Growing fast, fintech needs a way to keep watch on itself

Global banking generated $6.5 trn as revenue in 2022: Fintech had 5% of the same. But by 2028, fintech revenues are expected to grow three times faster

The Reserve Bank of India (RBI) last week released the Omnibus Framework to recognise Self-Regulatory Organisations (SROs) for regulated entities (REs). Many analysts and market players now expect the release of sector-specific guidelines for SRO-fintech (SRO-FT) soon. 

It is reasonable to expect RBI-recognised SRO-FT, around Q1 FY25. In the draft SRO-FT framework, issues like the number of SRO-FT and its membership (regulated, unregulated, or both) remain open.

The draft framework lays serious responsibilities on the SRO-FT in terms of its ability to promote compliance culture, innovation, capacity building and fostering a consensus-based approach among its members. SRO-FT will represent the