Siddharth Shetty
@imsiddshetty
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architect @India_Stack CTO @Sahamati | former Advisor, Digital Public Infrastructure @FinMinIndia
Bangalore, India
Joined April 2021
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This is the largest Open Finance rollout in the world (soon to reach 1+ billion accounts across banking, securities, taxation, pension, insurance), excited to see all the new financial products and experiences that are being built ⚡️
@sahamati
@FinMinIndia
@nsitharaman
Finance Minister instructs all the Public Sector Banks to onboard account aggregator system by end of July
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over the last year,
@NandanNilekani
@pramodkvarma
and I along with Agustin Carstens and the team at
@BIS_org
have been designing how we can truly bring financial services into the internet-age.
read more about it here:
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Protocols >>> Platforms, in India we’ve been building ecosystem-specific protocols on top of the base internet protocols. Loved how this is communicated
@rmnth
@FoundingF
@pramodkvarma
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proud moment that the
@sahamati
ecosystem has crossed over 100mn consents, reaching ~90mn people in India.
this is the fastest growing open finance ecosystem in the world, lots more to build!
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And it’s still early days! It was not too long back I’d walk into a meeting where not a single person believed Account Aggregator was possible and now we’re on track for the largest open finance rollout in the world across banking, taxation, securities, insurance, and beyond.
After a slow start, the Account Aggregator framework has really started to pick up in India. ~7x accounts linked currently than the start of the year. (~72k in Jan, ~520k now). WoW growth is also accelerating.
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powerful statement from Rajeev Jain of
@Bajaj_Finserv
on Account Aggregator opening new growth paths!
@sahamati
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I will be at the Singapore FinTech Festival, discussing along with central bankers & other policy-makers, the core building blocks that a cross-border ecosystem needs to have for a seamless flow of money and data
@sgfintechfest
@sahamati
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Started from 0, now we’re here! 1+ billion accounts enabled on India’s Account Aggregator ecosystem
@sahamati
@RBI
@FinMinIndia
@India_Stack
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“The RBI Account Aggregator framework allows customers to share information with their financial service providers while giving them significant control over their data”
@sahamati
@India_Stack
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does anyone know what this phenomenon is? just saw it on my flight before landing 🌈
no CGI involved!
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it was a pleasure interacting with
@VitalikButerin
and learning about
@ethereum
’s evolution and the new developments to address scalability and privacy
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It was a pleasure meeting with Hon. State Minister of Environment, Climate Change and Technology Mohamed Shareef & his team given his inspiring leadership in Maldives' digital transformation!
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Great meeting with
@Andreas_Schwab
, excited about the future of the internet built on common values that we share!
@pbmue
#EUVP
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🙏🏻
Siddharth Shetty, Co-Founder
@sahamati
is appointed as the Digital Public Infrastructure Advisor with Department of Economic Affairs, Ministry of Finance India. His work towards building a stronger DPI will pave the way for an inclusive and resilient global economy.
@imsiddshetty
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It was lovely meeting with you
@d_boeselager
& discussing the power of open standards to drive data empowerment!
#EUVP
@mj_ue
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“All of this is made possible by RBI’s Account Aggregator. It’s the first time ever in our country when citizens can have one of the most important number, that so much of our lives revolve around, under our fingertips and in our heads, always.” Phenomenal journey
@foldmoney_
! ♥️
📢 Just here to announce that we're dropping hundreds more invites this weekend.
While we wait for tomorrow, we took some time out to reminisce about our journey so far. Only a year ago, Fold was just an idea, and Indian banks sharing data was a
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@benedictevans
In 2016, India launched UPI. The protocol facilitates P2P, P2M, G2P, and many other types of programmable payments. Last month it crossed 6+ billion transactions acros 250+ Mn users. It’s a partnership between public infra (regulated banks/central bank) and private innovators.
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Just getting started!
