Blockchain
India FinTech Forum concludes IFTA 2021 with focus on financial inclusion and emerging technologies
India FinTech Forum’s IFTA 2021 saw 34 innovative product demos over 3 days with the felicitation of Stockal as Fintech Startup of the Year and IDfy as Fintech Scaleup of the Year. IFTA 2021 saw the participation of senior representatives from Gujarat International Finance Tec-City (GIFT City) and Tamil Nadu Government. It is the longest-running fintech event in India, and this was the 6th consecutive year of celebrating innovation in the Fintech sector.
Meet the most innovative companies in fintech
The 4-month assessment process culminated with recognising the most innovative companies in a number of fintech and allied fields from 800+ applications. The assessment framework was developed and managed by Deloitte, and Perfios felicitated the winners. Over 40 industry leaders were part of the eminent Jury and 50+ Speakers shared their valuable insights.
Past winners of IFTA include well-known names like Simpl, Capital Float, ZestMoney and Valocity Global, and have cumulatively raised over USD 3 billion in funding till date.
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Winner at IFTA 2021 |
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Fintech Startup of the Year |
Stockal |
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Fintech Rising Stars (Runners-up to Fintech Startup of the Year) |
BukuWarung, AccuraScan, Money View |
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Fintech Scaleup of the Year |
IDfy |
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Fintech Leader of the Year |
Ravi Kumar, Co-Founder and CEO, Upstox |
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Woman Leader in Fintech |
Aarti Ramakrishnan, Co-Founder and COO, Crayon Data |
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Most Innovative Fintech Product |
Pine Labs |
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Best Fintech Consumer Lender |
Paisabazaar |
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Best Fintech Business Lender |
InCred |
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Best International Fintech in India |
MODIFI |
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Best FinTech Ecosystem Partner |
Grameen Impact Ventures |
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Most Innovative Bank of the Year |
IDFC FIRST Bank |
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Financial Inclusion Initiative of the Year |
Jai Kisan |
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Excellence in Payments |
Mswipe Technologies |
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Best Use of AI in Fintech |
Marsview.ai |
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Most Innovative Blockchain or Crypto Product |
Whrrl |
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Best Innovation in RegTech |
Signzy |
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Best Innovation in Wealth Management |
Stockal |
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Best Technology Company for Fintech Solutions |
Zeta |
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Most Innovative Neo Bank |
Open Financial Technologies |
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Excellence in InsureTech |
Digit Insurance |
The list of winners is available at: www.indiafintech.com
Enablers for fintech growth
Fintech’s growing importance can be seen from Prime Minister Shri Narendra Modi’s participation in the upcoming fintech InFinity Forum organized by IFSCA and launch of Tamil Nadu’s FinTech Policy by Chief Minister Shri M K Stalin. Mr. Sandip Shah, Head- IFSC Dept, GIFT City informed the IFTA audience that GIFT City is the only location today in India that has been recognised and notified as an International Financial Services Centre (IFSC).
Ms. Pooja Kulkarni, IAS, MD and CEO, Guidance Tamil Nadu elaborated on the multifarious initiatives being taken under the Fintech Policy for fintech companies including a Fintech Governing Council under the Chairmanship of the Honourable Minister of Industries, development of a Fintech City with built-up space of 1 million sq.ft in Chennai, Neo-TIDEL Parks in Tier II and III cities, power infrastructure, connectivity, cybersecurity, disaster recovery centre at Trichy, funding avenues and reduced compliance burden.
Drivers of fintech growth in India
Companies including PayU, CashRich, Perfios, Huobi Global, KUDOS Finance, TransUnion CIBIL and Miami Fintech came together to power discussions on the opportunities for upcoming technologies, challenges and way forward to capitalise on the next 2-3 years. Mr. Jitendra Gupta, Founder and CEO, Jupiter and Advisory Committee Member of India FinTech Forum noted, “The India Stack has been game changing alongside Aadhaar. Government initiatives and regulatory sandbox for fintechs have been very helpful. Availability of capital in a vibrant ecosystem is one of the key drivers of fintech growth.”
Fintech companies in India are riding the global innovation wave despite the pandemic. This is supported by the number of unicorns in India that are fintech companies. Mr. Rajesh Kumar, MD and CEO, TransUnion CIBIL had a very positive outlook for growth of fintech companies, and said, “This is a dynamically evolving ecosystem where collaboration, competition and convergence exist in equal measures. Fintech sector players must take into consideration a very strong focus on data security norms, privacy laws and strong governance framework in their quest for growth.”
