Banks have no option but to partner with fintech, says K V Kamath

National Bank for Financing Infrastructure and Development (NaBFID) Chairman K V Kamath on Thursday said banks had no option but to collaborate and digitise with fintech companies.

Kamath said fintechs had immense potential to both disrupt existing systems and engage in collaborative efforts. “They stand poised to expand their presence not only in India but also on a global scale,” he said at the Global Fintech Fest.

“Banks have no option… The ability of the people in this fintech event to disrupt and collaborate is enormous. Digitisation of existing players can prove to be a disrupter,” said Kamath, who is also the chairman of Jio Financial Services, an arm of Mukesh Ambani-led Reliance Industries.

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