Weeks after Google and Amazon announced their association in facilitating deposits as part of their payment systems, Reserve Bank of India deputy governor T Rabi Sankar stressed that the regulation of fintechs should be 'entity' based rather than 'activity' based, because of the involvement of Big Tech in the sector. According to the RBI, activity-based regulation means imposing a set of rules on all players offering a particular service while entity-based prudential regulations mean imposing a set of requirements on entities with specific licenses. Sankar said this while speaking at the Global FinTech Fest 2021, about how there is a need to adjust the nature of regulation of fintechs due to the diverse functions they performed. As fintech is transforming the financial landscape, the nature of regulation has to adjust. The sheer diversity in the functions performed by fintech firms,…
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