Fintechs have evolved greatly since the term first became popular at the turn of this decade. Initially, fintechs and financial institutions were pitted against each other with many proclaiming how new fintech innovation and digitally tech-savvy entrants were on the verge of disrupting the marketplace and putting banks and other financial institutions out of business. Seema Prem, Co Founder & CEO of FIA Global, India’s leading banking and financial services provider believes that regulators must ensure that fintechs fully comply with the established rules and regulations without stifling innovation. This can be attained through the “regulatory sandbox” approach, which has been tried in many countries where a fintech can experiment with pilot programs in cooperation with a regulator in a controlled environment.
