Indian financial technology (fintech) companies are set to expand globally with support from the government and the Reserve Bank of India (RBI), according to Dilip Asbe, MD and CEO of the National Payments Corporation of India (NPCI).
Speaking at Razorpay’s annual event in Bengaluru, Asbe emphasized the potential for Indian fintech firms to go global, driven by the clear vision of the government and RBI.
He highlighted the importance of Indian fintech companies leading the way in explaining the country’s payment standards to the world before exporting them globally. Asbe acknowledged the need for investments in this endeavor but noted that payment startups in India are well-funded.
Harshil Mathur, CEO and Co-Founder of Razorpay echoed Asbe’s sentiments, suggesting that Indian fintech companies should emulate the strategy adopted by technology firms from the US to establish dominance on the internet.
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NPCI’s Unified Payments Interface (UPI), a flagship instant payment system, is already operational in several countries beyond India, including Sri Lanka, Mauritius, the United Arab Emirates, and France.
Regarding compliance, Asbe cautioned fintech founders against venturing into products that haven’t received regulatory approval, emphasizing that if a product or service is not explicitly permitted, the answer is no. He advised fintech entrepreneurs to adhere strictly to regulatory guidelines to avoid potential pitfalls.