The Mint FinTech Summit- India’s FinTech Revolution

2015 was a prelude to transformation in the lending, payments as well as personal finance space due to the pace at which financial technology companies emerged in India. The emergence of new technologies such as cloud-based systems and bio-metric recognition have changed the face of payments. Event the year 2016 continued with the same pace.

Mint put together a high-powered business conclave which brought together industry experts, regulators, FinTech, bureaucrats’ startups who discussed various issues that are an obstacle in building a favorable environment for the FinTech Industry.

V. Vaidyanathan, Founder and Chairman: Capital First

“As all of these are gradually moving to the E-World, the eco system is changing, new market flow is opening up, and new profit pools are opening up and with this context suddenly the game does open up for collaborations and not for confrontation.” - V. Vaidyanathan, Founder & Chairman, Capital First

India’s FinTech sector may be young but is on the rise rapidly, fueled by a large market base, an innovation-driven startup landscape, along with government policies and regulations. Several startups populate this emerging and dynamic sector, while both traditional banking institutions and non-banking financial companies are trying to catch up. The Opportunities and Challenges in the India FinTech stack was discussed in a presentation by Sharad Sharma from iSPIRIT.

Sharad Sharma, Co-Founder and Governing Council Member: iSPIRIT

“If there at all is a golden rule when it comes to banking then it is, Thou shall the bank, shall not debit my account without my permission” - Sharad Sharma Co-founder and Governing Council Member, iSPIRT

T.R. Ramachandran, Group Country Manager: India and South Asia at Visa

“One word which all of you will hear more and more and more and it’s important that you understand it is the notion of tokenization. This is one big thing changing payments without adding to the clumsiness.” - T.R. Ramachandran, Group Country Manager -India & South Asia at Visa

Financial technology has changed the way industry practitioners, consumers, and policymakers think about innovation in the financial sector. Blockchain technology is making financial transactions open and transparent, crypto currencies are changing the way we think about money, and real-time payments systems are slashing down the costs of credit inter-mediation. FinTech has offered an impressive array of opportunities for economic growth.  The ways to Strike balance in Innovations and Regulations in the FinTech sector was discussed at Mint FinTech Summit in conversation with Lowell Campbell and Monish Shah.

In Conversation with Lowell Campbell and Monish Shah on FinTech: Balancing Innovations and Regulations

“People are trying to problem a solution rather than solution a problem.” - Lowell Campbell, Principal Global Specialist, Digital Financial Services, IFC (World Bank group)

“We have sent the customers into this big wide world, told them to go and transact somewhere over there and it’s not happening so well.” - Monish Shah, Partner, Deloitte

Kevin Wu, CTO: Data Center Solutions, South-East Asia, Huawei

“If you build a city as smart as possible, I guess the Financial Services actually cannot be left out.” - Kevin Wu, CTO, Data Center Solutions, South-East Asia, Huawei

The event even included an informative Panel discussion on How to Spot and Nurture FinTech Startups with Bala Srinivasa, Nikhil Balaraman and Shailesh Lakhani as the panelists.

Panel Discussion on How to Spot and Nurture FinTech Startups with Bala Srinivasa, Nikhil Balaraman and Shailesh Lakhani as the panelists

“FinTech in India is pretty different. There’s a whole not to disrupt but there’s a whole lot to create. So I don’t view it as FinTech disruption, its more in terms of what can you create using technology.” - Bala Srinivasa, Partner, Kalaari Capital

“You’re dealing with someone else’s money, you’re not selling a product you’re selling a service where someone in the system, either a lender or a consumer in the case of wealth needs to trust you with their money.” - Nikhil Balaraman, Partner, Orios Ventures

“Regulations and new initiatives by government are both welcomed and feared at the same time.” - Shailesh Lakhani, Partner, Sequoia Ventures

Watch the events’ webcast where experts discussed on ‘Regulations that make it conducive for FinTech’ at Mint FinTech presented by Capital First which took place on 30^th June, 2016 in Bangalore.

