The Vibrant Start-up Culture in Telangana Fuels the Rise of Fintech
In a recent visit to Hyderabad, Lucia Martin, Executive Director of Relationships at the Association of Chartered Certified Accountants (ACCA), highlighted the increasing inclination of accounting aspirants in the city towards the dynamic field of fintech. This trend is bolstered by Telangana’s thriving start-up ecosystem, which provides a fertile ground for innovation and growth in the finance and technology sectors.
During an exclusive interview with Deccan Chronicle, Martin emphasized that India, and Hyderabad in particular, are fully embracing the convergence of finance and technology. She noted a noticeable surge in the number of entrepreneurs showing keen interest in fintech, with a significant portion being accountants themselves. According to Martin, accountants possess a unique understanding of the intricate aspects of this field, making them well-equipped to leverage its potential.
Supporting Martin’s perspective, Md Sajid Khan, Director of ACCA India, cited the broad scope of opportunities available within the accounting profession. Khan revealed that the demand for accountancy professionals is expanding across various domains such as finance, management, research, advisory, taxes, and analytics. Furthermore, the convenience of remote work has enabled professionals from Gen Z to tap into these opportunities, as businesses increasingly extend their reach beyond traditional boundaries.
Martin acknowledged the challenge of dispelling the misconception that accounting is a dull and monotonous profession. To address this, ACCA is actively focusing on attracting more individuals to consider accounting as a vibrant and rewarding career path. She shared ACCA’s approach, which involves promoting awareness about the exciting aspects of the profession, including the integration of innovative thinking, strategic planning, and artificial intelligence. ACCA is implementing diverse strategies such as upskilling initiatives, purposeful certificate courses, and concise yet impactful degrees to transform the perception of accounting.
Kush Ahuja, Associate Director of ACCA, elaborated on the multifaceted nature of accountancy, stressing that it transcends mere numbers. He highlighted how technology has accelerated the pace and accuracy of accounting tasks, emphasizing that the true value lies in accountants’ ability to interpret the data and make informed decisions. Ahuja underscored the importance of merging artificial intelligence with accounting practices to enhance efficiency and precision.
Additionally, Martin emphasized the core principle of ethics within ACCA’s approach to accountancy. She revealed that sustainability and contributing to a better planet are top priorities for the organization. ACCA’s ethical framework guides businesses in measuring and recommending the most responsible practices to maximize their operations while ensuring transparency.
As Hyderabad’s start-up culture continues to flourish, the fusion of finance and technology presents immense possibilities for accounting professionals. With ACCA leading the charge in promoting awareness, innovation, and ethical practices, the accounting landscape in Hyderabad is poised for remarkable growth and transformation in the years to come.
