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India Fintech Foundation (IFF), a newly proposed self-regulatory organisation for the financial technology (fintech) sector (SRO-FT), was announced at the Startup Mahakumbh in Delhi.
Sai Sudha Chandrasekaran, previously the head of foreign direct investment (Asia-Pacific) at Invest India under the Ministry of Commerce, has been appointed as the chief executive officer of IFF.
“If innovation is not responsible, it can result in accidents. Therefore, it’s important that whatever innovation is taking place becomes responsible, and SROs play a very important role in that,” said N S Viswanathan, chairman, IFF.
The organisation’s current board includes founders across fintechs such as Lendingkart, Jupiter, Fi Money, OneCard, and members from regulatory bodies and banks.
The IFF has 100 members at present.
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“Innovation is the lifeblood of any fintech, and as we innovate, we must do so responsibly. The pivotal mechanism to foster ethical and responsible growth in fintechs is the establishment of self-regulatory organisations,” said Amitabh Kant, India’s G20 Sherpa.
An SRO is a non-government organisation that acts as a bridge between industry players and the regulator, and sets standards for the conduct of entities operating in the country.
The announcement of a new proposed SRO-FT comes at a time when the Reserve Bank of India (RBI) has recognised another body, the Fintech Association for Consumer Empowerment (FACE), as SRO-FT for the growing sector.
The Digital Lenders Association of India (DLAI), another deemed SRO-FT representing fintech companies, is in the process of rebranding itself as the Unified Fintech Forum, Business Standard reported last month.
India has about 10,244 fintech entities, data from the finance ministry shows.
Funding in India’s fintech sector contracted for a third consecutive year in 2024, with the sector raising $1.9 billion, according to data from market intelligence platform Tracxn. This marks a 32 per cent decline from the $2.8 billion raised in 2023. The number of funding rounds also hit an eight-year low, with 228 rounds in 2024 compared to 324 in 2023. The sector peaked in 2021, raising $8.3 billion across 665 rounds.
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