MUMBAI: Star Union Dai-ichi Life Insurance Co. Ltd. (SUD Life), a leading life insurance company in India, and QuantumStreet AI, a global leader in the field of AI-powered investment solutions, today announced their plans to collaborate to incorporate cutting-edge generative AI powered by IBM watsonx into the investment offerings of SUD Life. The announcement was made at IBM Think Mumbai 2024, where QuantumStreet AI also formally launched its India service offerings.

As part of the collaboration, SUD Life and QuantumStreet AI will design an investment product aimed at providing superior performance in the large market capitalization (large cap) space. Similar to the trend seen in Western capital markets, it is becoming increasingly harder to generate outperformance in Indian large-cap portfolios, as well. To address this scenario, the two firms plan to leverage the advanced capabilities of the IBM watsonx platform to generate insights that will form the core of the investment product and differentiate the offering. Ultimately, the investment solution is projected to benefit retail clients by taking advantage of AI in a trustworthy and responsible manner.

Commenting on the partnership, Arindam Ghosh, Chief Technology Officer, and Prashant Sharma, Chief Investment Officer of Star Union Dai-ichi Life Insurance, said, “We are excited to partner with a world-leading fintech to bring innovative products to our clients. In today’s data-driven world, it is nearly impossible for individuals to process the vast amounts of information available, and AI has become an indispensable tool for fund managers, helping derive meaningful insights from growing data volumes. It is no longer a ‘nice-to-have’ but a ‘must-have.’” 

Subhra Tripathy and Chris Natividad, Principals at QuantumStreet AI, stated, “This partnership is a reflection of SUD Life’s innovative culture. We would look to deliver our capabilities to them as we have done for leading banks, wealth managers, and pension funds around the world.”

Sandip Patel, Managing Director, IBM India & South Asia said, “As India’s capital markets undergo a pivotal transformation, the role of AI in enhancing investment solutions has never been more important. The collaboration between IBM and QuantumStreet AI sets a new standard for the Indian insurance industry with IBM watsonx at its core. With powerful AI-driven insights that are governed with the highest levels of trust and transparency, this will usher in a new era of responsible investment practices.”

As part of the plans of the collaboration, QuantumStreet AI and Dai-ichi Life will also explore joint product development in Japan. In addition to India’s life insurance industry, QuantumStreet AI will offer its services to the asset management and wealth management sectors where generative AI can be leveraged for research, as alpha generation platform, and risk management.

With QuantumStreet AI utilizing IBM watsonx as the foundation for the solution, institutional investors will get an opportunity to benefit from its generative AI-powered data insights. watsonx is IBM’s next-generation AI and data platform, which enables businesses to build and refine both new, generative AI foundation models as well as traditional machine learning systems. IBM watsonx makes the effective adoption of responsible AI possible by training, validating, tuning, and deploying AI systems across the business with speed, trusted data, and governance.

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1.       mPokket

mPokket, one of India’s fastest-growing digital lending platforms, is on a mission to empower the country’s youth by bridging the credit gap and providing small instant personal loans. The company is at the forefront of employee development in India, driving initiatives that foster professional growth and inclusivity. With a strong focus on expanding its workforce, mPokket is committed to hiring diverse young talent and ensuring a gender-diverse environment. The company also prioritizes continuous learning by offering skill development initiatives and empowering employees to pursue further education and certifications that enhance their career prospects. Innovative work policies, such as the “Don’t-Feel-Like-It” policy, reflect mPokket’s dedication to employee well-being, allowing for flexible time off to maintain productivity and mental health. This supportive and inclusive work culture not only boosts employee satisfaction but also contributes to long-term career growth, positioning mPokket as a leader in cultivating a skilled and motivated workforce in India. The company is an RBI-registered NBFC, headquartered in Kolkata and Bengaluru, with pan-India operations.

