Globally, there is a disruption in the financial sector due to the emergence of FinTech companies. The industry is changing in the way it functions. Hence, it is important to understand the changing landscape in the Indian context. The key players identified in the landscape are regulators, traditional banks, and FinTech companies. The objective of the study is to understand in Indian con-text1) Role of key players in the changing landscape and 2) Influence of FinTech companies on the ecosystem. This study observes that there will be an emergence of the multi-dimensional relationship among the participants in the ecosystem and the scope of regulation will widen. This paper also observes that FinTech has a positive influence on meeting Sustainable Development Goals and the challenges of regulation considering this larger goal will vary based on the risk involved in business models and products, with technology playing a pivotal role.
The decade of the United Nations Guiding Principles on Business and Human Rights (UNGPs) coincides with India’s National Voluntary Guidelines on businesses’ social, environmental, and economic responsibilities (NVGs) and the National Guidelines on Responsible Business Conduct (NGRBC) – an updated version of the NVGs. Human rights are one of the core principles in both guidelines and they draw upon the ‘Protect–Respect–Remedy’ framework of the UNGPs. The NVGs and NGRBC go beyond the UNGPs by requiring organizations not only to respect human rights, but also to promote them in their spheres of influence. Several factors, however, derailed the implementation of this progressive policy shift. This article explores the challenges in implementation and calls for the multiple actors involved to work together and shape a collaborative action plan for effective implementation of the NGRBC in the next decade. The authors reiterate the need for alternative lenses to frame the responsible business agenda within developing countries through positive obligations.
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