Prabal Goel: Empowering Fintech With Strategic Leadership & Regulatory Compliance Excellence
Prabal Goel
Chief Compliance Officer
The company plans to meet their unfulfilled financial requirements through customized products and services. Prabal Goel, as Chief Compliance Officer- Business and Head-Legal at Niyogin Fintech, has been instrumental in supporting the organization's success and ensuring a satisfied clientele. During a personal interview with us, Prabal discussed his perspectives on future industry trends in fintech and the operational aspects of the organization.
Could you share details about your educational qualifications and professional journey to date, and what motivated you to pursue a career in the legal profession?
I graduated from West Bengal National University of Juridical Sciences, in 2011 with a B.A. LL.B (Honours) degree, cleared the Limited Insolvency Examination, qualifying me as an Insolvency Resolution Professional.
My professional journey began with Northern Arc Capital, which was at that time known as IFMR Capital Finance back then. Subsequent professional journey has seen my association with various law firms and NBFCs, including L&T Finance and Edelweiss. In right earnest, my foray into fintechs began at KREDX ( Minions Ventures), where I headed legal and compliance divisions of the company. As someone who believes in constantly upgrading my knowledge and skills, I have taken various open online courses offered on platforms like Coursera and Alison. I have also passed the Limited Insolvency Examination; though I have not got myself registered as an insolvency professional.
The legal profession requires critical thinking, problem-solving, and staying updated with evolving laws and regulations. As someone with an investigative nature, who has always preferred to self learn and who likes to solve problems, my choice of law as a career was motivated, to a very large extent, by my personal attributes.
Can you describe your company, your role, and how it helps you guide the management team?
My association with Niyogin Fintech began in 2023. Niyogin is a registered NBFC and at Niyogin, we are focused towards meeting and fulfilling financial and non-financial needs of MSMEs. To this end, our model has generally been partnership led, where we have partnered with other NBFCs, fintechs and DSAs to achieve our vision. We recently acquired a business undertaking from Modaviti eMarketing (appeared on Shark Tank TV series). My role at Niyogin Fintech requires me to ensure end to end documentation of all transactions and negotiation of the transaction documents and enforce RBI regulations in all aspects and levels of business as well as provide guidance on compliance matters.
Additionally, I support the management for resolution of all contractual issues/ disputes and am required to provide business-focused legal advice on the issues that my company faces.
How do you lead your team to embrace improvements in their experience and capabilities, and what daily principles and ethics guide your leadership?
As a leader, I prioritize fostering a culture of creative problem solving, continuous intellectual development and learning and approaching challenges calmly. I believe in motivating teammates by setting goals that push them out of their comfort zones in a supportive and encouraging manner. I also prioritize recognition for accomplishments as such recognition reinforces positive behavior and motivates them to maintain high performance.
It is an ongoing endeavour of mine to encourage calculated risk-taking and building a culture that supports good faith and honest behavior and actions, even if such actions do not necessarily achieve the desired objectives. Since our profession is an intellectual one, I support all efforts of my teammates to upskill themselves. These are some of the principles I follow as a leader.
Can you describe your company, your role, and how it helps you guide the management team?
My association with Niyogin Fintech began in 2023. Niyogin is a registered NBFC and at Niyogin, we are focused towards meeting and fulfilling financial and non-financial needs of MSMEs. To this end, our model has generally been partnership led, where we have partnered with other NBFCs, fintechs and DSAs to achieve our vision. We recently acquired a business undertaking from Modaviti eMarketing (appeared on Shark Tank TV series). My role at Niyogin Fintech requires me to ensure end to end documentation of all transactions and negotiation of the transaction documents and enforce RBI regulations in all aspects and levels of business as well as provide guidance on compliance matters.
Additionally, I support the management for resolution of all contractual issues/ disputes and am required to provide business-focused legal advice on the issues that my company faces.
Great things come to those who wait, but better things come to those who trust the process
How do you lead your team to embrace improvements in their experience and capabilities, and what daily principles and ethics guide your leadership?
