New Delhi, Dec. 18 -- Co-lending relationships between regulated lenders such as banks and non-banking finance companies (NBFCs) on one side, and fintech firms on the other, are expected to change significantly over the next three to five years, experts said at a Mint BFSI Summit panel discussion.

Speaking at the summit, Ravi Narayanan, managing director and chief executive officer of SMFG India Credit Co. Ltd, and Nirav Shah, managing director of Equirus Capital, said fintech partnerships with regulated entities will look very different in the coming years. Self-governance, better risk alignment, tighter unit economics and stronger user-data protection will replace earlier shortcuts such as balance-sheet renting or excessive credit guar...