Know about the various startups showcased at Mint FinTech Summit 2016 by clicking at the following link:

https://minteventsblog.wordpress.com/2016/07/13/indias-fintech-revolution-emerging-fintech-startups-2/

https://minteventsblog.wordpress.com/2016/07/12/indias-fintech-revolution-emerging-fintech-startups/

India’s FinTech Revolution: Emerging FinTech Startups

Mint FinTech Summit 2016: India's FinTech Revolution

The mounting collaboration between technology and finance has fired the imagination of entrepreneurs to come up with innovative ideas, thereby escalating the scope of India’s tech startups. According to a report by Nasscom, there are close to 400 companies in India which are focused on the fin-tech market globally.

So, here are a few emerging FinTech start-ups from India that were showcased in the Mint FinTech Summit 2016:

• Active.Ai (Active Intelligence Pte Ltd)

Active.Ai, founded in 2016 is a platform that offers Chat Bots for large banks to interact with their customers in the format that they’re most contented with. The more customers interact with the application, the more the Artificial Intelligence behind it, learn about them and offer personalized advice and service, increasing engagement as well as loyalty of the customers. The use cases range from getting the balance in the account to transferring money to friends and paying bills. The bot can be integrated via various utility channels, including Wechat, LINE, Kakao Talk, Facebook Messenger, Amazon Echo and Siri.

Active.Ai

•  Hummingbill (Hummingbill Technologies India Pvt. Ltd)

Hummingbill (2015) accounts receivable software for small businesses to help them automate receivables. One of the biggest problems faced by small businesses is of not receiving their payments on time, often due to clerical errors or logistics issues. Hummingbill hopes to help them overcome this with a simple tool for financial officers and accountants. Its software works as a plug-in for Gmail enabling businesses to create invoices and track them. It also allows one to mechanize payment reminders as well as track the collection routine of sales representatives and account managers.

HummingBill Technologies

• mymoneysage.in (Shreem Datatech Solutions Pvt. Ltd)

This start-up from 2015, offers Cloud-based Money Management software for individuals as well as financial advisers. Individuals can not only add their bank accounts, investment accounts, insurance accounts, rather get actionable advice from experts. For advisers, this works like a customer relationship management software where they can create and manage tasks, offers SMS and e-mail reminders about client and prospect meetings and a dashboard where they can manage all their client data in one place. It also helps them get more visibility in a marketplace it offers and at the same time acquire new clients.

mymoneysage.in

• Tauro Wealth (Tauro Investment Advisors Pvt. Ltd)

Tauro Wealth is a robo advisory start-up founded in 2015, targeting individuals who are confused and intimidated by the stock markets. It tries to make it simple for them to invest in a stock portfolio by offering, individuals a primer on understanding what stock investing is about and making them aware of the risks involved. Tauro Wealth generates portfolios using proprietary algorithms to minimize manual intervention and remove human errors or personal biases. Tauro Wealth’s investment portfolios are built to achieve a mix of passive and active investment strategies.

Tauro Wealth

• fonePaisa (fonePaisa Payment Solutions Pvt. Ltd)

FonePaisa, founded in 2014 offers multiple payments solutions. For an individual, it offers a wallet that aggregates the most popular payment options, including other wallets, enabling them to carry out transactions at various retailers and pay their utilities’ bills. For merchants, it offers a payment gateway to accept payments, and also offers them software to create loyalty programmes, targeted marketing campaign, and show merchants a consolidated reporting and monitoring dashboard. FonePaisa also offers businesses accounts receivable software that automates matching payments to invoices, eliminates manual processes while reducing the costs.

FonePaisa

These were the few startups in the Indian FinTech Sector. Look out for more in our next blog.

Watch the events’ webcast where experts discussed on ‘Regulations that make it conducive for FinTech’ at Mint FinTech presented by Capital First which took place on 30^th June, 2016 in Bangalore.

Know about the other Startups showcased in Mint FinTech Summit 2016, by clicking on the following link:

mintevents5.blogspot.in/2016/07/indias-fintech-revolution-emerging_13.html