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Explained: Are fintech companies unmindful of Mint Road's message?

Fintechs' attitude towards governance has major implications

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Fintechs will soon realise that being privately held is very different from being publicly listed; issues such as related-party transactions will soon be taken up by financial sector regulators

Raghu Mohan
A survey by the Fintech Association for Consumer Empowerment (FACE) — in collaboration with the Center for Financial Inclusion — saw respondents according very low priority to governance risk. Defined as “weakness at the board level leading to poor oversight and control”, it was ranked 19th by non-lenders and 22nd by lenders.

This is surprising, given that it is at the top of Mint Road’s agenda.

Shaktikanta Das, while speaking at the Global Fintech Festival in Mumbai last September, said “we would expect the ecosystem to pay attention to governance, business conduct, regulatory compliance and risk-mitigation frameworks.” The Reserve Bank of India

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First Published: Jan 29 2023 | 5:38 PM IST

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