As govt tightens regulations, fintech firms search for legal experts

With financial uncertainty looming and technology firms around the world feeling the heat, financial technology firms are working to strengthen their in-house legal teams as the government tightens regulations and compliance paraphernalia, The Economic Times (ET) reported.

Industry experts said fintech firms are looking for senior professionals adept at handling legal and compliance-related issues to support their operations.

Some of the legal experts who have recently made moves in the fintech startup space include Aravind Venugopal, who joined Acko as its first general counsel from Khaitan & Co. Rohan Bhandari joined CoinDcx as its head of compliance after he left Paytm, the report said.

Several other legal experts have switched jobs in recent times to support the startup fintech space, a testimony to the increased demand for talent in the compliance domain.

Vinal Vikamshi, director of corporate functions at Native, was quoted in the report as saying, "Fintechs across lending, payments, investments, trading, insurance, etc., have been actively seeking senior legal and compliance talent to manage the complex and evolving regulations."

There is a strong demand for professionals with experience working in law firms since they bring a diversified exposure to working across legal complexities. There is a momentum around public policy, litigation, regulatory affairs, and environmental, social, and governance (ESG) standards that is stimulating demand for full-time resources in these domains, experts said.

The launch of new products and the associated regulatory framework have resulted in a demand for legal experts who not only have knowledge of the law but are also comfortable working in a tech-savvy environment.

Fintech is a domain that requires a very specific set of skills, and so far, it has been limited to professionals from banking or those who have worked as finance lawyers, experts said.