and insightful decisions based on data, he added
India Fintech Conclave 2023 Live: Special Fireside chat with V Vaidyanathan, MD & CEO, IDFC First Bank
-Reimagining Banking in the Digital Era - Session moderated by Chandra R Srikanth, Editor- Tech, Startups & New Economy, Moneycontrol.
India Fintech Conclave Live Updates:
"I know the approach is really conservative at Zerodha rooted in the principles of regulation... It is an integral part of the product development philosophy... It has really become a cultural thing for us to think ahead of regulations,'' said Nithin Kamath.
-"You won't believe the kind of regulatory risks we have... I don't think we are still ready. If one day we hope that we have built enough products and dependency on capital market goes up, we will think of an IPO,'' added Kamath.
India Fintech Conclave 2023 Live:
I was always been a sales guy. So I realised the power of calls and calling people. I used to pretend as Sachin and make calls about Zerodha, says Nithin Kamath.
-"Keeping things really sinple. Having the conviction to avoid phone. Lot of companies focus on way too many things. At Zerodha we always had short term goals. We never rushed things or rushed to introduce a feature,'' saidKailash Nadh, CTO, Zerodha
India Fintech Conclave Live Updates: Nithin Kamath on Zerodha Journey
-When we started our biz there was no big ambition... Business became profitable in the third year on wards. The reason we are profitable is also becauss we never spent any money on acquiring customers, says Kamath
-If you want the word of mouth to continue happening, you have to do something different and that's what we did, he said.
-Thr righteous place was 2015, Kite was launched and we went zero broking. 2015 was our Aha moment, added Kamath.
India Fintech Conclave Live Updates: Understanding the Zerodha Journey-In conversation with Nithin Kamath
-Bits To Billions – The Zerodha Journey | How They Bootstrapped Zerodhainto a Profitable Unicorn withNithin Kamath, Founder and CEO, Zerodha andKailash Nadh, CTO, Zerodha -Session moderated by Chandra R Srikanth, Editor- Tech, Startups & New Economy, Moneycontrol
India Fintech Conclave Live Updates:
The pilots for CBDC are going very smoothly, saysRBI Exec Director Ajay Kumar Choudhary
-Once private sector will find more use cases of CBDC then it will take new shape: Ajay Kumar Choudhary
-Private sectors are welcomed to innovate and participate in CBDC, he added.
India Fintech Conclave Live Updates:
We are working on a framework for fintech lending ecosystem, said RBI Executive Director Ajay Kumar Choudhary
-A committee has been formed for fintech regulation, said Choudhary
-Where we are talking about legal lending apps, are they part of the regulatory entity is the bigger part, he said.
India Fintech Conclave 2023 Live:
True balance between innovation and regulation comes from within the fintechs, says RBI Executive DirectorAjay Kumar Choudhary
-It is always a challenge for regulators to regulate and introduce Innovation, addedChoudhary.
India Fintech Conclave Live Updates: RBI Executive Director (ED) Ajay Kumar Choudhary on risks for fintechs
-Customer protection is the most critical risk as far as fintech is concerned
-Risk of lost to consumer is quite high
-Data security and breaches is the second major risk for fintechs
-Regulators need to keep an watchful eye on the risks by fintechs and big techs
India Fintech Conclave 2023 Live: Discussion with RBI Executive Director (ED) Ajay Kumar Choudhary underway
-The current financial system has been build by taking multitude of innovation on the way, says Choudhary
-Focus on the innovation in financial sector and regulation is not new, he said
India Fintech Conclave Live: Fireside chat with RBI ED underway: Fintech Innovation And Regulation: A Fine Balance
-A special fireside chat with Ajay Kumar Choudhary, Executive Director, Reserve Bank of India. Moderated by Dinesh Unnikrishnan, Editor- Banking & Finance, Moneycontrol.
India Fintech Conclave 2023 Live: Rajeev Chandrasekhar on Karnataka Elections: ''We will form govt and win it!''
-Incumbency automatically meaning some trafic event is happening around the country is something PM Modi and BJP has long since demolished
-We have a tough situation because we have been in govt for three years
-Large part of what is road building, development, was spent on COVID management
-Very different situation in Karnataka as opposed to other states.
-"There is a certain very different situation compared to other states. We will form the government and we will win it!''
-Out of224 seats in the Karnataka legislative, it will certainly be more than 112, saidRajeevChandrasekhar.
India Fintech Conclave Live Updates:
We are going to be the largest market of servers in the world given the growth of cloud in India, says Rajeev Chandrasekhar.
India Fintech Conclave Live Updates: Rajeev Chandrasekhar on next sunrise sectors
-IT hardware is certainly a category that will see India doing well, hearables and wearables where Indian brands are doing very well. Again feeds into our growing semiconductor and electronics design capability: Rajeev Chandrasekhar
-The next sun rise sectors are IT and hardware. The hearable and wearable are doing well like the company Boat. Many Indian companies are growing, he added.
India Fintech Conclave Live Updates:
We are today at 75 billion of electronic production, we want to be 300 billion by 2025, says Rajeev Chandrasekhar.
