While speaking at the Global Fintech Fest 2023, Amar Patnaik, Member of Rajya Sabha, said the Parliament Standing Committee will present the next paper on cyber security.
He believed cyber security is a big challenge, and India, is doing better compared to the world, percentage-wise, and seen that the gross amounts of fraud are less, but we need to minimise them.
Fraud worth Rs 600 cr happened in the banking sector during last year, he highlighted.
Considering our digital and financial literacy, we can’t have a system directly importing the GDPR principles, he said.
Even though the new data and privacy law adds compliance cost upfront to the applications, but it has brought in trust to the consumers, he said.
Importantly, he highlighted that you cannot have one size fits all strategy, can’t have same set of regulations for both big and small players.
India has one of the highest fintech adoption rates in the world. Key pillars for this growth are the tech progress, and innovation. He highlighted that the crux of entire innovation ecosystem is data.
Future of fintechs would be Artificial Intelligence, Blockchain, Cloud Computing, Internet of Things, open source, SaaS, no code development platform, etc, he said.
The Rajya Sabha member also raised the topic of ‘composit license’ in india.
“RBI, SEBI, IRDAI, PFRDA, etc are the sectoral regulators, we don’t have any unified tech regulator. Why don’t we issue a composite license in India. Why do we have to have separate life, general insurance license. A farmer has to take load separately for life insurance, crop insurance, general insurance, etc imagine the load,” he highlighted.
“Regulations seem to be directed more to the payment fintechs. The distribution reflects the kind of regulations you need to have – whether you’ll have one size fits all regulations, or separate ones or you’ll have to give it to the SROs,” he said.
Talking about the data, he said data at a meta level should be available to all whether at big level or small. “There shouldn’t be barriers to data entry for small players in the ecosystem and if it happens the startup ecosystem won’t progress,” he highlighted.
Also Read: Full coverage of the Global Fintech Fest 2023
