SEBI Chair Madhabi Puri Buch champions standardisation to drive fintech innovation
In a great speech at the Global Fintech Fest, Chair Madhabi Puri Buch of the Securities and Exchange Board of India (SEBI) highlighted the transformative impact of standardisation (and XBRL) in the financial sector. She advocated for these measures as critical tools to lower overall costs and reduce the barriers to innovation for fintech companies.
Buch argued that standardisation across financial markets is a key lever for driving down costs and fostering a more inclusive and competitive environment. By standardising data formats, APIs, and reporting frameworks, SEBI aims to reduce the complexity and cost of compliance, making it easier for fintech firms to innovate and compete. When there is consistency in the way data and APIs are structured across platforms, fintech companies can integrate with multiple systems without incurring high costs, paving the way for greater innovation and efficiency.
She also stressed the importance of XBRL in promoting financial transparency and reducing compliance costs. Buch highlighted that by converting much of SEBI’s financial reporting to XBRL, they have automated and streamlined compliance, making it less of a burden and more of a seamless part of business operations. This not only reduces costs but also enhances the accuracy and reliability of the data reported.
Buch’s remarks highlight SEBI’s commitment to fostering India’s dynamic and innovative financial ecosystem. By focusing on standardisation and leveraging XBRL, SEBI aims to make compliance straightforward and reduce the cost barriers for fintechs, enabling them to focus on innovation and growth – as Buch suggests, ‘compliance should simply be a low hum in the background’, freeing up enterprise for innovation.
Watch the speech (the first 15 minutes or so of eight hours of Global Fintech Fest) here.
