Fintech a top priority for IFSCA: Injeti Srinivas

Mumbai, September 22, 2022: “One of the topmost priorities for the International Financial Services Centres Authority (IFSCA) is fintech. Their growth has been exponential,” said Shri Injeti Srinivas, Chairperson, International Financial Services Centres Authority (IFSCA), at the third edition of the Global Fintech Fest (GFF) today in Mumbai. Srinivas was addressing the gathering in the presence of G. Padmanabhan, Senior Consultant, AZB & Partners, Ex-ED - Reserve Bank of India and Ex-Chairman - Bank of India. 

“Today we have close to 6000 fintech companies with a bulk of them set up in the last 5-10 years. A large number of them are looking for a global footprint. Similarly, international companies are seeking Indian markets. For that, we have the Fintech Regulatory Framework and a Fintech Incentive Scheme, where we have a grant provision of INR 10 lakh to 75 lakh. We also have foreign connections, hackathons are organized to recognize the best solutions and fintech guidelines are set,” he added.

Talking about regulatory compliance and better synergies between the regulator and fintech players, Shri P Vasudevan, Chief General Manager, Department of Payment and Settlement Systems, Reserve Bank of India, said “Entities like fintechs and everyone should also devote equal resources for compliance. It's not just onboarding a customer, you have to onboard the regulator as well. Unless and until the regulator is comfortable, it's very difficult to expect more and more things to come.”

GFF 2022 is organised and presented by the Department of Economic Affairs, Ministry of Finance, Government of India, Reserve Bank of India, International Financial Services Centres Authority (IFSCA), National Payments Council of India, the Payments Council of India (PCI) and the Fintech Convergence Council (FCC). 

Scheduled from September 20 – 22, 2022 at the Jio World Convention Centre in Mumbai, this is the third edition of the Global Fintech Fest, and the first one where domain experts are participating from across the globe in-person and virtually.
GFF 2022 is being supported by the Unique Identification Authority of India (UIDAI), National Investment Promotion & Facilitation Agency (Invest India), Startup India, Reserve Bank Innovation Hub (RBIH) and ONDC. Special Partners of GFF 2022 are World Bank Group, United Nations Capital Development Fund, BIS Innovation Hub, KNOMAD, Better Than Cash Alliance and International Finance Corporation (IFC).