NMIMS SIBM Empowers Dalhousie University Students with Invaluable Knowledge of the Indian Fintech Industry

New Delhi: Students from Dalhousie University, Canada gained valuable insights into the Indian fintech industry during their visit to NMIMS School of Business Management (SBM). The NMIMS SBM hosted a delegation from the Faculty of Management, Dalhousie University, Canada, on 10th May.

The delegation, led by Dr. Hamed Aghakhani and Dr. Binod Sundarajan from Dalhousie's Faculty of Management, visited India for a two-week study visit. NMIMS SBM and the Department of International Linkages facilitated this opportunity, allowing the participants to enhance their understanding of the Indian fintech industry, the Indian economy, and the intricacies of conducting business in India.

This experience provided them with a broader perspective on the rapidly globalizing Indian economy. During the morning session, two distinguished industry speakers, Mr. Achal Mittal, Co-founder of Luquiloans, and Mr. Satyam Manohar, Dabur-Business PnL Head – West and former VP Business at Paytm, shared their expertise.

Mr. Mittal focused on the utilization of technology to facilitate borrower-lender matching, resulting in lower borrowing costs and more lucrative investment prospects compared to traditional avenues. On the other hand, Mr. Manohar provided an overview of the fintech industry.

In the afternoon session, Dr. Chandrima Sikdar, Associate Dean and Professor at NMIMS SBM, took the lead. She shared valuable insights into the Indian economy, which is currently the second-fastest growing market in Asia. Dr. Sikdar emphasized the vast opportunities available for Canadian businesses in the Indian market, with its population of over one billion, highlighting its potential for profitability and diversity.

Prof Papiya, De Communications Area Chairperson, talked about India being a multilingual, multi-ethnic society, with notable cultural differences across the 28 states and how business is rooted in building long-term relationships. She spiced up her session by adding several examples and videos.

Dr. Hamed Aghakhani, Professor of Marketing at Rowe School of Business, expressed his gratitude for the opportunity and stated that during their visit, they were greatly impressed by the advancements made in India's fintech industry. He noted that India's payment infrastructure stood out as exemplary compared to the countries he had explored.

He mentioned that in Canada, credit and physical cards are predominantly used, and the QR code system is not as prevalent. It was mentioned that in Canada, vendors are currently required to pay 2-3% transaction fees to banks or service providers, resulting in a burden for both the vendors and ultimately the customers.

One notable aspect of the UPI infrastructure is its potential to simplify payment processing and make it more accessible to a broad range of vendors and clients. It was expressed that there is awareness of the advancements made in India, such as the UPI system, and there is an aspiration to implement a similar technology in order to enhance the financial systems in Canada.

As part of the Rowe School of Business' international experience course called "Doing Business in Emerging Markets," the delegation visited India. The primary objective of the course is to equip students with a comprehensive understanding of the conventional challenges and opportunities that Canadian businesses encounter when expanding into emerging markets.

These markets encompass regions such as Africa, Asia, Latin America, and Eastern and Central Europe. The delegation comprised 12 students enrolled in the Bachelor of Commerce, Bachelor of Management, and Corporate Residency Master of Business Administration (CRMBA) programs.

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