New Delhi, April 4, 2025— The second day of Startup Mahakumbh marked a pivotal moment for India’s fintech industry with the launch of the India Fintech Foundation, a new self-regulatory organization (SRO) aimed at fostering a sustainable and innovative fintech ecosystem. The launch event was graced by Amitabh Kant, G20 Sherpa and former CEO of NITI Aayog, and Shri NS Vishwanathan, former Deputy Governor of the Reserve Bank of India (RBI), underscoring the significance of this initiative for India’s financial future.
India’s fintech sector has seen remarkable growth, with revenues reaching $25 billion in 2023—a 56% increase from the previous year. Projections indicate that by 2030, the sector could boast 150 fintech unicorns with a combined valuation of $500 billion, driving revenues to an estimated $190 billion. In his keynote address, Amitabh Kant attributed this surge to India’s tech-savvy youth, access to capital, supportive government policies, and advancements in internet and mobile technology. “This growth is a testament to the innovative spirit of our entrepreneurs,” he said. However, he cautioned that innovation must be responsible, emphasizing the need to address cybersecurity risks and ensure inclusivity for vulnerable populations.
Kant highlighted the critical role of self-regulation in achieving India’s vision of Viksit Bharat @ 2047. “Self-regulation will be key to building a trustworthy and resilient financial ecosystem,” he noted, expressing confidence that the RBI would support multiple SROs to maintain high compliance standards while fueling fintech growth. Shri NS Vishwanathan echoed this sentiment, stressing that educating fintechs is a vital function of SROs. “They can be a game-changer for the industry,” he said, outlining their potential to enhance accountability and innovation.
The launch was followed by a panel discussion titled “Atmanirbhar Regulations – Creation of a Self-Regulatory Architecture for Financial Services in India” The panel featured Sai Sudha, CEO of SRO-Fintech Development Foundation; Mohit Mehra, Vice President of Payments & Primary Markets at Zerodha Broking Limited; Srikanth Rajagopalan, CEO of Perfios Account Aggregation Services; and Siddarth Pai, Founding Partner & CFO of 3one4 Capital. The discussion focused on the need for standardized compliance frameworks, with panelists advocating for SROs to simplify regulatory processes and transform compliance into a business enabler rather than a hurdle.
The India Fintech Foundation aims to establish a robust self-regulatory framework that ensures diverse representation, mitigates conflicts of interest, and builds trust in financial services. By striking a balance between innovation and accountability, the foundation is poised to play a transformative role in shaping India’s digital financial landscape, supporting the nation’s journey toward a thriving and inclusive fintech sector.
