Details of the Organization
Setu empowers businesses to reimagine financial products for the next billion users. They build low-cost, modular API infrastructure so that businesses can go live with a fintech product or service in a matter of days, not months.
They firmly believe that the only way to make financial products accessible to millions is to remove the red tape involved and switch to a completely digital infrastructure that can handle these small-ticket, high-volume transactions.
Details of the Job/Internship
Setu is hiring Legal Manager with the experience of 2 to 8 years to join their office in Bengaluru. As part of the legal team at Setu, your primary responsibility will be to fulfill this promise to our developers.
This means crafting our relationships with asset partners in a way that reduces paperwork for developers, allocates risk fairly between the parties, and involves Setu doing as much as possible of the heavy lifting for its developers.
All of this needs to be achieved while also making their developer platform self-serve and extremely user friendly, which will require using the latest legal-tech tools.
Role and Responsibilities
- Crafting and modifying our contract templates, to make them as simple as possible while also protecting everyone's interests.
- Supporting the business and operations teams in negotiating and closing out contracts within tight timelines, and ensuring that the execution of contracts is effectively tracked to support the assessment of the company's performance metrics
- Regulatory review of new products and features to ensure that they are compliant with law and policy, and supporting the product and business teams on questions of regulatory compliance that arise in the normal course of business. You will also have to support our business team in understanding permissible use cases for each product in line with regulatory guidelines, and ensuring that customers are appropriately vetted before onboarding.
- Understanding the regulatory frameworks created by the RBI and other financial sector regulators, NPCI circulars, and operating guidelines. In particular, a deep understanding of existing payments frameworks will be key, in addition to emerging platforms such as ONDC and OCEN.
- Understanding the regulatory framework around Account Aggregators, to handle regulatory reporting and compliance for Setu's associate entity, which is a licensed Account Aggregator. This will also require familiarising yourself with laws affecting a regulated entity, including but not limited to anti-money laundering laws, and KYC guidelines, and ensuring that you keep track of returns and declarations to be filed with the regulator.
- Advising product, engineering, design, and other internal teams on new product and feature development to ensure Setu's products protect end-user interests, address policy considerations, and are compliant with applicable regulations by design.
- Ensuring that we comply with both the letter and spirit of data protection laws and setting up a contractual framework that ensures that our partners do the same. To this end, a working knowledge of India's data protection framework and keeping track of new developments with respect to the Digital Personal Data Protection Act, 2023, will be essential.
- Participating in policy discussions around emerging regulatory frameworks, both through working with industry associations and by responding directly to calls for comment on draft laws and regulations.
- Understanding KYC and related policies, setting and monitoring KYC processes, proactively identifying possible weaknesses or risks, and keeping tabs on regulatory changes in this domain.
- Assisting where we need to apply for relevant regulatory licenses, helping manage this process end-to-end, and maintaining compliance with license terms and reporting requirements.
- Running and taking ownership of our newsletter MoneyRules, which is a monthly publication tracking and demystifying fintech regulation in India.
Eligibility
- A law degree from an Indian university, or a passing grade in the Indian qualifying examination if you hold a foreign law degree.
- 2 to 8 years of work experience, preferably at a fintech, regulated financial institution, or a law firm where your work involved financial regulation.
Salary/Stipend
It will be discussed with the candidate itself
Type of Opportunity
Fulltime
Country
India
State
Karnataka
City
Bengaluru
Address
2nd Floor, Embassy Icon, Rd, Vasanth Nagar, Bengaluru, Karnataka 560001