FinTech companies are accelerating at the pace of change and reshaping the financial services industry radically. Banks and financial institutions are realising the value addition in adopting and/or adapting various FinTech innovations. Such collaborations present a great opportunity for banks and financial institutions not only to increase revenues, but also to bring about innovation to benefit the customers.
In this context, the Institute organised a brainstorming meeting on July 06, 2017 to work out modalities for forming a FinTech Forum. Six Banks and 10 FinTech companies participated in the meeting. Dr. A. S. Ramasastri, Director, IDRBT; Prof G. Sivakumar, IIT, Bombay and Prof Madhavan Mukund, Chennai Mathematical Institute, presented their views on the formation of FinTech Forum to be coordinated by IDRBT.
Thereafter, the participants deliberated and decided that a FinTech Forum would be useful to bring innovative solutions from start-ups and small companies to banks and other financial institutions. The first meeting of the Forum would be held in three months time after reaching out to a larger group of stakeholders.