- 4 AAs in 2021 to 14 AAs in June 2024
- 7 regulated entities in 2021 to 600 regulated entities in June 2024
- 8,000 linked accounts in 2021 to 77.26 million in June 2024
- 12,000 consents in 2021 to 88.63 million consents in June 2024
Sahamati Turns 5 Today! 🎉
#sahamati
#dataempowerment
#dataprotection
#accountaggregator
#digitalpublicinfrastructure
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it was so special to have
@NandanNilekani
,
@pramodkvarma
, and various members from the
@sahamati
ecosystem at the inaugration of our first office, broke some ground on that day! 🌲
As part of the inauguration, Mr.
@NandanNilekani
planted a sapling on our office premises, marking an important milestone in our journey.
This sapling embodies our dedication to strengthening the agency & autonomy of individuals over their financial well-being! As this plant
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such an adventure building the AA ecosystem alongside
@bgmahesh
climbing the mountain together has been special! 🏔️
Just before our keynote address at
#samvAAd2023
, a candid moment with my co-founder,
@imsiddshetty
#accountAggregator
#DPI
@sahamati
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By enabling the shift to Information Collateral, Account Aggregator will democratise lending to the millions of MSMEs in India!
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“Finternet: The financial system for the future” by
@BIS_org
Agustín Carstens &
@NandanNilekani
this is going to be the internet moment for finance
@pramodkvarma
✨
register for the event here:
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Parliament Panel recommends adoption of the Account Aggregator standards across all sectors!
@sahamati
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explaining India’s journey with Digital Public Infrastructure and how it could be leveraged by
@iledefrance
along with
@pramodkvarma
@SujithNairK
at the India Pavilion in VivaTech
@vpecresse
@JawedAshraf5
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great interactions today with a broad range of early adopters (ranging from architects to consultants) of the Account Aggregator ecosystem, thanks to
@INDmoneyApp
. Lots of learnings for
@sahamati
Exciting to feel the energy of these early adopters!
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Account Aggregator has a clear impact to your top-line and bottom-line for anyone operating in financial services in India
@sahamati
Happy to see
@Setu_API
and our Account Aggregator case study with Snapmint featured in the Indus Valley Report!
@atreya9629
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I spoke at the
@BIS_org
Innovation Summit 2023 recently on Digital Public Infrastructure and the various aspects of decentralization across digital identity, payments, and data sharing
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With the passage of the Digital Personal Data Protection (DPDP) Act, India is pioneering a new approach to data governance.
We've outlined how the objectives of the legislation can be realized at scale -
@GoI_MeitY
@sahamati
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5+ Million Consents, reflective of the robust ecosystem of ~400 companies that are laying the foundation for data empowerment in India
Kudos to the entire ecosystem for this momentous number!
Cannot wait to see the next wave of adoption of the AA framework.
Look for this and more such ecosystem updates on
#accountaggregator
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This realises the dream of data empowerment for all the investors in the country!
SEBI circular: AMCs, Depositories, & RTAs to Participate as Financial Information Providers (FIPs) in Account Aggregator framework
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or just have Account Aggregator enabled for all Visa applications, you won’t even have to go physically to a bank branch
@sahamati
When Applying for a VISA they ask for six months Bank statement which has 45 pages of Rs 18 bank transactions. 😂
Now with Paytm UPI Lite, you can club all such payments & that's not all - no payment failures, superfast speed. Try Now:
#PaytmseUPI
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I’ll be speaking at the Solana Hacker House this Friday about the Finternet, see you there!
@hackerhouses
@SuperteamIN
@shek_dev
It's Hacker House week!
Some agenda highlights:
- Opening fireside w/
@imsiddshetty
, India Stack 🇮🇳
- Stand-Up by Karunesh Talwar 🎤
- $6.5K in cash prizes for demo day 💰
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It was an honour having lunch with
@AminaJMohammed
and discussing how Digital Public Infrastructure could be leveraged in the context of SDGs 2030 and also our connection with Goa 🌊
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Spoke at the
@sgfintechfest
Roundtable by
@IFC_org
about the different categories of data (Personal, Non Personal, and Open Data) and how they must be managed differently + we also discussed potential ideas around building globally interoperable payment and data sharing rails
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Next step is it being a question on KBC! Super proud to see this ♥️
Have you watched it yet?
