Lunia and Gupta Lead the Fintech Convergence Council
Harshvardhan Lunia, Co-founder and CEO of Lendingkart, and Jitendra Gupta, Founder and CEO of Jupiter, have assumed new leadership positions as Chairman and Co-Chair of the Fintech Convergence Council (FCC) under the Internet and Mobile Association of India (IAMAI). This change follows an election and marks their succession from Naveen Surya and Srinivas Jain. Formed in 2018, the FCC advocates for the fintech sector, focusing on digital lending, P2P lending, insurance, investments, and regtech. Operating within IAMAI, it represents members and promotes collaboration and alignment among various stakeholders in the financial services industry through self-regulatory measures.
Harshvardhan Lunia, a chartered accountant and graduate of the Indian School of Business, brings more than a decade of experience, beginning his career at prominent private sector and multinational banks like HDFC Bank and Standard Chartered Bank. Showing enthusiasm for his new position, Lunia remarked, “I'm excited to join the Fintech Convergence Council (FCC) as its new Chair. The FCC plays a key role in the fintech sector, and I am dedicated to collaborating with the Council’s members to shape the future of finance. I believe my background will be valuable in working alongside industry leaders”.
Jitendra Gupta, with over 16 years of experience and a founding portfolio that includes Jupiter, Lazypay, and Citrus Pay, has also held roles as MD of PayU and Chief Manager of Investment Banking at ICICI Bank. Grateful for the opportunity, Gupta said, “I appreciate the industry's trust in appointing me as Co-Chair of the Fintech Convergence Council. We aim to further the FCC's initiatives in digital lending, DFSP, Insurtech, investment, Regtech, and P2P lending. Collaborating with regulators, we aim to establish independent SROs in lending or fintech spheres”.
Alongside these appointments, the FCC introduced new chairs and co-chairs for its six other committees, covering various areas such as digital lending and investment. These developments carry significance amid recent regulatory actions by the Reserve Bank of India, impacting the fintech industry. The RBI’s decision to increase the risk weight for unsecured consumer credit exposure is anticipated to affect the cost of capital for fintech companies. The evolving fintech landscape in India, characterized by a surge in startups and the digitization of financial services, highlights the importance of leadership roles within industry associations like the FCC.
