Financial technology companies should set up self-regulatory organizations: Shaktikanta Das

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Companies can also set standards on issues such as mis-selling, promotion of ethical business practices and transparency in pricing. Speaking at the ‘Global Fintech Fest’ here, Das said good governance would be the key to sustainable and long-term success of any company, and especially financial technology companies.

Mumbai Reserve Bank of India (RBI) governor Shaktikanta Das has asked financial technology (Fintech) companies to set up self-regulatory organizations (SROs) at the earliest to ensure orderly growth of the industry. “Fintech companies need to develop industry best practices, privacy and data protection norms in line with the law of the land,” Das said on Wednesday.

He said companies can also set standards on issues like mis-selling, promoting ethical business practices and transparency in pricing. Speaking at the ‘Global Fintech Fest’ here, Das said good governance would be the key to sustainable and long-term success of any company, and especially financial technology companies. He said that the revenue of the fintech sector is expected to reach $200 billion by 2030.

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