Tatsat Chronicle Magazine

RegTech Conclave at GIFT City showcases innovative ideas by start-ups

March 24, 2023
Picture for representational purpose

Zone Startups India (ZSI) in partnership with GIFT City, India recently conducted their first RegTech Conclave, a premier, invite-only event at the iconic BSE (formerly Bombay Stock Exchange) Building in Mumbai. This Conclave was the culmination event of ZSI’s RegTech Accelerator 2022 (India’s First Accelerator Program focusing on regulatory and supervisory technology solutions for the BFSI industry).

The program was conducted with support of the Department of Science and Technology, Govt. of India, and under the guidance of Reserve Bank of India, and International Financial Services Centres Authority, India. The accelerator had BSE, India INX, YES Bank, BCT Digital, Qapita and Sprinto as program partners, while Deloitte was the knowledge partner.

The highlight was the speech by R. Gandhi (Former Deputy Governor-RBI), who said, “It is a great idea to have this kind of Regtech Conclave, first time in India. It is a need for all stakeholders – not just the Regtech companies but all stakeholders like the regulators and other regulated entities. I am sure all have been looking for some forum like this in which all of us can come together and share each other’s expectations. The Conclave is a first step. I wish it continues in the coming years as well.’’

The conclave had special addresses and a panel discussion with eminent panelists on how to foster collaboration between BFSI enterprises and fintechs/startups. The conclave had a closed-door roundtable discussion attended by chief compliance officers of BFSI organizations, a Regtech whitepaper presentation by Deloitte, launch of the Regtech report, and prize distribution for the winning startups of the cohort.

Hemant Gupta, MD-Zone Startups India, said, ‘’The ZSI RegTech Accelerator is the first accelerator program of India focused on regulatory and supervisory technology solutions for the BFSI industry. While India has one of the most mature and complex regulatory landscapes in the world, this is the first time that a structured program is being conducted to bring innovation into the RegTech space. I am hoping this will be the start of a movement for RegTech gaining attention and momentum.’’

The audience comprised representatives from the esteemed Indian banking and financial services regulators and the BFSI regtech domain as well as program partners, cohort members and innovation ecosystem participants. The second day had a series of workshops and training sessions held for the cohort.

The power-packed event had an impressive line-up of dignitaries from the BFSI industry. After the welcome address by Hemant Gupta (MD-Zone Startups India) and Sandip Shah (GM-GIFT City, Gandhinagar) there were the opening remarks by Joseph Joshy (CTO-IFSCA) and Suvendu Pati (CGM-Fintech Department, RBI). Citing the example of the regtech accelerator initiative the regulators stressed on the need for continued collaboration within the regtech and fintech ecosystem in order to build affordable solutions which can be deployed faster. Fintechs were welcomed to apply under the sandbox schemes of the regulators and were also spurred to scale their solutions beyond India.

Next in line were the pitches by the startups from the accelerator cohort, showcasing their critical and path-breaking regtech innovations, vying for cash prizes of ₹22 Lakhs. The jury comprised BFSI industry veterans and innovation leaders.