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With backing from the government and the Reserve Bank of India (RBI), the fintech companies in India can expand their global footprint said Dilip Asbe, MD and CEO of the National Payments Corporation of India (NPCI).
Also read: Decoding fintech and its jargons
“Creating an acquiring footprint, creating value-added services over that, I think it is very logical for fintechs in India. I would be really surprised if we lose that game. With the clear thinking of the government and RBI, Indian fintechs will go global, as simple as that,” he said at Razorpay’s annual event in Bengaluru.
He noted that Indian fintech companies must spearhead the task of elucidating the country’s payment standards to the global market before exporting them.
He also noted the need for investment, saying that payment startups are well-funded. He acknowledged the dilemma faced by fintechs regarding balancing focus between domestic and global markets, given India’s substantial market size.
Asbe issued a caution to fintech founders regarding regulatory compliance, advising them to refrain from developing products that regulators have not explicitly authorised.
He emphasised that if a particular activity or product has not been explicitly approved, the default stance should be to abstain from pursuing it.
“Whatever is not written in regulation means a no…When we are part of managing other people’s money, we should be responsible. Compliance is good and risks become higher with size, if fintech founders are here to build long-term, I don’t see it without compliance,” said Asbe.
Also read: Editorial. Paytm Bank fiasco raises fintech regulation concerns
NPCI has also been pushing the lever on international expansion of UPI payments. The domestic service is currently live in countries including the United Arab Emirates (UAE) and Mauritius.
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