The experts highlighted that the primary challenge faced by FinTech companies is the multitude of standards they must comply with. The sheer number of standards often leads to duplication, resource-intensive compliance efforts, decreased productivity, and efficiency. Additionally, complying with multiple standards can also create security challenges, leaving companies vulnerable to risks.
To tackle this pressing issue, the conference emphasized the need for a unified approach towards compliance. By adopting a centralized window for compliance, FinTech companies can streamline their compliance efforts and reduce the associated challenges. This approach can significantly enhance the overall security posture of the Indian FinTech ecosystem.
In his opening session, Ayush Choudhury, the CoFounder/CEO of Scrut Automation, shared insights into their journey of working with various companies, including startups and well-established ones. They found that more than 30% of their customers were from the FinTech and financial services industries. This led them to investigate the reasons behind this trend and speak to their customers.
Their findings revealed that the FinTech and BFSI industries are subject to stricter regulatory requirements than many other industries. Notably, the Indian financial services ecosystem has witnessed a remarkable transformation, with both legacy traditional companies and newer FinTech companies embracing digitization as a mode of distribution. In response, the government has been investing in infrastructure to democratize access to technology.
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