Regulation-first approach will drive success for fintechs: Paytm founder
A regulation-first approach will drive success for financial technology (fintech) companies in the country, and the sector would be a licence play in the future, said Vijay Shekhar Sharma, founder and CEO, Paytm. He said that it is the responsibility of entities in the financial services domain to ensure safety of users through measures involving customer education. “Regulation first is an obligation to achieve success as a fintech. It hinges on how (fintechs) play their role within the regulatory realm,” Sharma said. He was speaking at the PMS Bazaar Alternative Summit in Mumbai. His reiteration on regulatory focus comes nearly 10 months after the Reserve Bank of India (RBI) took action on One97 Communications (OCL) associate entity Paytm Payments Bank. OCL is a Noida-based firm that operates brand Paytm. “There is a conflict if a fintech has more fin (finance) or tech (technology). Fintechs are either licensed or non-lic...