2.       Biz2x

Biz2X, a fintech lending SaaS platform in India, is setting the standard for employee development in the fintech sector with its innovative and comprehensive growth initiatives. By partnering with financial institutions to drive digital transformation, Biz2X not only fuels business expansion but also prioritizes the professional advancement of its workforce. The company has introduced the “Learner’s Wallet” policy, enabling employees to enroll in courses that enhance their skills and performance, alongside reimbursing certification costs up to INR 5,000 annually. Beyond financial support, Biz2X offers robust mentorship programs, personalized career advancement plans, and regular skills development workshops, fostering a culture of continuous learning and development. This dedication to employee growth ensures a motivated and skilled team, capable of delivering exceptional client experiences and driving the company’s mission forward. By investing in its employees’ professional journeys, Biz2X exemplifies leadership in cultivating a dynamic and talented workforce within India’s competitive fintech landscape.

3.       CASHe

CASHe, a fintech startup, specializes in providing short-term personal loans primarily to salaried millennials. The company is set to hire 300 new employees by the end of 2024 to build a Technology Excellence Centre in Hyderabad. This initiative will focus on digital engineering and fintech innovation, enhancing CASHe’s capabilities in lending, insurance, and wealth management. The hiring will span various roles, fostering a culture of continuous learning and professional growth. CASHe’s commitment to leveraging AI and machine learning aligns with its mission to drive financial inclusion and support career development within the evolving fintech sector.

4.       Finserv

Fiserv, Inc., a global technology leader in enabling seamless money movement for countless financial institutions and millions of individuals and businesses, is also at the forefront of employee development in the fintech industry. The company prioritizes continuous learning, diversity, and innovation, ensuring that its workforce remains ahead of the curve. Through comprehensive skilling programs, employees gain access to advanced learning platforms, while the Business Innovation Group fosters a creative environment for developing cutting-edge fintech solutions. Fiserv’s culture is deeply embedded with principles of diversity, equity, and inclusion, supported by Employee Resource Groups like the Women Impact Network and Unity, which champion professional growth and drive the company’s DE&I agenda. 

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NEW DELHI: In a significant development, C2FO, the world’s leading on-demand working capital platform, announced that its TReDS platform, named C2treds has gone live with India’s largest bank State Bank of India (SBI), and Dabur India Ltd. among the inaugural participants on the platform. This milestone follows the recent approval received by C2FO’s wholly-owned subsidiary, C2FO Factoring Solutions Private Ltd, from the Reserve Bank of India, to operationalize the TReDS platform.

TReDS, an initiative introduced by the RBI and backed by the Ministry of Micro, Small & Medium Enterprises (MSME), addresses the liquidity & working capital challenges faced by MSMEs. It serves as an electronic platform facilitating the financing and discounting of trade receivables of MSMEs through multiple financiers.

With C2treds live, C2FO distinguishes itself as the only fintech platform of scale in India offering both Ealy Pay (Dynamic Discounting) and TReDS functionalities. This unique combination not only enhances liquidity and finance accessibility for MSMEs but also enables large enterprises to create sustainable supply chains and achieve incremental savings. Additionally, it connects financiers with India’s largest network of AA and higher-rated enterprises requiring Supply Chain Finance.

Basant Kaur, Country Head at C2FO India, expressed enthusiasm about the inaugural transaction, stating, “The single biggest impediment to growth in a business is the availability of working capital. With the launch of C2treds, we hope to unlock significant economic value for MSMEs and contribute to India’s rapid, inclusive economic growth. We express our heartfelt gratitude to the RBI and the Ministry of Micro, Small & Medium Enterprises for their support and extend our sincere thanks to Dabur and the State Bank of India for placing their trust in us as the inaugural participants on this journey.’’

In a joint statement on their decision to partner with C2treds, Ashok Jain, Exec. Vice President – Corporate Finance & Company Secretary at Dabur India & Rahul Sarawagi, DGM Head Treasury, expressed confidence in the platform, stating, “We have had a fruitful relationship with C2FO for the past eight years, benefiting our suppliers immensely from their Early Pay Program. Choosing C2Treds as our TReDS platform of choice was a natural progression, given our positive experiences with C2FO. We believe this initiative will further strengthen our relationship with C2FO and our suppliers”

C2FO remains dedicated to empowering businesses with flexible and efficient financial solutions, driving economic growth and prosperity across India.

