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MUMBAI: Fintechs must emphasise on consumer safety and maintain ecosystem integrity while enabling innovation, said Harshil Mathur, co-founder and CEO at Razorpay. As fintech models evolve and artificial intelligence (AI) in particular gets more mainstream, having privacy as part of the design process is also extremely critical to ensure that customers remain in final control of their data, Mathur said at the startup Mahakumbh event on Tuesday.“In RBI, we have a progressive regulator to ally with and it has helped in steering the ecosystem from various seen and unseen pitfalls despite the dynamic and nascent nature of the ecosystem. It has institutionalised checks and balances which have helped create the trusted banking system we see today. And so while we must keep innovation in our minds, it is important to keep consumer safety and ecosystem integrity in our head,” Mathur said.
Mathur’s comments come amid the RBI’s recent move to curb operations of Paytm Payments Bank (PPBL) due to persistent “non-compliance.” RBI found lakhs of instances of alleged KYC violations by PPBL, raising concerns of money laundering along with the lender’s inability to maintain arm’s length relationship with its parent, resulting in the RBI action, TOI had reported. “The fintech ecosystem can only thrive if it continues to enjoy public and institutional trust. Losing it will be as good as undoing the progress that India has made in the last 10 years,” Mathur said.
The National Payments Corporation of India (NPCI) has taken efforts to take UPI global through partnerships with countries such as France and the UAE. “As a step forward, the RBI and the government can facilitate fintech players to expand internationally by opening up channels of communication, collaboration and ideas exchange,” Mathur said, adding that he continues to remain bullish about the promise that India’s fintech ecosystem holds.
Mathur’s comments come amid the RBI’s recent move to curb operations of Paytm Payments Bank (PPBL) due to persistent “non-compliance.” RBI found lakhs of instances of alleged KYC violations by PPBL, raising concerns of money laundering along with the lender’s inability to maintain arm’s length relationship with its parent, resulting in the RBI action, TOI had reported. “The fintech ecosystem can only thrive if it continues to enjoy public and institutional trust. Losing it will be as good as undoing the progress that India has made in the last 10 years,” Mathur said.
The National Payments Corporation of India (NPCI) has taken efforts to take UPI global through partnerships with countries such as France and the UAE. “As a step forward, the RBI and the government can facilitate fintech players to expand internationally by opening up channels of communication, collaboration and ideas exchange,” Mathur said, adding that he continues to remain bullish about the promise that India’s fintech ecosystem holds.
#Privacy #focus #key #Razorpay #chief
