Rajiv Krishnan, MD and CEO of Ma Foi Strategic Consultants, says regulations and compliance standards are increasing in this industry and so is oversight by regulators. As some players approach listing, the scrutiny is getting sharper. As markets and technology keep changing rapidly, boards are looking for members who have been part of this ecosystem and understand it well.
Early stage startups are also strengthening their regulatory and legal teams and following the letter of the law, says Pranshu Upadhyay, Regional Director, Head-India Technology Practice, Michael Page.
Skills that are required
Krishnan explains that the confluence of financial services and technology presents a unique challenge. Leaders in this industry need to be on top of their tech game whether it is cybersecurity, blockchain or artificial intelligence (AI). “Further, they need to grapple with innovation, rapid scale-up, building alliances and focus on sustained profitable growth. New frontiers are only hazily defined and this adds to the complexity,” he says.
Shantanu Rooj, Founder and CEO, TeamLease Edtech, says, "With the fintech sector at the forefront of technological innovation, there's a heightened demand for senior leaders and board members who are not just tech-savvy but can also navigate the complex regulatory landscape. This need is driven by fintech's unique position, where understanding both cutting-edge technology and intricate compliance standards is crucial for guiding companies towards sustainable growth amid rapid market evolution."
Rooj agrees that professionals with expertise in blockchain, AI and cybersecurity are highly sought after. The landscape also calls for strong interpersonal skills such as adaptability, strategic thinking and the ability to foster a culture of innovation and teamwork, he says. This blend ensures that fintech firms not only lead in technology but also excel in customer engagement and regulatory compliance.
Upadhyay sees a renewed focus from founders and more hiring opportunities at the middle level, with 6-7 years experience in the environment.
Boardroom changes
Krishnan says while diverse backgrounds are useful, candidates for board roles should ideally tick at least one of the following boxes: have succeeded at global roles, rapidly scaled up in sunrise sectors, innovated with customer-centric products or solutions. “Integrity, deep understanding of technology/consumer interfaces, respect for cadenced growth driven by high governance, cybersecurity and regulatory standards” are the need of the hour.
Somdutta Singh, Founder and CEO of Assiduus Global Inc, says the fintech boardroom is undergoing a serious makeover and they are seeing a surge in demand for directors with a blend of traditional finance expertise and cutting-edge tech know-how. “Fintech investments hit a record high in 2023, with VCs pouring in nearly $2 billion, although a decline compared to previous years, yet substantial. Boards need strong leadership to navigate this hyper-growth. From AI-powered wealth management to blockchain-based payments, technology is the engine driving fintech. Boards need directors who understand these innovations and their potential impact,” he says.
Learning and skilling
Rooj highlights the importance of upskilling and reskilling in this space. He says the fintech domain's swift advancement underscores the importance of continuous learning. With a majority of employers citing difficulty in finding talent with the right mix of technical and soft skills, the focus on upskilling and reskilling becomes paramount. As fintech companies embody a startup culture, professionals must also demonstrate a passion for the sector and an understanding of its impact, making it crucial for individuals to continually adapt and align their skills with the evolving demands of the industry.
