Emerging Role of Fintech and RegTech Market and its Challenges and Opportunities in India
Dr. K. Suryanarayana
Associate Professor in Commerce, Babu Jagjivan Ram Government Degree College, Narayanaguda, Hyderabad, Telangana State-500029
Zaker Ul Oman
Assistant Professor in Commerce, Avinash College of Commerce, Himayathnagar, Hyderabad-500029
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http://doi.org/10.37648/ijtbm.v13i04.001
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 Banks 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 governments 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.
Keywords: Fintech and RegTech; InsureTech; Fintech Services; Emerging trends in Fintech (payments, FP, Savings & Investments, Lending and Insurance); Challenges in Fintech adoption in India; Sandbox
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