Bipin Preet Singh is the co-founder and CEO of Indian payments app and digital wallet MobiKwik, which connects more than 140 million users to a network of 3.7 million merchants. Singh and his venture have weathered many ups and downs, including the fintech boom after India demonetized its currency in 2016, and the country’s “Lehman moment” in 2018.
This interview has been edited for clarity and brevity.
What is the biggest lesson you’ve learned from operating in the Indian fintech space for a decade and a half?
I believe that the “growth at all costs” approach is not sustainable. Businesses should prioritize long-term outcomes, compliance, and corporate governance for sustained success and avoid the distractions of short-term optimizations. Also, in an environment characterized by rapid technological shifts, regulatory changes, escalating customer expectations, and fierce competition, adaptability emerges as the linchpin for survival.
What are your go-to strategies to handle crises?
One thing that we practice at MobiKwik is to pace ourselves to avoid getting into crisis situations in the first place. This means doing things the right way, focusing on economics and sustainability as we grow to avoid the pitfalls of regulatory gray areas. However, despite our best efforts, crises may emerge. In such situations, clear and effective communication from leaders is crucial to navigate the path forward and prevent panic within the organization. The composure demonstrated by leaders sets the tone for the entire team.
What is the next big evolution in store for Indian fintech?
In India’s fintech landscape, hyper-personalization will emerge as a transformative force. With the country’s unmatched linguistic diversity, the adoption of regional languages will empower users previously impeded by language-related challenges. At MobiKwik, we aim to customize our offerings to regional nuances, thereby dismantling language barriers and ensuring effortless access to services in local languages.
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