Mumbai: The regulatory challenges faced by the global FinTech boom offers a real opportunity for India to establish itself as a centre for global finance, says a new report from ACCA (the Association of Chartered Certified Accountants).
The report, FinTech – transforming finance, finds that while FinTech’s impact on finance and banking is proving to be as revolutionary to the sector as the internet has been for other areas of the economy, the rapid growth of such firms in the face of traditional regulatory models could increasingly become a barrier to success.
Key highlights of the report:
• For professional accountants, helping companies manage the regulatory, tax and financial implications of the FinTech surge offers considerable opportunity
• FinTech start-ups span the spectrum of financial services, from lending and advice to foreign exchange and payments. One aspect that many of them share is strong growth
• FinTech is changing not only how banks operate, but also the way people invest Cryptocurrencies such as bitcoin presage deeper disruption
• Some commentators believe the banks are finished, while others see this as their chance to fight back
ACCA Head of International Development Md. Sajid Khan thinks that the growth of FinTech also relies on the guidance and insight of finance professionals, “While FinTech opens a range of possibilities for business, from new banks to streamlining payments and lending, and exploiting these opportunities will require adaptation from firms as well. We are already seeing a burgeoning ‘RegTech’ (Regulation Technology) sector which can use automation and data-analysis to provide intelligent, low-cost solutions to streamline this process. Understanding the intricacies of global best practices and adapting them for varying national contexts can set aspiring FinTech hubs on a course for success.”
On accountancy profession, Mr. Khan thinks that FinTech will particularly benefit professional accountants with a highly developed, globally-focused skill-set. The global competition in FinTech and RegTech has greater potential than just for Silicon Plateau’s technology centre in Bangalore. Whether it is reducing the costs of international trade for Indian businesses or making it easier for global companies to use India as a geographical hub, technology adoption will also necessitate transformations in tax compliance, audit and reporting processes.
He added, ‘This will in fact place greater emphasis on the importance of having forward-thinking professional accountants equipped with a strong digital understanding and strong knowledge of international working to guide firms through the opportunities and challenges ahead.’
Read full report here – http://www.accaglobal.com/uk/en/technical-activities/technical-resources-search/2016/september/fintech—transforming-finance.html
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