With over 1,500 start-ups dotting the fintech landscape, India’s financial and banking sector has witnessed an astoundingly rapid transformation. Fintechs today are constantly exposed to the risk of money laundering, cyber security threats, data privacy loopholes, bad loans, and much more. Hence, from a regulatory and compliance standpoint, the prime focus has to undoubtedly be on risk management in the fintech industry. Regulators have to be certain that fintech firms are prioritising risk, and are taking actual measures to assess it, mitigate it, and make sure that risk management is a significant part of their self-governing mechanisms. Given the more rapid rate of fintech adoption, there is an immediate need for more robust national data security and privacy policies.

Source: The Hindu December 02, 2021 18:07 UTC