Upcoming innovation in global payments
Ms. Praveena Rai, COO, NPCI, noted that global payment systems were traditionally offered by large monolith institutions with payment infrastructure in various countries but now we have popular country-specific payment systems also. There is a need to look at how these payment systems can start operating together so that a network of payment systems can get created. The recently announced plan from the RBI and MAS to link UPI and Singapore’s PayNow will be useful. She pointed out, “There is a need to look at those payment solutions that can operate in an offline manner.” Global payments is likely to be a very significant revenue pool for fintech companies, given the current high cost of international transactions, and potential to bring more efficiency, transparency, and speed to the same. Mr. Mohit Gopal, SVP at PayU cautioned that vanilla payment products tend to have very low margins, so it is important to find other products to get those margins.
Mr. Vincent Lau, MD – International Operations, Huobi Global spoke about recent global trends such as NFT, gaming and metaverse, and how cryptocurrencies could allow unbanked people to earn, invest and transact.
Mr. Ramgopal Subramani, COO, Perfios noted that India FinTech Forum’s IFTA continues to be one event where you get to know not only what is happening in India but also globally. He said that it was inspiring to know that the future is bright in the hands of the startups that presented their fintech innovation.
Mr. Sougata Basu, Founder, CashRich and Executive Committee Member of India FinTech Forum, said, “IFTA 2021 gave us an opportunity to see some amazing innovation done by fintech firms during the year in spite of the challenges caused by the pandemic. Several fintech companies have created solutions for true financial inclusion using the power of technology.”
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Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users
The post Humanity Protocol Collaborates with OKX Wallet to Redefine Decentralized Identity Verification and Reward Users appeared first on News, Events, Advertising Options.
Blockchain
Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity)
Building Customer Trust in AI with Blockchain
Blockchain is emerging as a critical tool in addressing the trust deficit in artificial intelligence. By leveraging decentralized ledgers, companies can provide transparent data provenance, ensuring that AI algorithms operate ethically and without bias. This integration allows customers to verify the origins of data used in AI models, fostering greater confidence.
Businesses deploying blockchain for AI governance must prioritize simplicity and accessibility in their implementations. While the technology’s potential is immense, it is essential to communicate its benefits in a manner that resonates with non-technical stakeholders.
Source: Harvard Business Review
Blockchain at a Crossroads: Balancing Promise and Peril
As blockchain technology matures, it finds itself at a crossroads. On one side, the promise of decentralization continues to captivate industries, offering solutions for supply chain management, finance, and digital identity. On the other, challenges such as regulatory scrutiny, scalability issues, and energy consumption threaten to impede its growth.
The path forward will require a concerted effort from developers, regulators, and industry leaders. Collaborative frameworks that address these challenges while preserving blockchain’s core principles of decentralization and transparency are key to ensuring its sustained relevance.
Source: Cointelegraph
BRICS vs. USD: Blockchain’s Role in Economic Shifts
The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring blockchain-based solutions to reduce their reliance on the US dollar in international trade. By adopting decentralized technologies, these nations aim to foster economic independence and promote stability in the face of geopolitical tensions.
This initiative exemplifies blockchain’s potential to redefine global financial systems. However, its success hinges on addressing interoperability issues and fostering international collaboration. The evolution of blockchain-based trade networks could mark the beginning of a new era in economic diplomacy.
Source: CoinGeek
Hungri Games Expands MetaHorse Unity to Base Blockchain
Hungri Games has announced the expansion of its MetaHorse Unity project to the Base blockchain, aiming to enhance the gaming experience with improved scalability and lower transaction costs. This move aligns with the growing trend of integrating blockchain into gaming to create transparent and secure ecosystems.
By adopting Base, a layer-2 blockchain, MetaHorse Unity seeks to offer players a seamless and cost-effective gaming experience. The partnership highlights the potential of blockchain to transform the gaming industry, enabling innovative monetization models and fostering player engagement.
Source: CoinTrust
Nano Labs Purchases Trump Tokens to Celebrate Presidency
Nano Labs commemorated former President Donald Trump’s legacy with the acquisition of 47 Trump Tokens. This symbolic gesture underscores the intersection of blockchain technology and cultural milestones, showcasing how tokens can represent historical and social narratives.
The purchase also highlights the increasing role of blockchain in creating unique, tradable assets that capture moments in time. As tokenization continues to gain traction, it is redefining how value and significance are assigned in the digital age.
Source: PRNewswire
Final Thoughts: Blockchain’s Expanding Horizons
This week’s developments highlight the diverse applications of blockchain technology, from fostering trust in AI to reshaping global economic systems. As the industry navigates challenges and opportunities, collaboration and innovation will be crucial in unlocking blockchain’s full potential.
While hurdles such as scalability and regulation persist, the technology’s ability to drive transparency, security, and inclusivity remains unparalleled. The coming years will undoubtedly see blockchain continue to evolve, solidifying its role as a transformative force across sectors.
The post Blocks & Headlines: Today in Blockchain (BRICS, Hungri Games, Nano Labs, MetaHorse Unity) appeared first on News, Events, Advertising Options.
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