The Fintech Conference 2017 with the theme – Financial Inclusion 2.0 – The Tipping Point – organized by Digital Lenders Association of India (DLAI) in mumbai offered a forum for financial and professional exchange of knowledge related to the fintech field.
India is a fertile ground for financial technology (fin-tech) start-ups and there are 500+ such start-ups in the country. The country has collectively attracted over $1.4B in funding since 2012. The entry of fintech companies, coupled with favourable government policies and an advanced banking regulator, means that the sector is poised to write new paradigms in the country’s financial sector. A KPMG and CB Insights research says that a total of USD 5.7 billion was invested in fintech in the first quarter of 2016 alone. Also there is a surge in investment in Asian fintech by VCs in the recent past.
Asia’s fintech investments were focused on China ($2 billion) and India ($1.7 billion) in 2016, according to an Accenture analysis of CB Insights data. But a lot need to be done in comparison to countries such as China and Japan, two countries transformed by fintech revolution. India has to come up with a coherent future-focused policy framework that will sustain the momentum.
According to Anurag Jain, Co-Founder & Executive Director, KredX, policy and innovation should complement each other. While innovation solves restrictions a sound policy framework will essentially safeguard consumers.
Anurag said: “We as a country should adopt the best of regulatory initiatives from across the world. The Securities and Future Commission of Hong Kong has established a Fintech Advisory Group to oversee the risks and the consequences of regulatory framework in the fintech space. Another great example is the UK, which provides a strong regulatory support to its fintech industry with a strong regulatory framework for protecting consumer interest, risk management, etc. The US has been continuously reducing regulatory frameworks to investments. India can also take a cue from these countries and come up with a regulatory framework for the future of the fintech industry.”
The conference brought together think tanks, bankers, fin-tech companies, venture capitalists, government representatives, media professionals and start-up enthusiasts to discuss and share their learning about the fin-tech industry.
The event will be attended by over 200 dignitaries from across the country. There will be panel discussion and presentations on: start-up models and venture capital in digital lending; public policy and ecosystem development in fintech; fin-tech startup success stories, etc.
DLAI, which was formed as a common meeting ground for all stakeholders from the fintech industry, seeks to support the development of digital kending industry and markets in India. As of now, DLAI has 10 founding members. The membership is open to stakeholders from core lending business or facilitators in digital lending, connected businesses like analytics firms, consultancy firms, law firms, policy makers, knowledge partners, etc.
Digital Lenders Association of India (DLAI) was formed as a common meeting ground for all industry stakeholders. As of now, DLAI has 10 founding members. DLAI is open to members who would be people in core lending business or facilitators in digital lending, connected businesses like Analytics firms, Consultancy firms, Law firms, Policy makers, Knowledge Partners etc.
DLAI has a focused view on conducting research and collecting information on identified issues, developing the industry through research, focus on adopting best global practices, and educating masses about the Digital lending industry through open house events, seminars, conferences and inviting dignitaries
The organization aims to support the development of Digital Lending industry and markets in India through independent objective analysis, research and development based on global principles and standards of appropriate policies covering all kinds of Digital Lending. It also seeks to represent advice and consolidate the efforts of the Digital Lending Industry by working closely with the government, regulators, policymakers and other appropriate forums, thereby adopting global best practices and code of conduct.