INDUSTRY
Fintech SRO India Fintech Foundation to bridge regulatory gaps, boost innovation
- IBJ Bureau
- Apr 05, 2025
The second day of Startup Mahakumbh on Friday witnessed the launch of India Fintech Foundation (IFF), the proposed self-regulatory organisation (SRO) for the fintech industry. It is also known as the SRO-Fintech Development Foundation (SROFT-DF).
Present at the the launch event were Amitabh Kant, India’s G20 Sherpa; N S Viswanathan, the former deputy governor of the Reserve Bank of India and non-executive chairman of Axis Bank; and Sanjiv Singh, the joint secretary of DPIIT. Mr Kant formally unveiled the IFF logo, marking the official inauguration of the foundation. The proposed SRO aims to bridge the regulatory gap by enabling innovation, while ensuring responsible conduct and consumer protection.
The chief guests emphasised the need for inclusive fintech growth anchored in effective industry-led self-regulation. Mr Viswanathan will serve as chairman of the IFF board, guiding the long-term vision of the proposed SRO.
Mr Kant said: “Innovation is the lifeblood of fintech, and as we innovate, we must do so responsibly. The pivotal mechanism to foster ethical and responsible growth in fintech is the establishment of SROs. They play a crucial role in setting industry standards, and they enforce compliance and act as a bridge between regulators and fintech companies.”
The IFF will serve as the nodal body, catering to the entire fintech ecosystem, spanning digital payments, lending, wealthtech, insurtech, regtech, account aggregation, embedded finance and emerging areas such as DeFi, CBDC and Web3. It will focus on providing regulatory clarity, promoting best practices and fostering constructive dialogue between industry and policymakers.
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