Emerging Role of Fintech and RegTech Market and its Challenges and Opportunities in India

Abstract

New Digital Technologies have been playing a crucial role in transforming economy of India since 21st Century through inclusions across the globe. “Financial Inclusions” coined first time in the Central Bank’s annual policy statement by then RBI Governor Y. N. Reddy in the year 2005. Since then, government of India efforts toward promoting the Financial Inclusions, both the Centre and State Governments leveraged Financial Technology (Fintech), aided by concurrent growth in internet services as well as smartphones penetration. Present government’s demonetization step showed the way to ‘Cashless Economy’ that provided a boost as well in online monitory transactions. The Fintech, The Regulatory Technology (RegTech) come into force to regulate Monitory transactions, reporting, compliances, to enhance transparency as well as consistency and to standardize regulatory processes to provide high level of quality at low cost and thus benefiting the financial Industry.