Fintech and the Role of Regulations in India – In conversation with Mr. R Gandhi, Ex. Deputy Governor, RBI

Perfios, in association with India Fintech Forum, organized a session on the topic – Fintech and the Role of Regulations in India. The event was organized on Monday, the 28th of May, 2018 at the Perfios’ office, HM Vibha Towers, Koramangala. The discussion was led by Mr. R Gandhi, Ex. Deputy Governor, Reserve Bank of India. The event was attended by various fintech CXOs.

The key discussion points were the following:
• The role of Fintech in the industry and why it is unlikely to replace the conventional banking system.
• The need for regulation in the business.
• What kind of regulations are in place or are coming up in the near future

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The Crypto Kings

The year was 2009 when Satoshi Nakamoto created Bitcoin, the first decentralized cryptocurrency. Many other cryptocurrencies have been created ever since, and are commonly known as alternative coins, or altcoins.

Formal Definition Of Cryptocurrency

According to Jan Lansky, a famous cryptocurrency researcher, cryptocurrency can be defined as a system which must meet six conditions.

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ICO Roundups: The Newest Trend For Startups

When the Bitcoin was introduced by Satoshi Nakamoto in 2008 in a paper called Bitcoin: A Peer-to-Peer Electronic Cash System no one expected that it would become a worldwide payment system. It was decentralized in 2009 and from then it has skyrocketed to reach an exchange rate of a record $19,783 in December of 2017.

In 2013, Mastercoin held the first token sale and it has gained a huge popularity ever since. In this article we are going to present a brief introduction to ICO.

What Is ICO?

ICO, short for Initial Coin Offering, is a revolutionary way of crowdfunding. It is centered around cryptocurrencies which have become a source of capital for startups nowadays.

How Does It Work?

In order to get a legal tender, or Bitcoin or Ethereum, a quantity of crowdfunded cryptocurrency is sold to investors in the form of tokens. The tokens are promoted as future functional units of currency if the funding goal is reached and the project is launched.

A Brief History of ICO

As we mentioned earlier, it all started in 2013 with the first reported ICO conducted by Mastercoin. In the same year, Btxchange.io reports that Ethereum raised 3,700 BTC/$2.3 million in the first 12 hours with a token sale, and in 2015 Karmacoin held an ICO for its Karmashers project.

The following stats will help you realize how big ICO actually is. In 2016, 54 major ICOs raised almost $103 million, and in the following year 92 major ICOs raised $1.25 billion, which is an enormous jump from the previous year.

The following list contains the advantages of ICOs.

  • ICOs are open to the public.

  • People can help shape the future of the crypto ecosystem.

  • Token can be bought at a low price.

There are several disadvantages as well.

  • Investing in ICOs may be risky.

  • The majority of ICO investors are enthusiasts.

  • ICO is no regulated by any rules or registered.

These are just some of the interesting facts about ICO roundups. To find out more about the newest trend in funding, please take a look at the infographic which follows.

URL: https://btxchange.io/ico-roundups-infographic/


The Blockchain Is Booming

Fintechs have been getting a lot of attention lately, and it is hardly surprising since they offer us new and innovative products that make life so much easier. The Fintech that has probably made the biggest splash in the last decade is definitely blockchain. It is what makes it possible to spend your Bitcoin.

But, that is only a very tiny application of the technology. In the real world, we need to access information faster and more securely. We want to verify manufacturer’s claims about where they source their items. We want better ways to track information.

Blockchain can be extremely helpful in this arena as well. Imagine being able to access a worldwide database that contained details of the credentials of every person who had attended schools that subscribed to some particular service. The folks over at BitFortune.net explain how all this can be done and more, with the right application of blockchain tech.

We are not talking here about user created details, but data that would be added by the institutions themselves. There are already people working on this to make it possible.

Why would it be important? It would allow prospective employers, learning institutions, etc. to confirm that the educational details that an applicant is claiming to have are legitimate.

The same idea could be applied across various industries. How about for tracking parcels, for example? Or tracking whole shipments?

The blockchain technology is about a lot more than simple cryptocurrency applications. Sure, it works well as a base for financial transactions, but there is a lot more to it than that.

For starters, the chain is incorruptible – you could not erase data even if you wanted to – there would always be a record.