As a leader, I prioritize fostering a culture of creative problem solving, continuous intellectual development and learning and approaching challenges calmly. I believe in motivating teammates by setting goals that push them out of their comfort zones in a supportive and encouraging manner. I also prioritize recognition for accomplishments as such recognition reinforces positive behavior and motivates them to maintain high performance.
It is an ongoing endeavour of mine to encourage calculated risk-taking and building a culture that supports good faith and honest behavior and actions, even if such actions do not necessarily achieve the desired objectives. Since our profession is an intellectual one, I support all efforts of my teammates to upskill themselves. These are some of the principles I follow as a leader.
As a legal professional, how are you leveraging technology to benefit your organization?
At this stage, the single biggest use of technology in my field of work, for myself, is in the area of legal research, where I use legal databases to ensure comprehensive legal research and insights through AI-powered search capabilities. Further, with Niyogin Fintech’s presence and expertise in digital lending, we use the services of technology platforms to facilitate secure, efficient and legally binding remote execution of legal documents.
I personally think that the technology is bound to play a more active role in legal field, going forward, particularly in the management of contract lifecycle, from creation and negotiation to execution and renewal. With the passage of time, we will look to turning towards RegTech solutions providers for the purpose of enabling automation of compliance, where possible. Wherever technology can automate repetitive tasks and improve efficiency and accuracy, it is welcome.
What plans do you have for yourself as an industry leader, and for your company?
Our company has been around for a fair while; however, we still have a growth mindset and have ambitious growth plans that we believe we can achieve. As for myself, I aspire to be known as an industry thought leader and if possible, to write a book on Fintech Law. I believe that in the garden of success, knowledge is the seed that grows the tallest trees. Therefore, I strive to stay informed about industry developments worldwide and keep up with advancements in the finance, fintech, and corporate law sectors and associated developments.
I have recently launched my own website. The website hosts a stamp duty and registration fee calculator, catering to 9 states. I would like to increase the coverage of the website. I have some more ambitious plans with respect to my website.
I would like to deepen my involvement in the current company, maximize my learning, and play a more integral role in business operations and to that end, volunteering for projects outside my usual responsibilities to demonstrate my ability to handle increased responsibilities.
Prabal Goel, Chief Compliance Officer, Niyogin Fintech
Prabal Goel is a distinguished leader known for his strategic vision, exceptional expertise, and commitment to excellence. His ability to navigate complex financial landscapes and drive successful outcomes has been instrumental in the growth and success of the organizations he has served.
At this stage, the single biggest use of technology in my field of work, for myself, is in the area of legal research, where I use legal databases to ensure comprehensive legal research and insights through AI-powered search capabilities. Further, with Niyogin Fintech’s presence and expertise in digital lending, we use the services of technology platforms to facilitate secure, efficient and legally binding remote execution of legal documents.
I personally think that the technology is bound to play a more active role in legal field, going forward, particularly in the management of contract lifecycle, from creation and negotiation to execution and renewal. With the passage of time, we will look to turning towards RegTech solutions providers for the purpose of enabling automation of compliance, where possible. Wherever technology can automate repetitive tasks and improve efficiency and accuracy, it is welcome.
What plans do you have for yourself as an industry leader, and for your company?
Our company has been around for a fair while; however, we still have a growth mindset and have ambitious growth plans that we believe we can achieve. As for myself, I aspire to be known as an industry thought leader and if possible, to write a book on Fintech Law. I believe that in the garden of success, knowledge is the seed that grows the tallest trees. Therefore, I strive to stay informed about industry developments worldwide and keep up with advancements in the finance, fintech, and corporate law sectors and associated developments.
I have recently launched my own website. The website hosts a stamp duty and registration fee calculator, catering to 9 states. I would like to increase the coverage of the website. I have some more ambitious plans with respect to my website.
I would like to deepen my involvement in the current company, maximize my learning, and play a more integral role in business operations and to that end, volunteering for projects outside my usual responsibilities to demonstrate my ability to handle increased responsibilities.
Prabal Goel, Chief Compliance Officer, Niyogin Fintech
Prabal Goel is a distinguished leader known for his strategic vision, exceptional expertise, and commitment to excellence. His ability to navigate complex financial landscapes and drive successful outcomes has been instrumental in the growth and success of the organizations he has served.