Key privacy focus: Razorpay CEO

Mumbai: According to Harshil Mathur, co-founder and CEO of Razorpay, fintechs need to prioritise customer safety, preserve ecosystem integrity, and foster innovation. Speaking at the startup Mahakumbh event on Tuesday, Mathur said that as fintech models develop and artificial intelligence (AI) in particular becomes more widely used, it is crucial to include privacy in the design process to guarantee that clients have ultimate control over their data.

“Despite the dynamic and emerging nature of the ecosystem, we have a progressive regulator in the RBI to work with, and it has helped steer the ecosystem from various seen and unseen pitfalls.” It helped establish the reliable financial system we have today by institutionalising checks and balances. Therefore, even if innovation is crucial, it’s also critical to consider customer safety and ecosystem integrity, according to Mathur.
Mathur’s remarks coincide with the RBI’s recent decision to halt Paytm Payments Bank (PPBL) activities because of ongoing “non-compliance.” According to TOI, the RBI took action after discovering thousands of suspected KYC breaches by PPBL. These findings raised questions about potential money laundering and the lender’s incapacity to maintain an arm’s-length connection with its parent. “Only if the public and institutions continue to trust the fintech ecosystem can it flourish. Losing it would be like reversing the ten years of development India has gained, according to Mathur.
By forming alliances with nations like France and the United Arab Emirates, the National Payments Corporation of India (NPCI) is working to expand UPI internationally. “By creating avenues for communication, cooperation, and idea sharing, the RBI and the government can help fintech companies grow globally as a step forward,” Mathur said, adding that he is still optimistic about the potential that India’s fintech ecosystem possesses.