At the Singapore Fintech Festival 2023, Eric Anklesaria, Advisor Strategy at PSB Alliance Pvt. Ltd, shared his thoughts on the rapidly evolving fintech landscape and the innovative solutions being developed to address industry challenges. With his extensive experience in consulting and his current role at PSB Alliance, Anklesaria offered valuable insights into the future of fintech and the exciting developments taking place in India.

A Boom in Fintech

Anklesaria described the fintech scene in India as “booming,” with a growing number of players entering the market and innovative solutions being developed to address industry challenges. He highlighted the importance of collaboration and standardization, citing the example of the PSB Alliance, which was created by 12 public sector banks to share common IT and business processes.

A Paradigm Shift

Anklesaria emphasized the paradigm shift taking place in the fintech industry, with a focus on utility-based models and collaboration. He noted that the PSB Alliance was created as a for-profit organization, unlike NPCI, which was established as a nonprofit organization. This shift in approach has enabled the PSB Alliance to retain top talent and generate revenue through project execution.

Common Challenges, Common Solutions

Anklesaria highlighted the importance of addressing common challenges faced by banks, such as property auctions. He emphasized that it makes sense for banks to share common platforms and solutions, rather than developing indigenous projects. This approach enables banks to benefit from economies of scale and drives costs down.

Quick Fire Questions

In a rapid-fire question session, Anklesaria shared his preferences for various locations, including Singapore over London, Mumbai over Delhi, and Dubai over Riyadh. He also expressed his support for a utility-based model over a capital market model.

Conclusion

Eric Anklesaria’s insights offer a valuable perspective on the fintech industry, emphasizing the importance of collaboration, standardization, and innovative solutions. As the fintech landscape continues to evolve, his thoughts on the paradigm shift taking place in the industry serve as a reminder of the need for adaptability and forward thinking.