Fintech self-regulatory organisations should have broad representation: Amitabh Kant

Any self-regulatory organisation (SRO) for fintech firms must represent a broad range of fintech companies, India’s G20 sherpa, Amitabh Kant, said on Friday.

“India’s fintech sector is highly diverse, with various business models and regulatory requirements. There has to be safeguarding against conflict of interest,” he said during the launch of India Fintech Foundation (IFF), the proposed SRO, which is awaiting Reserve Bank of India (RBI) approval.

“The RBI’s guidelines ensure that no single entity holds more than 10% of the paid-up…