The banking industry has always benefited from technology; without it, banks could never have expanded. For fintech payments, we require a PPL license. However, without Aadhaar and KYC, the Fintech ecosystem would not have been viable. Government-approved open APIs make it considerably easier and more accurate to retrieve journeys, expressed Mukesh Bubna, Chief Executive Officer, Monexo.
In addition, he added, “If I had to describe banking with a term, I would call it experimentation.” Partnering with a bank and fintech is a good experiment, whether it is conducted internally or externally. If it fails, it won’t be their problem; rather, it will be a problem for the brand, and if they learn something from it, they can probably make it more agile. He said, “Monexo is a peer-to-peer lending enterprise,” describing his business.
He stated: “As the banks are unable to use that money about 12,000 crores of our deposits into the banking system have gone to NBFC. Similar to this, NBFCs have received loans from debt mutual funds totaling between 6,000 and 7,000 crores. These are the two significant financial sources in India that we believed were allocated to debt mutual funds. We are attempting to disrupt these two ecosystems.”
Everyone is dependent on someone else’s API, which presents both an opportunity and a risk. Each organisation must evaluate the risk critically.
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