IAMAI launches Fintech Convergence Council

This is meant to drive the next phase of growth in the sector

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The Indian Fintech sector, valued at around $50 billion, is currently one of the fastest growing sectors in the country. It has witnessed a CAGR of around 22 percent.

It stands well diversified with companies pertaining to payments, insurance, lending and investment among others. However, in spite of the rapid headway, the sector still continues to be highly under penetrated. While this a major challenge, it also presents industry players with a huge opportunity to unlock the untapped market potential.

To further spur the growth and facilitate synergy within the fintech industry in India, the Internet & Mobile Association of India (IAMAI), announced the launch of its newly formed Fintech Convergence Council (FCC).

The launch was well attended by dignitaries like Mrs. VR Iyer, Ex- Member of investment and finance, IRDA, G Padmanabhan, non-executive Chairman, Bank of India, AP Hota, Ex-MD and CEO, NPCI, Mohan Tanksale, Ex-Chairman, Indian Banks Association, Dilip Asbe, MD and CEO, NPCI, Vijay Chugh, Ex- Chief General Manager, RBI along with more than 70 stalwarts from the BFSI and fintech sectors.

At the helm of affairs would be Naveen Surya as Chairman (non-executive) and Yashish Dahiya as the Vice-Chairman (non-executive). Earlier, in his capacity as the Chairman of Payments Council of India, Naveen has successfully spearheaded the digital payments movement in the country.

An industry veteran, he has also been a key member in several government committees such as GIRO committee and Ratan Watal Committee among others. Yashish Dahiya, Founder and CEO of PolicyBazaar, is also an active participant in India’s fintech growth story.

IAMAI’s Fintech Convergence Council will identify opportunities for better collaboration and convergence between the larger Financial Services Institutions across banking, payments, insurance, and investment with its eco-system and Fintech companies. Convergence aims to find solutions to motivate customers use their digital money seamlessly across digital and physical, in any type of transaction.

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