MobiKwik Emphasizes Compliance Amid RBI Crackdown

Amidst the recent focus by the Reserve Bank of India (RBI) on ensuring compliance among regulated entities, MobiKwik, a prominent fintech firm, has highlighted the importance of adhering to regulations.

During a discussion moderated by Amol Dethe, Editor of ETBFSI.com, at The Economic Times Entrepreneur Summit, Bipin Preet Singh, Founder & CEO of MobiKwik, stressed the significance of understanding and complying with financial regulations. Singh emphasized that merely following regulations in letter isn’t enough; compliance should be in the spirit of the law.

MobiKwik, operational since 2009 and recently turning profitable, is gearing up for entry into the capital market. Singh acknowledged the complexity of financial regulations and emphasized the need for integrity and genuine commitment to compliance.

Singh also spoke about MobiKwik’s proactive approach to compliance. He mentioned reaching out to regulators for clarification when faced with confusion about regulatory measures, showcasing their dedication to staying compliant.

Furthermore, Singh discussed the evolving nature of the fintech industry’s regulatory landscape. He emphasized the need for fintech companies to maintain high compliance standards within their regulatory framework while adapting to industry changes over time.

Singh proposed the idea of Self-Regulatory Organizations (SROs) to address regulatory challenges. SROs, he explained, could help establish and enforce industry standards, especially considering the rapid growth and innovation in the fintech sector.

In conclusion, MobiKwik’s emphasis on compliance reflects the broader need for fintech companies to navigate regulatory complexities responsibly while striving for industry-wide standards and innovations.