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2 PwC PwC’s FinTech Insights
PwC’s FinTech Insights
Our insights From around the web
FinTech tales Fostering a FinTech ecosystem
Contacts
3 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales Fostering a FinTech ecosystemOur insights ContactsContacts
An exclusive look at the latest developments and evolving technologies in the FinTech space
The FinTech revolution, although three years old, continues to usher in exciting and innovative solutions using next generation technology. One of the key developments has been active and extensive collaboration between incumbent banks and FinTechs in order to embed innovative solutions into mainstream banking post hackathons and demo day events. Yes Bank has been at the forefront of this trend. Let’s look at its innovation journey and how PwC collaborated with the bank to drive various innovation themes.
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Towards a more mature innovation ecosystem
4 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
Aadhaar linking to bank accounts mandatory under KYC norms, says RBI
Fintech firms ask UIDAI to restore e-KYC, authentication access
The Reserve Bank of India (RBI) has made linking of national biometric ID Aadhaar to bank accounts mandatory as part of its updated ‘Know Your Customer (KYC)’ guidelines. This, however, will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory, RBI said in a circular.
As many as two dozen companies, including PhonePe, PayU India, Zerodha, Razorpay, have filed a petition with the CEO of the Unique Identification Authority of India (UIDAI) after the government run organization revoked access to agencies that provide e-KYC verification and authentication services for fin-tech companies.
Global insights handpicked by PwC
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5 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
Global insights handpicked by PwC
As India’s ATMs run dry, digital payment companies make a killing again
Blockchain revolutionising the fintech capital of India
It’s a bit like November 2016 all over again for Indian digital payment companies. With ATMs in several parts of the country running dry, their platforms are seeing a spike in transactions. On April 19, Bengaluru-based PhonePe said it has seen a 20% increase in the value of peer-to-peer transactions on its app over the past few days.
The blockchain is the invisible technology that is radically transforming the future of the world economy and gaining traction in the capital markets industries. Big corporations are racing to build blockchain platforms. The technology will disrupt the future of digital transformation across industries and businesses. The blockchain is a digitized, distributed, decentralized, and incorruptible public ledger of all digital assets and economic transactions that are recorded in chronological order within a worldwide network called peer-to-peer (P2P) of distributed ‘nodes’ or computers.
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6 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
Global insights handpicked by PwC
RBI asks payments companies to store data in India, may affect foreign playersThe RBI mandated all payment system operators to store data within the country by September. The development comes at a time when global tech giants like Google and the Facebook-owned WhatsApp have entered the domestic digital payments sector, which has also sparked a debate over data privacy and security.
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7 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
News on recent investments and partnerships in FinTech in India
Investments
Company Capital Float
Sector Lending
Ticket size 22 million USD
Investor(s) Amazon Inc.
Company overviewCapital Float is a digital finance company which provides collateral-free unsecured business loans in India via its online platform.
Source: https://www.livemint.com/Companies/WWAHSskKEYvlmcNRyXeQ6H/Capital-Float-raises-22-million-equity-funding-from-Amazon.html
Company Coverfox
Sector Insure-tech
Ticket size 22 million USD
Investor(s) IFC and Transamerica
Company overviewCoverfox lets customers compare and choose the best insurance plan from a wide variety of available options.
Source: https://yourstory.com/2018/04/coverfox-chai-point-raise-series-c-funding-trucaller-crosses-100-m-daily-active-users-daily-capsule/
8 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
News on recent investments and partnerships in FinTech in India
Investments
Company True Balance
Sector Digital wallet
Ticket size 23 million USD
Investor(s)Line Ventures Corporation, Naver, TS Investment and others
Company overview
True Balance is a balance management utility application for mobile users. It is a one-stop solution for customers to check telecom operator-related messages, offers, mobile data, talktime balance, etc. The app also lets customers recharge their phones.
Source: http://www.thehindu.com/business/true-balance-gets-23-mn-in-funding/article23620306.ece
Company Kaleidofin
Sector HR tech
Ticket size 2.8 million USD
Investor(s) Omidyar Network, Blume Ventures and others
Company overviewKaleidofin propels customers to meet their real-life financial goals by providing them with intuitive and tailored financial solutions.
Source: https://inc42.com/buzz/omidyar-network-led-2-8-mn-seed-funding-round-in-fintech-startup-kaleidofin/
9 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
News on recent investments and partnerships in FinTech in India
Company PhonePe
Sector Digital wallet
Ticket size 77 million USD
Investor(s) Flipkart
Company overviewPhonePe is a mobile payments app that allows users to pay for their utility bills and carry out P2P transfers in a cashless form.
Source: http://www.bgr.in/news/flipkart-payments-to-reportedly-invest-rs-518-crore-in-phonepe/
Company Aye Finance
Sector Lending
Ticket size 4.6 million USD
Investor(s) BlueOrchard Finance Ltd
Company overviewAye Finance is a new-age finance company which provides business loans to small and micro enterprises in India.
Source: https://inc42.com/buzz/online-lending-startup-aye-finance-funding-blueorchard/
Investments
10 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
Start-up PhonePe
Partnered with MMTC-PAMP
Sector Payments
PurposeTo allow customers to purchase gold from the PhonePe application. This partnership will offer customers choice in terms of the grade of gold.
Source: https://www.medianama.com/2018/04/223-phonepe-gold-mmtc-pamp/
Start-up Amazon Pay
Partnered with Fresh Menu
Sector Payments
Purpose
With this partnership, customers would be able to experience a one-click purchase using Amazon Pay and avail various offers, weekend deals, as well as cashbacks.
