THE FINTECH FORUM

Background and Introduction

The Financial services industry is one of the most active areas where innovation and disruption is happening at the moment. Financial solutions, directly deployed or indirectly, are the infrastructure that enable the economics behind all new age technology solutions that are being used by almost everyone in their day to day lives.
The range of solutions needed to service all these direct and indirect needs are very vast and diverse. Added to that, the new age companies have moved the customer expectations many notches up for every product or service for a customer. Both these conditions created a fertile ground for innovation and disruption in financial services space primarily led by newer startups called Fintech companies.
However, quickly enough everyone realized that Fintech innovations and disruptions will not achieve their true potential until they are positively assimilated within the Financial Services fabric of an economy. This will need deeper engagement between the structured incumbent Financial Services institutions and companies (like Banks, exchanges etc.) and also with the respective regulatory and government agencies.
There was also a need to create a forum for mutual deliberations within this fraternity of Financial Ecosystem stakeholders comprising of the Financial Institutions, Regulators, Government Bodies and Fintech companies. It was in everyone’s best interests to understand everyone’s concerns and focus on gaps that exist and how to fill them most efficiently.
This is the role that The Fintech Forum would play.  

drag and drop web creator

Approach

Core tenets of the approach that TFF shall follow

Participative(PPP)
The forum is being setup as a participative and engaging platform to find solutions even when its multiple stakeholders may have diverse concerns of their own. TFF adopts a kind of Public Private Partnership approach when it comes to engaging with regulators and government, trying to bring them as participants to the deliberations towards finding workable solutions.

Mobirise
Mobirise

Federated(SIG) 
Fintech has also evolved and created classes and sub-classes of its own, with very diverse challenges that they face respectively. Some of the examples of the same can be P2P Lending, Payments processors, Regtech (regulatory and compliance solutions), Equity Platforms, Alternate Exchanges etc. All of them have fairly diverse challenges and may need different focus and engagements. TFF recognizes them as Special Interest Groups (SIG) and would allow their stakeholders their own space, recognition and representation alongside common activities.

General Objectives

Core tenets of the approach that TFF shall follow

  • Address challenges faced by FinTech industry and players
  • Enhance collaboration and reduce friction between the Financial Ecosystem stakeholders
  • Engage with Government and Regulators to resolve the challenges faced by the industry
  • Investor/Consumer awareness and protection
  • Foster healthy co-operative and collaborative environment
  • Create standards, guidelines and ethics for the benefit of the FinTech industry
  • Promote development as well as deployment of Innovation, Research and Intellectual Property 
  • Engage with international FinTech ecosystem
  • Anything else that will be required for the betterment of Financial ecosystem stakeholders

Key Immediate Agendas 

The forum would goto market and open up its memberships with 3 key agendas

  1. Regulatory Sandbox - Regulatory Sandbox is a term used to represent creation of a benign environment for Fintech innovation to be allowed a chance to get deployed and tested with full legitimacy and allows regulators to study the same making relevant changes to existing structures and issuing guidelines as needed as the Fintech gains traction.                                                                                                                                                                         TFF shall pursue creation of a composite regulatory Sandbox environment which has general consent of all regulators and government bodies such as the Fintech companies can build, deploy and test their solutions without the worry of the ambiguity around its interpretation by the regulators. This is expected to relieve some amount of stress even from the regulators and therefore will be a win-win solution, something that many countries like the UK (FCA), Singapore (MAS), Australia (ASIC), Sweden etc have already implemented.  
  2. Beta Testing Network - B2B business development is a daunting and long drawn task for smaller Fintech players. Also, the usual vendor selection process of Banks, institutions and corporations may not be appropriate for looking at joining hands with innovative Fintech companies. A business lead generated and a paying customer may be comparable to providing funding to these companies.                                                                                                                                                                                                                   TFF shall setup a Beta testing network with Financial Institutions and other companies that may agree to become early customers/users of the various solutions that some of the Fintech companies may be building. The network shall be immediately setup with the following groups of potential Beta Customers –  1. Banks 2. Exchanges 3. NBFCs and Other Financial Market Solutions 4. Brokerage Houses and Other Capital market Solutions 5. Corporate Customers: BCCI shall provide an immediate interface with its corporate members 
  3. Collaborative Frameworks - Lack of engagement and standardization in the market results in loss of efficiency and productivity. This hampers adoption of technologies and therefore impinges upon growth prospects of the Fintech players. The lack of collaboration and clarity hampers overall Financial Ecosystem growth.                                                                                                                                                                         TFF shall create many avenues and solutions for mutual collaboration amongst its member community. In the medium term it may result in integration standards, protocols and API’s etc. being made available to the Financial Ecosystem. However, in the immediate short term TFF shall setup a Use Case repository of all areas its (willing) member Banks are looking at solutions they may source. 

© Copyright 2017 The Fintech Forum - All Rights Reserved