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• IIM Sambalpur Inviting Online Applications for MBA in Fintech Management for Working Professionals
• Last date to apply: May 24, 2024
• For further details, please visit: https://iimsambalpur.ac.in/mba-in-fintech-management/

SAMBALPUR: IIM Sambalpur, one of the premier management institutions, announces admissions for an MBA in Fintech Management in association with the NSE Academy in blended mode. This is the first Fintech-focused MBA degree to be launched by an IIM. The institution is also opening admissions to the dual degree program, under which applicants can gain an MBA in International Finance from Sorbonne Business School, Paris.

Digital public infrastructure such as UPI has made India a global Fintech powerhouse, showcasing remarkable progress in segments like Payments, Digital Lending, InsurTech, and WealthTech. The potential growth of Fintech indicates a massive need for skilled and proficient individuals to navigate evolving technologies, regulatory scrutiny, and market dynamics. On the strong foundations of strategic collaboration, the program is well-equipped to provide the participants with specialized training in the technical areas of Blockchain, AI, and cryptography, fostering strategic capabilities and expertise in cutting-edge technologies.

Prof. Mahadeo Jaiswal, Director, IIM Sambalpur, informed, “With over 9,000 fintech startups, India stands as the third-largest fintech hub worldwide and will generate almost $400 billion worth of business by 2030, quadrupling its current size. With a growing number of job openings and a thriving startup ecosystem, the fintech sector presents abundant employment and entrepreneurial prospects. We are launching an MBA in Fintech Management to impart specialized skills, knowledge, and experience so that you can start your journey as an entrepreneur or intrapreneur in the blooming Fintech ecosystem. Our 18-month program, comprising 17 meticulously crafted courses across three terms, ensures a comprehensive learning journey.“

The programs are designed for working professionals and include a comprehensive curriculum with 17 specialized courses. Considering the blended nature of the programs, working professionals from Asian and European countries are also invited to apply. The programs also offer immersion at IIM Sambalpur and with the NSE Academy in Mumbai, as well as International Immersion at Sorbonne Business School (Paris) for students who opted for dual degrees. The deadline for submitting the online application is May 24, 2024.

Prof. Diwahar Nadar, Programme Chairperson, IIM Sambalpur, informed, “The MBA in Fintech Management program features a blended learning approach with online lectures on Wednesdays, Saturdays, and Sundays, complemented by in-person sessions at IIM Sambalpur each semester. A key highlight of the program is the dedicated incubator training, which offers mentorship for launching Fintech startups. The programs foster symbiotic relationships with industry, academia, and the Fintech community, offering unparalleled networking opportunities and entrepreneurial training. To initiate discussions and bring together the multiple stakeholders in the Fintech industry, we are hosting a roundtable discussion on 5th May at the National Stock Exchange, BKC in Mumbai.”

Eligibility:

The applicant should hold a bachelor’s degree or an equivalent qualification in any discipline with a minimum of 50% marks. While degrees in any field are accepted, backgrounds in business, economics, mathematics, engineering, computer science, or related disciplines are preferred. A minimum of 2 years of Post Qualification managerial/ entrepreneurial/ professional experience as of the last date of application.

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With the fintech landscape in Africa evolving at an unprecedented pace, this year’s summit is set to exceed all expectations. This year’s theme at AFTS is ‘Fintech in Every Industry,’ which focuses on fintech applications and innovations and areas where financial technology can improve efficiency, profitability, and transparency in both the public and private sectors.

The summit offers multiple opportunities for attendees to interact with fintech professionals, pioneers, investors, and government officials. From the exclusive VIP Dinner to the casual coffee breaks, every moment is designed to foster meaningful connections. The attendee list for this year’s event is as broad and diverse as ever, with stakeholders from organizations represented at the summit, including the Office of the President of the Republic of Zambia, Ministry of Technology & Science, Zambia, Mastercard, Flutterwave, Paystack, Chipper Cash, Pan-African Payments Settlement System (PAPSS), Yellow Card, Amazon Web Services, Launch Africa, Founders Factory Africa, Afrexim bank, Ecobank, and others.

