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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FinTech Policy Roundtable on India’s Open API Policy to encourage fintech innovation

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 is organising 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 would focus on the legal aspects and regulatory steps that are needed to promote open API policy in India.


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Fintech Policy Roundtable on SEBI’s Investment Advisers Regulation

India FinTech Forum had recently organised a Fintech Policy Roundtable at ISME ACE in Mumbai on 22nd January, 2018. The objective of this roundtable was to discuss the latest consultation paper from SEBI on “Amendments/ Clarifications to the SEBI (Investment Advisers) Regulations, 2013“. The event was moderated by Mr. Sachin Seth, Partner – Financial Services Advisory | Digital, Fintech & Innovation Leader at EY and was attended by 65 participants including CXOs of various robo-advisory and financial services firms. EY collated the points discussed during the Fintech Policy Roundtable and these points were shared with SEBI.

The investment space is expected to see significant disruptions with robo-advisors, algorithmic trading etc. Also interesting technology developments like Aadhar-based eKYC, UPI, eNACH will change the way the wealth management services are offered. Hence, it is important to make sure that the correct regulatory framework is in place to foster innovative solutions using the latest technologies.

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Agenda for Fintech Policy Roundtable on 22nd January 2018

4:00 pm – 4:10 pm: Brief introduction of India FinTech Forum and ISME ACE by Mr. Aparajit Bhandarkar, CAO, ISME ACE
4:10 pm – 4:20 pm: Introduction of the topic and its impact – Mr. Sachin Seth, Partner – Financial Services Advisory | Digital, Fintech & Innovation Leader at EY
4:20 pm – 5:20 pm: Open discussion to hear the views of all participants
5:20 pm – 6:00 pm: Networking session

We have received confirmation from the following guests:
Vinod Keni, Partner at Artha Venture Fund
Anand Lunia, Co-Founder and Partner at India Quotient
Bhavik Vasa, Chief Growth Officer at ItzCash
Gaurav Suri, Sr EVP and Head Marketing at UTI MF
Hitesh Sachdev, Head- Start-up Engagement, Innovation & Investments at ICICI Bank
Nisarg Gandhi, Co-founder and CEO at Wealthtrust
Nitin Agrawal, Co Founder at ORO Wealth
Prasanna Lohar, Head of Technology at DCB Bank
Satyen Kothari, Founder and CEO at Cube‎
Sougata Basu, Founder at CashRich
Anu Tiwari, Partner at AZB Partners
Anuradha Ramachandran, Director, Investments at Omidyar Network

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


Inviting comments on SEBI’s Consultation paper for Investment Advisors

In the last few months SEBI has come up with important regulatory initiatives for the mutual fund industry such as:
  • Categorization and rationalization of mutual fund schemes
  • Adoption of total return index (TRI) to benchmark schemes
  • Separation of investment advisory and mutual fund distribution
Recently SEBI has issued a consultation paper on proposed Amendments to the SEBI (Investment Advisers) Regulations, 2013. This news article provides further details.
India FinTech Forum is organising a Fintech Policy Roundtable to discuss the consultation paper on 22nd January, 2018.
Date: 22nd January, 2018
Time: 4pm to 6pm
Venue: ISME ACE, 3rd floor, One Indiabulls Centre, Lower Parel, Mumbai
Some of the proposed changes may positively or negatively affect fintech startups. It is important to communicate the feedback/ concerns of the fintech sector to SEBI so that these regulatory changes encourage innovation in the wealth management space.
We would love to hear from you and hope to see you at 4pm on 22nd January, 2018 (Monday).

Mutual funds ‘Sahi Hai’ — if you bridge the advice gap

Investors must do their own research while also sounding out professional advisors

Shortlisted Startups – IFTA 2017

India FinTech Awards 2017: List of Shortlisted Fintech Startups Announced – The India FinTech Awards (IFTA) is a platform to celebrate and recognise the best innovations from fintech companies globally. IFTA offers fintech firms a platform to showcase their products to a curated audience comprising investors, bankers, entrepreneurs, media and corporate leaders.

At IFTA 2017, the shortlisted fintech startups shall showcase their latest products (no slides, only live demo). The evaluation framework and the judging process shall be managed by E&Y and LTP. Eminent judges who are industry leaders shall be part of the panel of judges. The winning startup will be on stage at Paris Fintech Forum in January, 2018.  IFTA 2017 will see startups from 7 countries competing for this prestigious award.

The fintech startups shortlisted to demo their product at India FinTech Awards 2017 are:

Demo session 1:

  1. Niki.ai, India
  2. Capita World, India
  3. Onfido, United Kingdom
  4. GuardSquare, Belgium
  5. FixNix Infosec Technologies, United States

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Humaniq Global Challenge

Humaniq is a simple and secure mobile app, delivering financial inclusion solutions to the 2.5 billion unbanked and 1 billion underbanked population. Its cryptocurrency token HMQ is the core of Humaniq’s cutting-edge banking. Humaniq is supported by more than 10,000 investors, the UN, and the startup accelerator at Barclay’s, the oldest bank in London.

Humaniq Global Challenge

The Challenge aims to identify startups which will maximize Humaniq’s humanitarian potential, and who will become effective business partners on its infrastructure. We invite entrepreneurs, blockchain projects developers, programmers, marketing specialists, and economists to enter the competition in teams or individually.

On September 1, Humaniq opens an international competition of blockchain projects to improve the lives of the world’s unbanked people by integrating them into the global financial system. Winners will refine their ideas on an all-expenses paid trip to Kenya, and then launch their company on an ICO sponsored by Humaniq.

How do I participate?

To participate, apply with your startup idea or a presentation of your finished project at www.humaniqchallenge.com.

 Competition rules and expedition details can be found at www.humaniqchallenge.com.

Contact the organizers at challenge@humaniq.com.

More information about the Humaniq project at humaniq.com.

Important Dates:

September 1: Competition opens for submission of Application

September 30 (23:59 GMT): Last day to submit applications.

October 3: Semi-finalists announced

October 20: 3 winners announced

October 28 to November 4: Expedition to Kenya