@SrBachchan
talks about how to share your financial data securely without risking data privacy! 📢
The latest "RBI Kehta Hai" campaign is focused on educating the public on best practices for sharing financial data and maintaining data privacy. 📚
In
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The ecosystem continues to grow from strength to strength guided by our Governing & Advisory Council!
Held our quarterly review meeting with our Governing Council, Advisory Council & all Account Aggregators on April 5 in Mumbai. Discussed a lot of important issues which will make it easier for customers to get access to better financial services
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Spoke at the Zinnov Confluence 2022 on New To India, New To The World:
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Spoke about the global relevance of India's DEPA at the
#DigitalIndiaWeek2022
. Technology that truly empowers every individual & small business is what we need across the world!
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@sahamati
, in association with
@NPCI_NPCI
, is organising SamvAAd 2023 on May 23rd to bring together the entire Account Aggregator community. Looking forward to all the amazing demos of Account Aggregator in action!
Register here:
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DPI is essential for economic growth &
@sahamati
will help accelerate access to financial services and enable many more innovators
8. A key development and observation over the last 15 years is India’s emergence as a digital welfare state, leveraging digital public infrastructure (DPI) to reach every person in the country and also how DPI has been a key driver for Indian startups.
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Impact of DPI
- Speed up economic growth by up to 33 percent - or the equivalent of two to three years of growth – by implementing DPI in the financial sector.
- Mitigate the equivalent of five gigatonnes of carbon dioxide by 2030, and accelerate emissions control efforts
Given the rapid pace of digitalization in countries, it is critical that rights-based and inclusive digital transformation is embedded across technology, governance and local digital ecosystems.
@benbertelsen
@UNDPDigital
@imsiddshetty
@sahamati
@UNDP
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I'll be speaking about asset tokenisation & data empowerment
@philblockchain
on September 20th, see you there!
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It was a pleasure speaking along with
@trojette
&
@Arthur_Brd
at VivaTech 2023 on Digital Public Infrastructure & the broader France-India alignment on how we view the future digital economy rooted in individual agency and empowerment!
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shared how Digital Public Infrastructure takes the best of the crypto primitives (decentralisation, protocols, interoperability, verifiability, programmability, policy as code) and applies it to real world problems
@philblockchain
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2+ billion financial accounts live on the AA ecosystem, this is massive! The largest open finance rollout ⚡️
It’s great to see the coverage pick up beyond banking.
2.11 Billion Financial Accounts with an Account Aggregator (AA) Facility! 🚀
Surpassing the 2 billion mark, over 60% of the country's 3.5 billion financial accounts are now integrated with the AA Network! Let us further dive into the trend:
☑️ We have doubled down on
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What's the real deal with data governance across the world? Siddharth Tiwari & Frank Packer
@BIS_org
, along with
@rahulmatthan
,
@sharads
, and I detailed out the current problems and possible tech/policy solutions in a recently published paper...
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It was a lovely conversation between Secretary Ajay Seth
@FinMinIndia
&
@KGeorgieva
- sharing the digital highways India has laid in multiple sectors and the global relevance of digital public infrastructure given the times.
Fascinating listening to Secretary Ajay Seth & his team about how
#India
is laying the digital highway to revolutionize access to finance & catalyze entrepreneurial spirits.
🇮🇳 is creating a bustling start-up culture that is becoming an inspiration for others.
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Great to see
@bankofthailand
publish the way forward for implementing data empowerment in Thailand!
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discussed the technological ideas underpinning the Finternet with Agustin Carstens of the
@BIS_org
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Great to see [In]:[Fra] 2.0 come alive with the focus on mapping, mobility, and beyond! Huge alignment between France & India on Digital Public Infrastructure and how it enables open, inclusive, accessible, and interoperable digital ecosystems
@HenriVerdier
@JawedAshraf5
🇫🇷🇮🇳
Leaders, tech experts, volunteers, and open-source pioneers from both countries came together to identify synergies and lay the foundation for the swift implementation of ideas emerging from shared values of
#interoperability
and
#opennetworks
.
