[TechSparks 2021] How India’s compliance-driven fintech sector is disrupting the global finance world

YourStory is back with its flagship startup-tech and leadership conference TechSparks 2021, to be held from October 25 - 30, 2021. Like the past 12 years, our mission for this year too is to create a meaningful impact for 1.3 billion Indians by enabling content, conversations, and connections that matter and empowering the next generation of entrepreneurs and changemakers from India.

With the theme ‘What’s next - rethinking the future’, TechSparks 2021 will dedicate itself to providing an enabling ground for the most path-breaking innovations and defining conversations on how technology can and will shape our lives post-pandemic. To this end, TechSparks 2021 will bring together a constellation of global leaders, technology startups, large enterprises, and thought leaders from the global innovation ecosystem.

In tune with this year’s theme, SAP brings together a panel of experts to discuss ‘what’s next’ in India’s fintech sector on the topic ‘Fintech forward: scaling to newer heights with compliance’. India’s fintech sector is one that is seeing massive activity, despite two waves of the COVID-19 pandemic. Digital payments, lendings and even insurtech firms saw a boost during the lockdown and the market witnessed a 40 percent rise in the number of digital transactions. So much so, 25.5 billion exchanges were made in India in 2020 — the highest in the world — as per Florida-headquartered ACI worldwide. Adding to this, a joint study by Boston Consulting Group (BCG) and FICCI uncovered that India’s fintech market could reach a valuation of $150-160 billion by 2025 due to the surge in demand.

While the foundation of the sector’s growth was laid in the preceding years, it was further accelerated with economic milestones such as demonetisation, Digital India initiative, and cashless economy movements. Today, the fintech market’s rising numbers are a reflection of India’s expert manpower, growing number of web users, government initiatives, lucrative ecosystem and dynamic startups in the market. Currently, India’s fintech industry has the most number of unicorns, and the sector is rapidly moving forward with over 2,100 fintech enterprises, most of which have been launched in the past five years.

The transformation of the sector is mainly due to the increased adoption of new-age technologies such as artificial intelligence (AI), machine learning (ML), data analytics, process automation, and Blockchain. It is through optimising these technologies that the industry is distinguishing patterns and risks, analysing the way ahead and helping customers manage their financial needs. From controlling their finances, fulfilling tax compliance, paying and accepting bills, to various other financial needs, the innovations in the sector are making most services convenient and quick. New businesses and financial institutions are adopting fintech for seamless operations.

Despite these achievements, the sector has always been strictly regulated. It is therefore essential for businesses in the field to know how to deal with challenges like data security, regulations, compliances to plan their success.

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What to expect

The discussion will see experts will deep-dive into the current fintech sector. Despite the pandemic, the sector thrived and also attracted maximum investments. Specialised software and algorithms play a critical role in helping fintech companies, customers and business owners manage their financial operations. Of late, the development and use of cryptocurrencies is also becoming increasingly popular. But ‘what’s next’ in this compliance-driven industry? What are the challenges and opportunities in the sector? The topic will discuss these at length.

If you’re a fintech professional or an entrepreneur, this session will help you understand the current industry better. The topic will also cover:

• What makes India have a thriving fintech sector
• The current technological advancements
• Understanding the current risks and regulations in the sector
• How SAP is helping businesses scale
• How businesses can scale up globally with compliance

Speaker lineup

The panel will include Ashish Singhal, Co-founder and CEO, CoinSwitch Kuber; Nitya Sharma, Co-founder and CEO, Simpl; Lizzie Chapman, Co-founder and CEO, ZestMoney; Adhil Shetty, CEO, BankBazaar; Karthik Prabhakar, Partner, Chiratae Ventures and Sanket Deodhar, Vice President - TATA Group & Unicorn business, SAP.

Catch this insightful discussion only at TechSparks 2021, India’s largest startup-tech conference, coming to your homes in an all-virtual experience from October 25 - 30, 2021. Click here to register.