FCC will work with respective regulators to drive independent SROs in areas of lending or fintech in general
Harshvardhan Lunia: In the years to come, I believe that the FCC will play an even more critical role in promoting financial inclusion, driving responsible innovation, and fostering collaboration across the fintech ecosystem
FinTech BizNews Service
Mumbai, November 28, 2023: Mr. Harshvardhan Lunia, Founder & CEO, Lendingkart Technologies Private Limited, has been elected the new Chairman of the Fintech Convergence Council (FCC), which represents the fintech members of the Internet and Mobile Association of India (IAMAI). Mr. Jitendra Gupta, Founder, Jupiter, has been elected the new FCC Co-chair. The new leadership replaces Mr. Naveen Surya and Mr. Srinivas Jain respectively.
"I am thrilled to join the Fintech Convergence Council (FCC) as its new Chair. The FCC is a leading voice for the fintech industry, and I am committed to working with the Council's members to shape the future of finance. In the years to come, I believe that the FCC will play an even more critical role in promoting financial inclusion, driving responsible innovation, and fostering collaboration across the fintech ecosystem. Over the last ten years, I have been involved with developing fintech solutions and creating financial products for customers across India. I am positive that my experience will be useful while collaborating with leading lights of the industry. I am confident that together, we can make a real difference in the lives of people in India and around the world,” said Mr. Harshvardhan Lunia.
Mr. Jitendra Gupta said, “I am thankful to the industry for providing the opportunity to serve as Co-Chair of the Fintech Convergence Council. The FCC is a dynamic and forward-thinking organization, it has done great work in building credibility among regulators for its industry work. We will continue to progress on the FCC's work in the areas of digital lending, DFSP, Insurtech, investment, Regtech, and P2P lending. In the fast-paced evolving financial services landscape, it is important for industries to be together for the growth of the overall industry while respecting players who continue to do responsible innovation. We will work with respective regulators to drive independent SROs in areas of lending or fintech in general."
The Fintech Convergence Council, established in 2018, is as a vital advocate for the fintech sector. The council’s areas of focus include digital lending, P2P lending, insurance, investments, and Regtech within the financial ecosystem. It plays a pivotal role in facilitating collaboration and convergence among diverse stakeholders in the financial services landscape for inclusive growth of the sector, ensuring that technological advancements align with ethical principles, consumer protection, and regulatory frameworks.
FCC is actively collaborating with the ecosystem stakeholders to establish a self-regulatory mechanism specifically for the digital lending industry. It also emphasizes the importance of promoting global outreach and thought leadership to elevate India's position in the global fintech landscape. The council keenly supports consumer awareness initiatives.
Elections were also held to elect new chairs and co-chairs of the six committees, which function under the FCC. Following is the list of new chair and co-chair in each of the committees:
Committee | Chair | Co-chair |
Digital Lending | Mr. Harshvardhan Lunia, Founder & CEO, Lendingkart Technologies Pvt. Ltd. | Mr. Hemant Gala, CEO, PhonePe Credit Services Pvt. Ltd |
Investment | Mr. Prabhakar Tiwari, Chief Growth Officer, Angel One | Mr. Ujjwal Jain, CEO, PhonePe Wealth Broking Pvt. Ltd. |
Insurtech | Mr. Chiranth Patil, Co-Founder & Director, Riskcovry Insurtech Platform | Mr. Pranshu Diwan, Chief Business Officer- Insurance Paytm Insurance Broking Pvt. Ltd. |
Regtech | Mr. Ankit Ratan, CEO & Co-Founder, Signzy Technologies Pvt. Ltd. | Mr. Jay Dembani, Head of Products, Hyperverge |
Digital Financial Service Providers | Mr. Sujith Narayanan, Co-Founder & CEO, Fi Money (Epifi Technologies) | Mr. Jitendra Gupta, Founder, Jupiter |
P2P Lending | Mr. Achal Mittal CEO NDX P2P Pvt. Ltd. (Liquiloans) | Mr. Rajat Gandhi, Co-Founder & CEO, Faircent |
About Fintech Convergence Council (FCC)
Setup in 2018 as a fintech committee, Fintech Convergence Council was later converted into an independent council with an independent governing board, with over 70 members. The FCC Represents various players in the Fintech, banking, financial services, and technology space. The FCC works towards the penetration of financial services with the aim of financial inclusion and moving towards a digitally empowered country. It creates opportunities for collaboration and convergence among various players in the financial services domain.
About Internet and Mobile Association of India
Established in 2004, the Internet and Mobile Association of India (IAMAI) is a not-for-profit industry body and the country's only organization representing the digital services industry with over 500 Indian and multinational corporations as its members, which include established companies in diverse sectors of the digital ecosystem as well as start-ups. It is dedicated to presenting a unified voice of the businesses it represents to the government, investors, consumers, and other stakeholders. IAMAI represents varied sectors such as digital payments, fintech, digital commerce, digital advertising, digital entertainment, traveltech, online gaming, edtech, healthtech, agritech, big data, ML, AI & IoT, AR/ VR, logistics-tech, D2C, EV, VC, gift cards and so on.
