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Slice appoints former Amazon Pay Director as legal chief amid new regulatory challenges

Bhawna Sangwan has over 17 years of experience in corporate law and was part of the legal and compliance teams at Bharti Airtel and GE before joining Amazon Pay.

June 24, 2022 / 01:28 PM IST
Bhawna Sangwan, Chief Legal and Strategy Officer, Slice

Bhawna Sangwan, Chief Legal and Strategy Officer, Slice


Card-led lending platform Slice has appointed former Amazon Pay Director and Associate General Counsel Bhawna Sangwan as its Chief Legal and Strategy Officer amidst increasing challenges to its business model after the Reserve Bank of India (RBI) asked fintechs to stop lending through prepaid cards and wallets.

Sangwan has over 17 years of experience in corporate law and started her career at GE where she was instrumental in leading the compliance programme. Prior to joining Amazon Pay, she was part of Bharti Airtel's legal and compliance team.

"At Airtel, she played a significant role in acquiring a payments license in 2009, took part in multiple M&A  deals, and was also one of the founding members of Airtel Money in 2008," a statement by Slice said.

At Amazon Pay, Sangwan played a key role in building the fintech arm of Amazon in India - including bill payments, UPI, launched a variety of products ranging from payments acceptance, issuance, co-branded cards and so on.

She graduated from Faculty of Law,  Delhi University and also has a degree in CS from the institute of company secretaries of India.

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The move comes at a time when Slice was making a transition to making payments its key offering as opposed to its core business model of offering credit line-linked Visa cards with a focus on new to credit and subprime millennial customers.

Moneycontrol had reported on May 25 that the company turned conservative and has restricted its stand-out interest-free 'Pay-in-3' feature to only select customers.

Rajan Bajaj, CEO of Slice said, "Bhawna has joined the slice team at a time when we are strategising our expansion into the payments segment. As the market continues to evolve, we must have impactful leaders who can guide the business through not only a solid product portfolio but also adapt to changing government regulations, ensuring consumer protection and data and privacy mandates."

"Bhawna will play an important role in enabling Slice to operate with the highest standards of ethics for sustained and responsible long-term success in the market."

Commenting on her new role, Sangwan said, "Slice’s role in giving access to credit and enabling financial inclusion for millions has been phenomenal and nothing short of inspiring. I am looking forward to being a big part of slice’s next phase of growth in the payments segment."

In a blow to the company's business model, the RBI issued a clarification on June 20 to fintechs saying that issuing credit through Prepaid Payment Instruments (PPIs) such as wallets and prepaid cards is prohibited as per PPI norms.

RBI also said that any non-compliance in this regard can attract penal action from the regulator.

Industry bodies including the Internet and Mobile Association of India (IAMAI) and the Payments Council of India (PCI) have made representations to the RBI and the government seeking clarity on the norms.

 

Moneycontrol News
first published: Jun 24, 2022 01:28 pm
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