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In the last few days, both the Quad and EU-India Trade & Technology Council strongly reinforce co-operation on Digital Public Infrastructure
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Spoke at the 3rd Global Partnership for Financial Inclusion
@g20org
@FinMinIndia
about India’s Digital Public Infrastructure journey from the lens of Governance - how we evolved from National Information Utilities like
@UIDAI
to more federated models like
@sahamati
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Are there any FIUs in the Account Aggregator ecosystem that are exploring GPT4 use-cases for democratising financial services? Please DM me
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I fully agree, hence the Finternet! Each of us should be able to build our own payment experiences
I wish I had a much simpler UPI app to use where I can control payment methods/limits/lock-unlock accounts/one time vs recurring payments etc. Is it just me? Or does anyone else feel the need for the same?
What are some of features you would want? (Not needs) 😀
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such an inspiring address by
@pramodkvarma
on how he designed systems that are now used by over a billion people
he talks about the importance of simplicity, minimalism, universality, supporting diversity, and leveraging all of society while building large-scale systems
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looking forward to this conversation with Agustin Carstens of the
@BIS_org
on the Finternet!
tune in to the livestream:
The internet revolutionised communication. The
#Finternet
could do the same for the financial system. Seamlessly interconnected financial ecosystems. Do not miss Agustín Carstens, Siddharth Shetty
@imsiddshetty
and Cecilia Skingsley at
#BISInnovationSummit
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🏒
It’s been over a year since the first Account Aggregator data fetch was serviced. Since then, the number of unique data fetches have been climbing steadily.
Now, we are at the cusp of a hockey-stick growth.
Hear us out.
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A phenomenon lineup of speakers and showcase of Account Aggregators in action! Definitely go and register
Counting down the days! India's most anticipated Account Aggregator event is just around the corner, and the excitement is building! Don't miss out on this incredible opportunity to gain insights from industry pioneers and network with like-minded professionals.
Have you
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GPT-4 doing exceedingly well at exams,
@Columbia
dropping test requirements!
helps me feel better about 17 year old me not taking exams beyond high school, clearly he knew something about the future 🤔 💭
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Policy Recommendations by the
@g20org
on how Digital Public Infrastructure (DPI) can enable Financial Inclusion & Productivity Gains across the world has been published:
Great to see consensus across the G20 on such an important topic!
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This bill will lay the foundation for a safe and trusted digital economy where all of us are in control of our data.
the bill complements clear principles (such as informed consent) with practical tools for individuals (such as consent managers)
The Digital Personal Data Protection Bill, 2023 was passed in Lok Sabha on Monday by a voice vote
@AshwiniVaishnaw
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here's the video of my talk at
@bankofthailand
's Digital Finance Conference 2023 on Digital Public Infrastructure:
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That’s not what I said 🫠 It was (for the societal problems ahead of us) “we need to build the table and invite others to take a seat”
"Let's not take a seat at the table but build the seat and take the table!" -
@imsiddshetty
, iSPIRT Foundation, in this
#KeynotePanel
, 'New To India, New To The World,' at
#ZinnovConfluence
.
#Live
#DefineTomorrow
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Huge step forward in democratising financial services
1.1 Billion accounts, including all major public and private bank accounts, are now live on India's
#AccountAggregator
. A Seminal moment for the world's largest
#OpenBanking
ecosystem! This will unleash India's next wave of
#financialinclusion
&
#fintech
innovation!
#openFinance
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it was spiritual meeting this juvenile king cobra last year in the Western Ghats 🌳 🐍
it’s brought up numerous questions for me about their behaviours, the interaction with humans, their brain/senses, etc.
Is anyone doing research on them actively in India?
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truly a special interaction with India's upcoming diplomats - sharing with them all our DPI learnings. we have an opportunity to lead the way for the rest of the world.
I spent half a day with 36 IFS Officer Trainees at
@EkStep_Org
along with the geniuses behind all of India’s DPI. Such a treat to get into the weeds of this uniquely Indian contribution with our future diplomats.
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“All over the world, billions of consumers and businesses are doing the same–giving away their data to be used by other agents for a slew of unintended purposes. I realize now that upfront consent gives away my data for good. But should I care?”