Secondly, it is autonomously operated by the members of the network. If, for example, the government of China wanted to shut Bitcoin down, that would not be possible because the chain is free of any single entity control.

Unlike most things online, blockchain makes it possible to create instant trust between two parties – whether that is in exchanging money or data


FinTech Policy Roundtable on eKYC norms

India FinTech Forum organised a FinTech Policy Roundtable on Regulations related to Aadhaar e-KYC API access and the impact of policy uncertainty on fintech firms. This meeting was held on 24th April, 2018 at Rise Mumbai. The topic was introduced by Mr. Jitendra Gupta, MD, PayU and event was moderated by Mr. Vivek Belgavi, Partner, Financial Services – FinTech and Technology Consulting Leader, PwC. It was attended by 60 participants including CXOs of various fintech firms. Final set of recommendations shall be shared with UIDAI.

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Fintech Policy Roundtable on eKYC norms

Recently, several fintech firms have faced problems with the Aadhar e-KYC APIs. The changes in regulations around access to Aadhar APIs creates uncertainty for fintech firms.

India FinTech Forum is organising a Fintech Policy Roundtable to discuss the following:

Regulations related to Aadhar e-KYC API access and the impact of policy uncertainty on fintech firms, especially when mobile wallet companies, digital credit and investment apps are significantly dependent on this facility.

This Fintech Policy Roundtable would focus on the regulatory steps that are needed to provide a stable environment for innovation using India Stack, especially focusing on the Aadhar APIs. A summary of the discussion will be shared with CEO, UIDAI. 

4:00 pm – 4:10 pm: Brief introduction of India FinTech Forum and Rise Mumbai
4:10 pm – 4:20 pm: Introduction of the topic and its impact – Mr. Jitendra Gupta, MD at PayU
4:20 pm – 5:20 pm: Open discussion to hear the views of all participants moderated by Mr. Vivek Belgavi Partner, Financial Services – FinTech and Technology Consulting Leader, PwC
5:20 pm – 6:00 pm: Networking session

Date: 24th April, 2018 (Tuesday)

Time: 4:00pm to 5:30pm

Venue: Rise Mumbai, 19th floor – Tower B, Peninsula Business Park, Lower Parel, Mumbai

We have received a confirmation from the following guests:

Name  Company Designation 
Dewang Neralla Atom Technologies CEO
Kapil Modi The Carlyle Group Vice President
Naveen Kukreja Paisabazaar.com CEO & Co-founder
Ravi Garikipati Flipkart Head – Fintech
Sabyasachi Goswami Perfios Vice President, Head-Sales
Sameer Jaini The Digital Fifth CEO
Surjyasnata Sahoo Digibank India Vice President
Vijayaraghavan Narasimhan FundsIndia Vice President – Technologies
Vinod Keni Artha Venture Fund Partner
Vivek Belgavi PwC Financial Services Financial Services Technology Consulting Leader

This is a random list to show the mix of participants from banks, financial services firms and fintech startups. This is not an exhaustive list as 50+ people have shown interest till now.


Please be available at 4:00 pm on 24th April, 2018 (Tuesday) to attend this Fintech Policy Roundtable. 

We look forward to your participation.




Fintech Policy Roundtable on Open API Policy in India

Under the Digital India initiative, the government has mandated an open API policy for five key programmes – Aadhaar, e-KYC (know your customer), e-Sign (a mechanism for digitally signing documents that is legally accepted), proposed privacy-protected data sharing, and the Unified Payments Interface or UPI. The emerging solutions could further the cause of financial inclusion and reduce complexities in transactions.

India FinTech Forum organised a Fintech Policy Roundtable as a part of Fintegrate Zone 2018 to discuss – What should be India’s Open API Policy to encourage fintech innovation on 1st March, 2018. This Fintech Policy Roundtable focused on the legal aspects and regulatory steps that are needed to promote open API policy in India.

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The Incredible Growth of Fintech

Believe it or not, Fintech is not something new. If you look at the definition of Fintech, it is where technology has been applied to financial services. By that definition, the first modern version of Fintech was back in 1918 when the Fedwire was developed by the U.S. Federal Reserve Bank.

The Fedwire Funds Service made the world’s first wire transfer possible and ushered in the Fintech age. It wasn’t until sixteen years later that the next advance – the cash machine – was made. It then took another sixteen years to develop the credit card.

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