Payment gateway and neo-banking platform Razorpay has roped in former RBI deputy governor NS Vishwanathan and former State Bank of India managing director Arijit Basu to lead its newly-formed advisory board.
The founding independent members of the board also include retired civil servants -- Aruna Sundararajan, former Secretary, Ministries of Steel, IT, and Telecom, GoI (Member) and KP Krishnan, former Secretary, Ministry of Skill Development and Entrepreneurship (Member).
The board has been set up to assist the fintech unicorn develop long-term strategies, anticipating challenges and suggesting mitigation measures, especially in the context of regulatory and compliance processes, Razorpay said in a statement.
Razorpay is one of the leading fintech companies operating in India, serving over 10 million businesses across India.
"As part of Razorpay's constant endeavour to enhance customer experience, the newly formed advisory board is founded with the singular vision of establishing the highest standards in customer experience, corporate governance and risk and compliance in the Indian fintech industry, for others to follow," it said.
The council will also help contribute to the development of Razorpay's payment infrastructure and help engage with key institutions and stakeholders.
All the members of the Advisory Board will periodically convene to review, analyse and provide recommendations and directions on both strategic and tactical levels.
The key subject areas for the Advisory Board will be accelerating product innovation around customer experience and customer safety; building the best-in-class practices for regulatory and compliance management processes; working with various stakeholders to enhance risk monitoring and cybercrime prevention; and building new processes around digital information security that will help shape the future of fintech ecosystem.
Commenting on the development, Harshil Mathur, CEO and co-founder at Razorpay said, "India's fintech ecosystem is at a crucial juncture in its evolution. With India serving as a benchmark for several nations today, it is pertinent that companies like ours are future-ready and agile to adapt to the ever-changing fintech environment".
"Now, in our next phase of growth as India's leading end-to-end money movement platform for businesses, we have a strong intent to put in place further systems to uphold the highest standards of customer experience and governance."
The advisory board will assist Razorpay in developing long-term strategies, anticipating challenges and suggesting mitigation measures.
On joining the board as a chairperson, Vishwanathan said, "In light of India's rapidly evolving financial sector, it is crucial to foster collaboration with innovative fintech companies to drive progress and deliver superior yet compliant services to businesses and consumers".