India Fintech Conclave Live: No government policy is China-centric, says Rajeev Chandrasekhar
-In case of loan apps, the companies were violating every law on the planet: Rajeev Chandrasekhar
-The PM's vision on electronics and associated value chain which was China centric pre covid -- the world wants a diversification.It's now India that is not seeking it, he said.
India Fintech Conclave Live Updates:
I certainly think the digital rupee is the way to go. I think our ecosystem requires a more stable evolution of digital payments... We don't want any incidents. This is early days. Maybe there will be private participation in it. Lets wait and see, saidRajeev Chandrasekhar.
India Fintech Conclave Live Updates: Fingerprint of India and Indians will be on everything digital: Rajeev Chandrasekhar
-There has to be done sort of gating or verification before apps come to Google or Apple app stores: Chandrasekhar
-Digital India Act will be enacted, built, and designed with consultation: Chandrasekhar
-We have to get better at not letting any chaos on the regulatory side impact entrepreneurs, he said
-It is the PM's sankalp that there will not be any hurdle to creating any enterprise in the tech space, added Chandrasekhar
India Fintech Conclave Live: The AI intensity in fintech will certainly increase. We will launch India AI programme by March, says Rajeev Chandrasekhar
-The India AI ecosystem will transform the Fintech and other parts of internet ecosystem:Rajeev Chandrasekhar
-The phenomenon of dominant platforms is a reality. We have to make sure it doesn't affect consumer's right to choose, he said.
India Fintech Conclave Live Updates: Q&A with Rajeev Chandrasekhar underway
-Moderated by Shweta Punj, Deputy Editor, Moneycontrol and Chandra R Srikanth, Editor- Tech, Startups & New Economy, Moneycontrol
India Fintech Conclave Live: Data protection law will not create hurdle to fintech innovation, it will be an enabling legislation, says Rajeev Chandrasekhar
-The India techade is not just a rhetoric. Digital economy proportion of overall economy will do to 22 percentby 2026: Chandrasekhar
-Data protection law will be simple and easy. It may put lawyers out of business: Rajeev Chandrasekhar
-We will be legislating shortly personal data protection bill. Legislations will enable innovation;citizen rights will be protected, he added.
India Fintech Conclave 2023 Live: At 87%, India has the highest fintech adoption in the world, says Rajeev Chandrasekhar
-PM Modi's vision has been to make India a producer of technologies from consumer of technologies: Chandrasekhar
-The energy of young Indians is something to be seen, experienced and believed, he added
-The single dimension of digital economy we inherited is now becoming a multi dimensional, fast growing one, said Chandrasekhar
India Fintech Conclave Live Updates: Union minister of state Rajeev Chandrasekhar delivers special address at MC fintech conclave
-I believe Mumbai is the heart of entrepreneurship, out of the box economic activity, said Rajeev Chandrasekhar
-I was involved in building the first mobile network in Mumbai, added the minister
-Indiahas gone from being a preeminent nation to a deeply eminent nation in using tech to transform people's lives, he said.
India Fintech Conclave Live Updates:
Binoy Prabhakar - Executive Editor, Moneycontrol welcomes changemakers, industry leaders, policymakers to Moneycontrol's first-ever fintech conclave.
India Fintech Conclave Live Updates: Welcome address coming up by MC Executive Editor Binoy Prabhakar at 4 pm: Stay tuned!
-Here's Moneycontrol fintech conclave initial line-up:
3:30 pm - Registration and Networking High-Tea
4:00 pm - Welcome address by Binoy Prabhakar, Editor, Moneycontrol
4:05 pm - Special Address by Rajeev Chandrasekhar, Union Minister of State for
Electronics and Information Technology and Union Minister of State for Skill Development
and Entrepreneurship. Stay tuned for lots more !
India Fintech Conclave Live Updates: Ajay Kumar Choudhary-Executive Director (ED) of Reserve Bank of India (RBI) to grace Moneycontrol's fintech conclave
-Catch a special fireside chat with RBI ED Ajay Kumar Choudhary moderated by Dinesh Unnikrishnan, Editor-Banking & Finance, Moneycontrol in MC fintech conclave
India Fintech Conclave Live Updates: How does India's current fintech landscape look like?
-In the last couple of years, India's fintech industry has seen an explosion both in usage as well as funding. This growth has come on the back of the transformation that India's digital payments saw with the advent of the Unified Payments Interface or the UPI. Digital adoption that kicked off payments is now expanding to everything from online banking, loans, insurance and investments.
-In the last decade, fintechs have been the second largest recipients of VC funding in India after e-commerce, as per a Credit Suisse report. This was led by payments companies bagging a 44 percent share of the funding in the past decade, followed by a 26 percent share of digital lending startups. India's fintech sector already boasts of dozens of unicorns, with the space attracting over $20 billion in funding till date.
India Fintech Conclave 2023 Live: Union Minister of State Rajeev Chandrasekhar to grace Moneycontrol's first-ever fintech conclave with a special address
-Rajeev Chandrasekhar-Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology, leads several key initiatives such as the semi-conductor mission for India, electronics system design and manufacturing, deep tech investment promotion, Startup India and technology policy development. The minister is a former chip designer, cellular pioneer, tech investor, and aviator.
