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Fintech agenda 2023

YourStory spoke with sector experts to understand what fintechs, particularly in the lending space, could expect in 2023 from a regulatory point of view.

Fintech agenda 2023

Saturday December 24, 2022 , 5 min Read

Flipkart and digital payments unicorn PhonePe, which is preparing for its IPO, are going their separate ways. The move makes PhonePe a fully India-domiciled company.

Meanwhile, API Holdings Ltd, the parent company of Pharmeasy, reported a net loss of Rs 3,992 crore for FY22 against Rs 641 crore in FY21. 

The online pharmacy, which recently withdrew its IPO plans due to "market conditions and strategic considerations", witnessed a bigger loss for FY22 as its employee benefit expenses surged more than 5X during the year. 

ICYMI: This holiday season, look at the most unique Christmas tree—on a beard!

And as you unwind this weekend, check out the top celebrity outfits of 2022

Lastly, from moon landings and private space travel to a visit to Jupiter’s moons–check out the lineup of space events for 2023. 

In today’s newsletter, we will talk about 

  • RBI’s fintech agenda for 2023
  • Nagaland: For travellers, not tourists
  • A show of promise with faster adoption

Here’s your trivia for today: When was the first Christmas card printed?


RBI’s fintech agenda for 2023

RBI Finance

Fintech startups came in for a hard realisation this year—always anticipate regulatory conflict. With the Reserve Bank of India (RBI) undertaking a closer oversight of the sector this year and issuing guidelines that changed the course of several startups, particularly for digital lenders, it’s become imperative to stay within boundaries yet to be drawn.

YourStory spoke with sector experts to understand what fintechs, particularly in the lending space, could expect in 2023 from a regulatory point of view.

Key takeaways: 

  • While startups offering ‘buy now, pay later’ products were among the most affected, the wider impact of RBI’s increased oversight of the fintech sector is expected to play out in the coming year. 
  • Digital lending will remain a focus, but industry stakeholders are also anticipating the rollout of credit via UPI and more nonbanks to be allowed to issue credit cards. 
  • Industry stakeholders are awaiting more clarity on the much-hyped ‘new umbrella entities’, which had Tata Group, Reliance’s Jio Platforms, Facebook, Google, Flipkart, Amazon, leading banks, and other large companies forming consortiums seeking NUE licences.


Nagaland: For travellers, not tourists


Nagaland had always been a distant and remote land—a place of mystery that remained elusive to the ‘north Indian,’ and one that even novelist Easterine Kire’s writing couldn’t unravel. 

It is a land of folk tales and superstition, a collection of hills mired in decades-long conflict, a place fragmented between warring tribes.

Land of the brave:

  • The Hornbill festival is a window into Nagaland. While the outsider may find the warrior helmets, the pointed spears, and the beautiful beads adorned by Naga women “exotic”, it is a show—a beautiful and well-organised one, though—that offers just a glimpse into the Naga way of life.
  • Unlike elsewhere in the mountainous parts of India, where most villages are nestled in valleys or near streams, Naga hamlets sit atop hills. This way, the tribes have a bird’s eye view of their territory and can’t be easily conquered.
  • The best way to explore Nagaland is when you visit it as a traveller—eat the food they eat, stay at their beautiful homes, live their culture, and leave all preconceived notions behind.

Climate change

A show of promise with faster adoption


At the COP26 climate change conference last year, Prime Minister Narendra Modi pledged that India will attain the net-zero emissions target by 2070. 

While the country has committed to lowering its climate burden, the climate tech industry is still at a nascent stage, growing rapidly. 

To the rescue:

  • Home to 2,260 climate tech companies, India currently has the world's third-largest ecosystem of companies tackling climate change after the United States (7,561) and the United Kingdom (2,503). 
  • Sumeet Singh of Climate Angels says that while venture capital activity has slowed down for most sectors, climate tech startups are “signing deals at a record pace.” 
  • This year, the government launched Mission LiFE, establishing a regulatory carbon trading market in India. It has also taken direct action such as converting public buses to EVs, making streetlights solar-powered, and offering special discounts on the purchase of private EVs.

News & updates

  • Law of data: Facebook parent Meta has agreed to pay $725 million to settle a class action lawsuit that claimed the social media giant gave third parties access to user data without their consent. The class action lawsuit was prompted in 2018 after Facebook disclosed that the information of 87 million users was improperly shared with Cambridge Analytica.
  • Out shopping: Michael Bloomberg, the billionaire businessman and media mogul, is interested in acquiring either Wall Street Journal parent company Dow Jones or The Washington Post, a source familiar with his thinking told Axios.
  • Waiting game: FTX founder Sam Bankman-Fried will be released on $250 million bail, a US federal judge ruled, while he awaits trial for eight federal criminal charges related to alleged fraud at his collapsed crypto empire. He would also be required to wear an electronic monitoring bracelet, submit to mental health counselling, and restrict travel. 

When was the first Christmas card printed?

Answer: The first mass-produced Christmas card was printed and on sale in the UK in 1843.

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