The sector's outlook is positive overall as RBI is looking at soft regulating FinTechs initially without hampering innovation
FinTech BizNews Service
Mumbai, December 11, 2023: The Indian Financial Technology and Allied Services (IFTAS) will set up and operate the cloud facility. The repository will be operationalised by the Reserve Bank Innovation Hub by April 2024, and necessary guidelines will be issued separately. Virender Bisht , Co-Founder & CTO, Niyo has very interesting point of view on what is the fintech sector's outlook for the same and how will it help with the regulatory aspect of the sector.
Virender Bisht , explains: “The sector’s outlook is positive overall as RBI is looking at soft regulating FinTechs initially without hampering innovation. With such initiatives, Fintechs expect more recognition of their work towards financial inclusion.
Fintech repository will help RBI to regulate the financial sector more effectively by understanding the Fintech ecosystem and newer technology deployments like Distributed Ledger Technology (DLT), Artificial Intelligence / Machine Learning (AI / ML) more deeply. With this repository RBI is likely to understand the second order effects of such technology and how they will interact with the existing systems and shape up the future of financial services. Further, the repository will aid in designing appropriate policy approaches.”