Source: https://www.news18.com/news/tech/amazon-pay-partners-with-freshmenu-for-digital-payments-1724331.html
News on recent investments and partnerships in FinTech in India
Partnerships
11 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
Start-up MobiKwik
Partnered with Tamil Nadu State Electricity Board
Sector Payments
PurposeThrough this partnership, a subscriber would be able to pay utility bills using his/her Mobikwik wallet.
Source: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/mobikwik-ties-up-with-tamil-nadu-electricity-board-for-online-bill-payments/articleshow/63802656.cms
Start-up Nuance
Partnered with Kotak Mahindra Bank
Sector Artificial intelligence
PurposeTo launch an AI-powered voice bot with Kotak Mahindra Bank’s phone banking helpline. The bot is named ‘Keya’.
Source: https://economictimes.indiatimes.com/industry/banking/finance/banking/kotak-mahindra-bank-launches-new-ai-powered-voice-bot/articleshow/63582558.cms
News on recent investments and partnerships in FinTech in India
Partnerships
12 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
Start-up Amazon Pay
Partnered with HDFC Bank
Sector Payments
PurposeTo offer EMI on debit card transactions for HDFC Bank customers.
Source: https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/amazon-pay-to-offer-emi-on-debit-cards/articleshow/63724013.cms
News on recent investments and partnerships in FinTech in India
Partnerships
13 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
ValidateGrow
PwC collaborates with FinTechs to help augment their growth plans and bring about the next wave of disruption.
We leverage our strategic relationships with client’s in the BFSI segment to help FinTechs use the right products to reach a wider audience.
We vet capabilities of artificial intelligence/machine learning solutions and provide certification/advice on improvements. This third-party assessment helps boost trust in Fintech products in the market.
We provide advisory on human capital, tax, regulatory and compliance requirements. On the funding side, we assist FinTechs in creating business plans, pitches and other mandatory aspects. We thus help create a sustainable business and operating model.
We co-create and partner with FinTechs to create solutions to meet market needs. The combination of the best capabilities of both PwC and FinTechs helps create winning go-to-market strategies.
Access the market Win
We will be happy to connect with you to understand your priority areas and discuss ways to engage.
14 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
PwC collaborates with incumbents to help them achieve next level innovation through new-age technologies.
FinTech assessment
We brainstorm with firms on key pain areas, use cases and requirements and map them to a set of prioritised strike zones. We then scan and scout for the best fit market solutions, leveraging our proprietary databases with a focus on next generation technology. We then conduct focused workshops, hackathons and PoC sprints of solutions before embedding them into mainstream banking.
We conduct due diligence of the business and operating models of FinTechs on behalf of clients. This third-party assessment helps firms build trust in the health of FinTech firms before collaborating with them.
For firms seeking improvements in their core platforms or operating model, we assess innovative solutions developed by FinTechs. We then devise ways to embed the solutions and achieve the desired objectives.
We work with financial institutions to understand the objectives of their proposed FinTech investments. We then apply our evaluation matrix to the FinTech pool to arrive at a set of best-fit FinTechs for strategic investments.
Innovation management programme
Strategy to leverage FinTechs Strategic investments
We will be happy to connect with you to understand your priority areas and discuss ways to engage.
15 PwC PwC’s FinTech Insights
PwC’s FinTech InsightsFrom around the web FinTech tales ContactsContactsOur insights Fostering a FinTech ecosystem
Leadership
Contributors
Vivek BelgaviPartner and India FinTech Leader Email: [email protected]
Vaidison KrishnamurtyPartner, Deals
Joydeep K Roy Partner, Insurance and Allied Businesses
Richa GaurStrategy Consultant, FinTech
Krunal KapadiyaSenior Consultant, FinTech
Gaurav AroraStrategy Consultant, FinTech
Aiman FarazStrategy Consultant, FinTech
Nissar BeheraStrategy Consultant, FinTech
Pratik PatrhabeStrategy Consultant, FinTech
Shekhar LeleStrategy Consultant, Payments
Namrata KacholiaStrategy Consultant, Payments
Zubin TaftiAssociate Director, FinTech and Innovation Strategy Email: [email protected] Phone: +91-9820358735
Harshal Kamdar Partner, Tax and Regulatory Services
Vivek IyerPartner, Risk Assurance
Kuntal Sur Partner and Leader Financial Services – Risk and Regulation
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with more than 2,36,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com
In India, PwC has offices in these cities: Ahmedabad, Bengaluru, Chennai, Delhi NCR, Hyderabad, Kolkata, Mumbai and Pune. For more information about PwC India’s service offerings, visit www.pwc.com/in
PwC refers to the PwC International network and/or one or more of its member firms, each of which is a separate, independent and distinct legal entity. Please see www.pwc.com/structure for further details.
© 2018 PwC. All rights reserved
About PwC
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This document does not constitute professional advice. The information in this document has been obtained or derived from sources believed by PricewaterhouseCoopers Private Limited (PwCPL) to be reliable but PwCPL does not represent that this information is accurate or complete. Any opinions or estimates contained in this document represent the judgment of PwCPL at this time and are subject to change without notice. Readers of this publication are advised to seek their own professional advice before taking any course of action or decision, for which they are entirely responsible, based on the contents of this publication. PwCPL neither accepts or assumes any responsibility or liability to any reader of this publication in respect of the information contained within it or for any decisions readers may take or decide not to or fail to take.
© 2018 PricewaterhouseCoopers Private Limited. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers Private Limited (a limited liability company in India having Corporate Identity Number or CIN : U74140WB1983PTC036093), which is a member firm of PricewaterhouseCoopers International Limited (PwCIL), each member firm of which is a separate legal entity.
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