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This is a phenomenal milestone - proud to see how we’re consistently improving state and market capacity to drive better outcomes for all!
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DEPA provides the technological underpinning for the Digital Personal Data Protection Act
#B20SummitIndia
|
#TataSons
Chairman N Chandrasekaran speaks about how
#DEPA
is a “fantastic breakthrough” in the data privacy and protection space.
@b20
Read:
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1/ Today, Zipline unveiled our next generation delivery drone system, designed to provide the best home delivery service the planet has ever seen. It's so out-there that you probably won't believe your eyes... 🧵
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It was an honour to meet H.M. Queen Màxima! We discussed Account Aggregator, Financial Inclusion, and how do we co-operate globally to bring the dream of data empowerment to life for everyone.
#UNSGSA
Queen Máxima, who is the
#G20
#GPFI
Honorary Patron, will meet with
#India
’s leadership about the importance of
#financialinclusion
&
#digital
public infrastructure for the country's 2023 G20 Presidency.
@UNinIndia
@ShombiSharp
@NLinIndia
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Great speech by Agustin Carstens of the
@BIS_org
on the future monetary system!
“Exploiting these technological advances would allow us to build a financial system centred on the individual. This would enable a far-reaching democratisation of finance where each person has access
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children are born intelligent! education is lifelong and not a one-time activity. the current system destroys all creativity + intuition + confidence from the minds of children, force feeding theories and models that are incorrect and not relevant.
it was designed for the
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Looking forward to this panel along with
@dawnsongtweets
& Miguel Diaz Diaz
New technologies offer new ways of addressing the issues privacy & high onboarding costs for financial institutions complying w/
#KYC
regulations. Find out more at the
#BISInnovationSummit
with
@imsiddshetty
&
@dawnsongtweets
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thinking of life as coming from you instead of at you is truly something
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clearly we’re moving into a new era here, ability for one to convert ideas to action has just taken an exponential leap
Announcing GPT-4, a large multimodal model, with our best-ever results on capabilities and alignment:
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Building more roads or better drainage isn’t really going to solve for this, the fundamental model of urbanisation is flawed. We need to move away from cities!
I spent two weeks in Agumbe recently, it rains 24x7 there (one of the wettest places in India) and it didn’t flood 🌊
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Amazing! Great to see the adoption of Digital Public Infrastructure (DPI) across the Finance & Sherpa Tracks of
@g20org
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what we feel >> what we know >> what we say. wonder what alternate large scale networks could be built beyond the 280 char ones we have today 💭
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Congratulations
@sumitg
! Excited to see Fi taking the lead 🔥
Ah, finally, a useful innovation from the Fintech world! (Kidding! Don’t troll)
Good use of the account aggregator framework too.
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“I think, the interesting thing about account aggregator is that it is a practical manifestation of what the data protection law seeks to do. It will have your consent captured, a data controller who's liable for how the data is used, and secure movement of data.”
@adhilshetty
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Phenomenal news, will really take digital public goods to new heights! Congratulations
@gioasempre
⚡️
UNSG
@antonioguterres
today announced the appointment of Amandeep Singh Gill of India as his Envoy on Technology. The SG wishes to extend his appreciation & gratitude to ASG Ms. Maria-Francesca Spatolisano for her dedication & commitment as Acting Envoy.
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Credit as a Feature using AA will be extremely powerful!
Account Aggregator feels like a watershed moment in Indian FinTech, back in 2020, it was the reason we decided to start up, as we felt this could solve the data access problem for underwriting in Credit.
Seeing SBI,BOB & all major Banks in India finally on it is just emotional
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Thought Experiment: Fixing this will cost 14Bn USD. As a result, it’s left to politicians to decide. If the short and long term benefits of the lake can be easily quantified, can we shift decisioning from a political economy one to a market economy?
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⚡️
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@Sidddheart
@kamyachandra
@sharads
@madhabibuch
@FinMinIndia
@nsitharaman
@RBI
@NandanNilekani
@pramodkvarma
@sahamati
@Product_nation
You can use it right now!
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