The summit also features panel discussions designed to inspire new conversations around fintech innovation, spark collaboration for increased growth, and chart a possible future for fintech innovation on the continent. The panel discussions cover topics such as blockchain, digital payments, financial inclusion, and more. The ripple effect of these panel discussions can extend far beyond the event itself, driving positive change within the fintech ecosystem and fostering financial inclusion, economic growth, and technological advancement across Africa.

The 6th AlphaExpo Micro-Accelerator and Pitch Competition, which will take place at the event, is an ecosystem initiative designed to support early-stage startups by enabling them to pitch at the Africa Fintech Summit, demo their products, meet potential investors, partners, and customers, and clinch growth-enabling prizes. Alumni of the AlphaExpo program have raised over $200M since participating and include industry leaders such as MarketForce, Yellow Card App, Asaak, Piggyvest, ArifPay, Payhippo, and many others.

Africa Fintech Summit Lusaka 2023 elevates the conversation around financial innovation on the continent. From thought-provoking panel discussions with industry titans to exclusive networking opportunities that pave the way for groundbreaking partnerships and a spotlight on the vibrant Zambian fintech ecosystem, culminating in the AlphaExpo Pitch Competition that celebrates innovation across sectors, this summit represents a deep dive into innovation on the continent and spotlights the figures and core ideas forging the future of fintech in Africa.

Don’t miss out on the opportunity to be part of the Africa Fintech Summit Lusaka 2023-where ideas flourish, connections thrive, and the future of fintech in Africa is shaped! Visit the official AFTS website to get more details and register to attend the summit.

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NABARD shared its extensive experience working alongside these sectors and unveiled a spectrum of initiatives aimed at propelling the agricultural and rural economy to new heights through comprehensive digital financial services. The bank’s focus is on leveraging technology and innovation to bridge financial gaps, empower rural communities, and transform agriculture.

“The transformation of agriculture and rural finance is of paramount importance. Through value chain financing, we aim to bridge the digital divide and bring financial services to the doorsteps of the rural population. Through technology, we can contribute significantly to the economic growth and prosperity of India’s rural communities,” said Shri Manikumar S., Chief General Manager (SPPID) at NABARD.

NABARD’s presence at the Global Fintech Fest was marked by hosting six-panel discussions throughout the three-day event. These discussions underlined the multifaceted aspects and the significance of fostering collaboration between agritech and fintech. Such collaborative innovations promise to inject new value into the existing agricultural value chain, laying the foundation for a more sustainable, efficient, and technologically advanced agricultural ecosystem.

With these initiatives, NABARD reiterated its commitment to empowering the rural economy and driving financial inclusion through value chain financing in agriculture, developing innovative solutions to provide digital financial services in remote and inaccessible regions.

The Global Fintech Fest provided an excellent platform for NABARD to showcase its pioneering efforts in leveraging technology to revolutionize financial services in rural India. By participating in the event, NABARD reaffirmed its commitment to advancing financial inclusion and empowering rural communities across the country.

The National Bank for Agriculture and Rural Development (NABARD) is an apex development financial institution in India. Established on 12 July 1982, with headquarters in Mumbai, NABARD operates with a mission to promote sustainable and equitable agriculture and rural prosperity through effective credit support, related services, institutional development, and other innovative initiatives. NABARD plays a crucial role in fostering rural development, empowering farmers, and catalyzing the growth of the rural economy.

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The finalists will be admitted into the Ecobank Fintech Fellowship Programme, and the overall winner of the Ecobank Fintech Challenge will receive a cash prize of US$50,000. The finalists went through a rigorous process, and we look forward to the pitches of the eight competitors vying for the top prize and ultimately partnering with the Ecobank Group.

