NASSCOM organized a roundtable on leveraging regulatory and innovation sandboxes at the India Fintech Day, 2019 with an aim to bring representatives from the regulators and industry together to discuss the issues and challenges around leveraging regulatory and innovation sandboxes. The specific takeaways pertaining to sandboxes include, the need for better clarity of sandbox objective, regulatory certainty around the cost undertaken by Fintech companies or start-ups for innovation, clear definition of the goals and metrics for successful testing, address the privacy and security challenges, and the need for speedy approvals and elimination of consent layers so that the innovation can make it to the market quickly after successful testing.
Ashish Aggarwal, Senior Director and Head-Public Policy at NASSCOM moderated the roundtable. Around 15 attendees participated including regulators, corporates and start-ups.
|Praveen Kamat||AGM, Market Regulation Dept.||SEBI|
|Arif Khan||Chief Digital Officer||NPCI|
|Suniti Nanda||Chief Fintech Officer||Maharashtra Govt.|
|Sagar Saxena||Director – Solutions, Razorpay||Razorpay|
|Pratekk Agarwaal||Chief Business Officer||BharatPe|
|K.D.Singh||Vice President & Head – Global Strategic Initiatives||Nucleus Software|
|Vinayak Godse||Vice President||DSCI|
|Chandrakant Tiwari||President||Incubation Masters|
|Yogesh Khakre||Company Secretary, B-NeST Incubation Centre||Bhopal Smart City Development Corporation Ltd|
During the roundtable discussion, certain challenges were highlighted by the Fintech industry, which needs to be addressed at the earliest. These include, the need to promote innovation in non-payments space and securities market, conducting hackathons for solving real business problems, better clarity around KYC norms, lack of inter-regulatory discussions, absence of a centralized directory pertaining to the Fintech industry, need to develop APIs to enable better use of publicly available data sets and need to establish better industry feedback when regulators come out with a new policy.
Based on the suggestions made by the participants during the roundtable, we have prepared a policy document summarizing the key issues discussed and the solutions proposed for it. Please find the document attached with the blog.
In case you have any additional recommendations or suggestions pertaining to this issue, kindly write to us at email@example.com. We look forward to continuing our engagement through various NASSCOM initiatives and forums.