INTERNATIONAL Best Paper Presentation at CA Students Conference!!! | Fintech Revolution

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Link to my whole speech: https://docs.google.com/document/d/1l...

Let's connect: https://linktr.ee/ankushchirimar

My whole Speech:

Na biwi na bachha
Na baap bada na bhaiya
The whole point is that
Ki bhaiya sabse bada rupaiyaaaaaaa

Good morning everyone, I'm Ankush Chirimar, and my topic for the presentation is “Navigating the Indian Fintech Terrain: Balancing Challenges and Embracing Opportunities”


So ladies and gentlemen, please tie your seat belts because we are going to time travel to 7 years back, when we went to a Kirana Store with our mom, we were not interested in the products which our mom bought, but wished for a situation, where both, our mom and the shopkeeper didn’t have change, chutta!

Why?

So that, instead of change, the shopkeeper will offer us a toffee!
So, while our mom used to decide the products which she wanted to buy, we decided the toffees!

And, the real challenge back then was, when the shopkeeper had change and we had to convince our mom like “mummy chillar se aapka bag bhaari ho jaayega, isse achha toffee le lo na, please!”

Fast forward to today. Can you imagine, those toffee companies have reported a sharp decline in sales! Thanks to UPI! Want to pay 79 Rs for the groceries? Take out your superhero smartphone, enter the amount, and ta-da, the amount gets transferred from your bank to another person’s bank with “paytm par 79 rs prapt hue, Paytm Karo”
And the toffee? Oops! No change, so no toffee!

This is just one little example of how Fintech has revolutionized the Indian Markets changing the way most of the businesses work!

What is Fintech?

So, Let’s understand, what is Fintech?

While you all know, it is made up of two words, fintech, fin for Financial and tech for Technology.


So practically new technology that seeks to improve and automate the delivery and use of financial services is Fintech.

Segments

And this has 4 major segments:


Digital Lending: Lage ho kataar me Bank tak jaana h? ×2 kyu jhel rahe ho dukh itna ye toh Digital Lending ka zamana h!

Want to check your last transaction? or want a personal loan? just take out your superhero smartphone, enter your details and ta-da your task is done.

Companies like Incred and Lendingkart have brought about a massive revolution when it comes to lending.

Insurtech: It is a combination of insurance and Technology.
“Policy bazaar pe aap compare kar sakte h, bahut saare term life insurance, toh kahin aur kyu jaana?” Heard it? Yes, this segment includes fintech like Policy bazaar.

Wealthtech: Tell me one thing, as a CA Final student during articleship, what are your sources of income? Active income: 1 stipend no no, reimbursement 2 stipend, i know some of yours reimbursement income will be more than the stipend, while there are many principals and partners sitting over here so lets not go there. Passive income: The stock market, right? Then further comes the problem of fund management.
So this segment of wealthtech which combines technology and wealth management includes apps like Zerodha and Upstox.

Payments: The biggest fintech revolution in the world- The most important in terms of scale, funding and growth. Something all of us use on a daily basis, not even daily, but on hourly basis, and something without which life is difficult to imagine now- UPI- Unified Payment Interface- which includes everything from Paytm to GPay to phonepay and list continues…

With a volume of 11.2 B, UPI transactions reached a record 17.4 T in the single month of Nov 2023 as per RBI.

Too much stats and technicals, I understand, so let's talk in a layman's language/sense-
You may find it silly, but, i see, The growth of fintech in India is just like our CA Exams! How? it is fast-paced (our study leaves gets over in the blink of an eye), challenging (I guess, I don’t have to describe it), and unpredictable (yes, I’m talking about our results), btw they are coming very soon, including mine, so let's not even go there.

Enough of one way communication, now I need your support, Let me ask a very simple question to you, “Dont you think, in an industry of 100s of competitors, if just 3 companies enjoy 94% of the market share, they should be profitable right? But sadly, this is not the case with upi business and on the similar lines for other fintech companies. (Pie chart)

Challenges in Indian Fintech Landscape


Why? So There are 3 major challenges that I see-

Regulatory Obstacles:

Regulatory bodies such as RBI, SEBI, IDRA want fintech companies to follow strict guidelines to ensure financial stability and consumer protection. This is one front, where we often hear news and reports of repeated non-compliances and deficiencies. Need not mention our responsibilities as chartered accountants and auditors have increased manifolds.