Leading BFSI and Fintech companies have collaborated to form the largest Fintech Group at IAMAI. The purpose of the group is to encourage collaboration, seek complementarities and build synergy between leading BFSI companies and the emerging Fintech start-ups.

The group comprises of 60 members from leading banks and technology start-ups including SBI, HDFC, ICICI Bank, IndusInd Bank, Kotak Mahindra Bank, BankBazaar, PolicyBazaar, i-Lend, Faircent, LendingKart, PNB Metlife, ClearTax, CoverFox, Scripbox, Indifi Technologies, Capital Float, Bill Desk, Itz Cash, PayPal, Chillr, Avenues India, MSwipe, among others. It is being chaired by Mr. Mrutyunjay Mahapatra, Dy. MD and CIO of State Bank of India and Co-Chaired by Mr. Adhil Shetty, CEO of Bank Bazaar.

Speaking about the group, Mrutyunjay Mahapatra, Dy. Managing Director & CIO – State Bank of India, said: “The mandate of the group is to reach out to the last person and bring him into the structure of the entire financial system and create trust and safety, by leveraging technology.”

This group represents the following segments - Credit, Payments, P2P Lending, Personal Finance and Technology. These segments have been carefully chosen to bring about that collaboration leading to trust and safety, which is the key to financial inclusiveness.

The group includes all the vital segments of the financial services in India and the vision of the group is to bring in safety and trust, which holds the key to bring in the last person to the financial structure, thereby ensuring inclusiveness.

On the need for such a group, Adhil Shetty, CEO – BankBazaar.com, said: "IAMAI Fintech Committee is a unique and important coming together of leading Financial Institutions, innovative FinTech Companies, Information Security Companies, and leading policy organisations. Thanks to IAMAI, all these organisations are collaborating to usher in secure digital financial services. The FinTech Committee will engage with all stakeholders on cashless and paperless financial services, information security and privacy standards, and create awareness of the benefits and security in paperless and cashless digital finance."

Commenting on the formation of the group, Dr Subho Ray, President, IAMAI, said: “Technology is moving fast and principle service providers such as banks and insurance companies need to work together to rapidly reach out and cover the last person and therefore bring efficiency in the system.”

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