Mumbai– In an exclusive interview, Akash, a prominent fintech expert and speaker at the FinTech Festival, shared his thoughts on the current state of financial technology innovation, the role of regulatory technology (RegTech), and potential collaborations between Nepal and India in the fintech sector.

Akash commended the banking and finance media channels in Nepal, highlighting the growing thrust towards fintech innovation in the country. He emphasized that India’s fintech ecosystem, showcased at the festival, has attracted various stakeholders, including regulators, banks, investors, and unicorn founders, creating a platform to discuss global fintech advancements.

Reflecting on his role leading fintech and startups at the Reserve Bank Innovation Hub, Akash explained their initiatives aimed at accelerating innovation in financial services. The team identifies problem statements in the banking ecosystem and develops solutions through hackathons and acceleration programs. The objective is to foster faster partnerships between fintechs and banks, ensuring that innovative solutions reach underserved areas.

When asked about RegTech, Akash noted the growing global interest in regulatory technology, with countries like the UK leading the charge. He discussed how AI is being integrated into regulatory systems to help compliance officers navigate regulations more efficiently, with AI-powered solutions even assisting in tasks like identifying lending limits.

A particularly exciting project, Mule Hunter, was also discussed. This initiative detects mule accounts used in fraudulent transactions, disrupting the chain of fraud in real-time.

Looking towards collaboration, Akash emphasized the potential for cross-border fintech partnerships between India and Nepal. He cited India’s success with initiatives like UPI and encouraged similar collaborations to benefit both nations.

In closing, Akash touched on the role of incubators in supporting fintech startups, stressing the importance of nurturing early-stage ideas to overcome regulatory challenges and access long-term investment.