The Ecobank Fintech Challenge is an international competition that seeks to identify and support innovative fintech solutions that can address the financial needs of Africans. The competition is open to fintechs from all over the world, and it provides a platform for them to showcase their solutions to a panel of judges made up of industry experts, investors, and other stakeholders.

Ecobank Group Chief Executive Officer, Jeremy Awori, who will be hosting the Fintech Challenge final for the first time said: “We are encouraged by the very high number of applications received for the sixth edition of our Ecobank Fintech Challenge. The significant increase in the number of participants reflects the growing impact of our investments in the fintech space, and on our operations and fintech initiatives across Africa. The finalists went through a rigorous process, and we look forward to the pitches of the eight competitors vying for the top prize and ultimately partnering with the Ecobank Group.”

The competition is organized by Ecobank Transnational Incorporated, a pan-African bank that operates in 33 African countries. The bank is committed to promoting financial inclusion and supporting the growth of the fintech industry in Africa.

The Ecobank Fintech Challenge has become a major event in the fintech industry in Africa, and it has helped to promote innovation and collaboration in the sector. The competition has also provided a platform for fintechs to showcase their solutions to potential investors and partners.

Dr. Tomisin Fashina, Ecobank Group Executive, Operations and Technology, congratulated the eight finalists of the 2023 Ecobank Fintech Challenge and said, “We are proud to support the development of fintechs to drive digital banking transformation across Africa and beyond. The ever-increasing level of participation – from just 412 applications in 2018 to 1,490 submissions this year – reflects the richness of the untapped innovation and talent that exists across our continent.”

The eight finalists for the 2023 edition of the competition have demonstrated their ability to develop innovative solutions that can address the financial needs of Africans. The Grand Finale promises to be an exciting event, and the organizers are looking forward to seeing the finalists showcase their solutions to the world.

The 2023 Ecobank Fintech Challenge finalists in alphabetical order:

• Flexpay Technologies (Kenya) – FlexPay offers customers a merchant-embedded saving-based purchase experience called Save Now, Buy Later.
• IPOXCap AI (South Africa) – FinanceGPT is a financial analysis platform for frontier markets. It processes structured and unstructured financial data to generate actionable insights, using advanced algorithms for financial forecasting, health monitoring, and valuation.
• Kastelo (South Africa) – Provides a democratized solution through diversified products, focusing on transaction, savings, and forex offerings, aimed at banking the underbanked in emerging markets through client-centric solutions.
• Koree (Cameroon) – Koree is a card wallet application that addresses sub-Saharan Francophone Africa spare change scarcity by digitizing cash merchant payments while empowering millions of African consumers through an incentive reward system.
• Kori Tech (Senegal) – Koripass is an E-wallet linked to physical payment accessories such as
  bracelets, stickers, and keychains. It enables quick and easy merchant payments
  using NFC and QR Code technology. No internet or smartphone is required.
• Smart Teller Technologies Limited (Nigeria) – Empowering cooperative digital banking, IT services, and online bill payments for seamless services.
• Rubyx (Belgium and Senegal) – Rubyx enables digital lending solutions for service providers in emerging markets to bridge the financing gap that faces informal entrepreneurs and small businesses to fund their activities.
• Wolf Technologies (Democratic Republic of Congo) – Makuta is a state-of-the-art application that provides a simple, convenient, and secure electronic money transfer and payment experience.

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PUNE: To provide acceleration to semi-urban and rural fintech start-ups, LenDenClub Alpha has commenced its initiative of the ‘Bharat fintech program’ starting in Pune. LenDenClub Alpha, a corporate venture capital (CVC) of LenDenClub, started this remarkable program in Mumbai last month. Currently, the program runs in Gujarat, Maharashtra, Telangana, Karnataka, Tamil Nadu, Kerala, and Rajasthan. With a series of events conducted across the country, it now has more than 500 participating start-ups eagerly waiting to be a part of the incubation program.

