Acceleration of fintech in India with the planning of AI regulation

Siddharth Mehta IL&FS former director and CIO of Bay Capital is a renowned investor, philanthropist, and financial investor. He is the founder of Bay Capital, an investment firm that has invested in the structural growth of India, on a long-term basis.

 

The acceleration of Fintech

 

SiddharthMehta bay capital often seems to express his views on fintech and digitalization. The boom and growth of fintech can be clearly seen in the recent time. Whether Paytm, GooglePay, Razorpay, or PhonePe, all the fintech companies seems to make tremendous progress in terms of growth and customer absorption. According to the reports, the average monthly transacting user of Paytm has gained a significant increase of 27%. This is also quite relatable in the cases of other fintech companies as well, however, there may be variation in the number. 

 

 

The planning of AI regulation

 

Today, the only buzz around us is ChatGPT, an advanced chatbot that gives results in generative form. It is also known as Generative Pre-trained Transformer. It is an advanced form of AI that tends in changing the traditional lifestyle of people. 

 

The government of India is planning to regulate a framework for AI. Mr. Ashwini Vaishnav, IT Minister, in his recent interview with a renowned media house, spoke on the regulatory framework of ChatGPT. According to him, these concerns such as Intellectual Property Rights (IPR), the bias of algorithms, and copyrights are emerging, so a regulatory framework is needed to address these concerns. 

 

As per the reports Europe and US have already moved in this direction addressing the said concerns. The growing trend of this generative AI is a global thing now and with the development of this technology, the concerns are also emerging with the light of customer data and privacy. 

 

Siddharth Mehta CIO of Bay Capital has expressed his views on the regulatory framework for ChatGPT. While speaking to a renowned media house he said, “Since this an emerging technology which is constantly developing with the input of the user, gaining access to the information provided, there should be some regulation which will keep a track of the information, not compromising with the data and keeping customer safety at the utmost level.” He also believes that the regulatory framework is quite positive, which will lead to legal mechanism of the data, rather than the manipulation. 

 

Siddharth Mehta IL&FS's former director believes that the traditional inbuilt mechanism of AI if replaced with ChatGPT will certainly change the scenario of the operational view of fintech, which will maximise the business growth and outcome. He also laid emphasis on the regulatory framework for ChatGPT, for a systematic and legal approach. 

 

Sam Altman, who is the CEO of ChatGPT, in his word, “As this tech advances, we understand that people are anxious about how it could change the way we live. We are too.” Which signifies his attention to the growth of this technology. 

 

As per the reports, the regulatory framework for ChatGPT in India will be based on the planning and strategies of other countries. It will be like conjugation to other countries regulations. In conclusion, we can say that for any technology a regulatory framework is needed, in order to regulate it in a fair manner abiding with legal things. India’s approach to the same can be appreciated which will enhance the positive harnessing of this technology.