Fintech Coordination with Banks: Key to Scalable Solutions, Says Financial Services Secretary

Financial Services Secretary Vivek Joshi highlighted the importance of fintechs working closely with banks for scalable and regulatory compliant solutions at the FICCI-IBA PICUP Fintech Conference. Joshi emphasized India's high fintech adoption rate and the need for collaborative problem-solving between banks and fintechs to address challenges and improve digital lending models.

Financial Services Secretary Vivek Joshi has called on the fintech industry to collaborate more closely with banks to develop scalable and regulatory compliant solutions. Speaking at the FICCI-IBA PICUP Fintech Conference, Joshi underscored India's leading fintech adoption rate and the transformative role that fintechs have played in the financial sector.

Joshi urged fintechs to work hand in hand with banks rather than developing solutions independently, noting that public sector banks deal with larger issues that need tailored problem-solving. He highlighted the importance of banks suggesting problems and fintechs providing solutions to address them.

While acknowledging fintech's immense potential, Joshi addressed the challenges that come with digital growth, including governance issues, regulatory compliance, and consumer protection. He stressed the need to balance innovation with regulatory measures and emphasized areas requiring attention, such as cybersecurity and financial literacy. Joshi also discussed the budget announcement, urging banks to develop new digital lending models for MSMEs.