Various webinars were held to impart knowledge to aspiring start-up founders to bridge the knowledge gap between urban and rural start-up aspirants. The recently held Pune event by LenDenClub Alpha and Startup Réseau had prominent leaders from the FinTech ecosystem, such as Sudin Baraokar, a noted Digital Transformation Advisor; Gireendra Kasmalkar who is the Founder Director of Ideas To Impacts, Prashant Mane who is the Client Services Director at FIS and Sachin Koti who is a veteran in the FinTech industry.

The program strives to uplift the new-age aspiring start-ups mushrooming in the FinTech domain in the hinterlands of India. It will focus on mentoring, guiding, and supporting required investments in these start-ups to accelerate their growth. A corpus fund for investment has also been set up for the same. Among the start-ups that participated, more than 30% were in their Proof of Concept phase, while less than 15% were in their ideation phase.

Rajat Sinha, Principal at LenDenClub Alpha, said, “Pune has witnessed tremendous growth in the number of start-ups in the past few years. With over 6,000 FinTech start-ups in India, valued at roughly $50 billion in 2021, it is expected to grow to $150 billion by 2025. Pune is one of the top 100 global clusters of inventive activity. We are

on a mission to identify the most innovative businesses in this city, which center for research and education.

We plan on aiding aspiring start-ups with the exemplary leadership, capital, and direction required to function and support the people of Maharashtra. Our goal is to act as a catalyst and provide the necessary aid to the start-ups that helps them grow and innovate products or services for the benefit of the customer at large. Further, we hope our investment corpus will contribute to nation-building by boosting the fintech start-up ecosystem.”

The program encourages innovation and inclusion in non-metropolitan regions. It will help young companies that need funds, assistance, and direction to create new products and expand to new markets. However, anyone building a startup in Fintech from across the country can apply for the program.

LenDenClub Alpha will also run start-up engagement drives in other states to amplify the program’s reach.

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MUMBAI: FinTech company, Angel One Limited (formerly known as Angel Broking Limited), exhibited a 66.5% YoY increase in its client base as it reached the 12.19 million mark with 0.32 million gross client acquisition in November’22. Angel One also witnessed strong business growth with 70.82 million orders, registering an increase of 23.8% YoY.

The company’s Average Daily Turnover surged to Rs. 12.97 trillion, depicting a 79.7% YoY growth. Its market share in overall retail equity turnover increased to 21.1% with a 4bps YoY expansion. Angel One’s average client funding book for November’22 was at Rs. 12.92 billion.

Speaking on this significant growth, Mr. Prabhakar Tiwari, Chief Growth Officer, Angel One Ltd., said, “All in all, our performance has remained robust in the wake of expanding client base and growing number of orders. This indicates that we are on the right path in spreading awareness about the importance of investing in financial assets among people. At Angel One, we continue to focus on empowering people across age groups and geographies.”

Commenting on the strong business performance, Mr. Narayan Gangadhar, Chief Executive Officer of Angel One Ltd., said, “We are growing our client base and acquiring clients from every nook and corner of the country. We attribute the strong business performance to our tech-enabled strategy, which is enabling us to penetrate deeper into the country. We strive to provide our clients with a simple and seamless product during their investing journey, thus contributing to the growth of the Indian Capital Markets.”

Angel One launched its Super App for iOS & Web users, earlier this year. In November, the company launched the Android version of its app for limited users. Built on five key pillars – (S.T.A.R.S) – Simplicity, Transparency, Availability, Reliability, and Swiftness, it provides a secure, effortless, and personalized investment experience.

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“As we enter 2023, we hope to see renewed energy in the FinTech sector especially with the benefit of hindsight. Firstly, FinTechs will be more sure-footed when it comes to finding a product market fit that finds acceptance within the regulatory framework. Secondly, unit economics and profitability will be the guiding light for all new initiatives and current practices. With the confidence that the worst of the pandemic is behind us, lending across segments is expected to reach newer heights. With the new norms for lending in place, NBFCs and FinTechs will continue to grow strength to strength to consolidate their market share, enter new territories and impact the lives of millions of underserved customers in a credit-starved economy.”

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