Tag: Fintech

Business

BCT Digital and FPT akaBot Announce Strategic Partnership to Drive Digital Innovation

Jun 12, 2024 by Sujata Muguda 0 Comments #a global digital transformation company, #BCT Digital, #BCT Digital and FPT akaBot Announce Strategic Partnership, #CEO, #Chennai, #Drive Digital Innovation, #Fintech, #FPT akaBot, #Jaya Vaidhyanathan, #RegTech

Chennai, June 12, 2024: BCT Digital, a global digital transformation company delivering FinTech, RegTech, and SustainTech solutions, has entered Southeast Asia by partnering with FPT akaBot. This collaboration between two leading technology companies is poised to revolutionize the automation landscape in Vietnam, Indonesia, and Malaysia. With their combined expertise, resources, and commitment to excellence, both companies will offer products and joint solutions to enterprises in the region, charting new paths in automation and digitalization.

Jaya Vaidhyanathan, CEO, BCT Digital..

The collaboration with akaBot, FPT’s flagship robotic process automation (RPA) solution, aims to deliver outstanding hyper-automation value to clients throughout Vietnam, Indonesia, and Malaysia. By merging BCT Digital’s proficiency in risk management solutions with FPT akaBot’s expansive global reach and capabilities, the objective is to deliver unparalleled services and foster intelligent automation across various industries. Jointly, the two companies aim to serve maximum number of enterprises in the next 2 to 5 years.

“We are thrilled to announce our partnership with FPT akaBot, a global leader in technology and IT services. This collaboration represents a significant step forward in our mission to drive digital innovation and deliver exceptional value to our clients. By integrating BCT Digital’s expertise in risk management, governance, risk, and compliance (GRC), as well as environmental, social, and governance (ESG) solutions with FPT akaBot’s cutting-edge robotic process automation (RPA) technology, we aim to revolutionize the automation landscape. Together, we will empower businesses to thrive in the digital age by seamlessly integrating risk management processes with efficient automation solutions, thereby creating lasting impact and value,” says Jaya Vaidhyanathan, CEO, BCT Digital.

“By cooperating with BCT Digital, we aim to define FPT akaBot as a global brand with a strong understanding of local needs. Our ambition is to become a TOP 3 RPA vendor in Malaysia and Indonesia, as well as stay top-of-mind for all customers as a comprehensive platform with reasonable investment requirements, eventually offering a high ROI solution,” said Mr. Giap Bui Dinh, CEO of FPT akaBot.

For three consecutive years, BCT Digital has been recognized by Chartis Research among the top 100 risk management firms in the world. The company’s revolutionary fintech, regtech, and sustainability solutions help enterprises optimize their core GRC processes, enabling them to enhance their positioning and go-to-market capabilities. The company’s flagship product, rt360-EWS, annually tracks over USD 250 billion of assets and potentially recovers around USD 2.5 billion every year, which otherwise would have become either NPAs or bad loans. BCT Digital has also pioneered ESG monitoring driven by the need to focus on climate change concerns across the globe, aiming to mitigate risks, leverage technology for accurate insights, and catalyze ESG adoption in BFSI and beyond.

BCT Digital’s products harness newer technologies such as AI, predictive analytics, and big data, offering holistic insights and predictability in risk management. The products are tailored to address both the niche challenges particular to the Indian context and geo-specific regulatory compliance. Therefore, the product suite has found acceptance in the global marketplace, specifically across the USA and the Middle East.

FPT akaBot has gained recognition worldwide for its ability to streamline business operations, boost productivity, and deliver significant cost savings. In 2023, the Vietnamese RPA solution achieved 3,900 customers, with over 10,000 bots working as “virtual assistants” in 21 countries. Our partner is also recognized through prestigious global reports such as Gartner Voice of Customer and RPA Peak Matrix by Everest Group.

Business

Subra Shankhar Joins TradeFlow Capital Management as Senior Advisor

Jun 10, 2024 by Sujata Muguda 0 Comments #Africa Trade Partnerships and Digital Ecosystem Development, #Dr. Tom James, #Fintech, #Singapore, #Subra Shankhar, #Subra Shankhar joining us as Senior Advisor, #TradeFlow Capital Management

SINGAPORE, June 10, 2024 — TradeFlow Capital Management (TradeFlow) is pleased to announce the expansion of our team with Subra Shankhar joining us as Senior Advisor, Africa Trade Partnerships and Digital Ecosystem Development.

TradeFlow-Tagline-Logo
 

Subra’s expertise in trade finance, digital trade ecosystem development, FinTech and stakeholder engagement will be invaluable as TradeFlow continues to grow our presence and impact across the African continent.

In this role, Subra will have a dual focus on:

1. Building strategic commercial partnerships across Africa to strengthen the digital and general trade ecosystem, as well as the financing capabilities of our Trade Flow funds.

2. Engaging with diverse stakeholders in the African trade landscape to drive the coordination and execution of initiatives that support import/export and inventory storage transactions.

Subra will also provide strategic recommendations to senior management on matters impacting our global Ecosystem.

Subra has over 30 years of success building and running businesses in the tech industry. He has grown in the past decade as a respected voice in digitisation of trade. As founder and principal of TOTTA, he is driven by his core belief in digitization, with a focus on securing finances and making trades happen in reality.

Dr. Tom James, CEO of TradeFlow stated: “TradeFlow has been active in Africa since 2018 and I am very excited to welcome Subra aboard to help execute our plans to scale up our activity across the African continent. TradeFlow is now in its 7th year of strong and stable growth and Subra’s expertise will no doubt help us further our Digital Trade capability and overall trade capacity.”

Added John Collis, CRO of TradeFlow: “Tradeflow is helping more and more SMEs and local communities across Africa through our TradeFlow Funds. With Subra joining us, we shall be able to scale up our Funds to effect greater positive impact across Africa.”

Business

Zaggle and EaseMyTrip forge strategic partnership to revolutionize travel and expense management solutions

Feb 29, 2024 by Sujata Muguda 0 Comments #Avinash Godkhindi, #EaseMyTrip, #Fintech, #Mr. Rikant Pittie, #Mumbai, #Zaggle

Mumbai, February 29, 2024: Zaggle Prepaid Ocean Services Limited, a SaaS FinTech player that provides spend management products and solutions to corporates, has announced a strategic partnership with India’s second largest OTA platform, EaseMyTrip to deliver integrated travel and expense management solutions.

Over 2800 Corporate clients of Zaggle will now get seamless access to the Zaggle EMS platform that provides end-to-end travel and expense management that includes right from booking flights, hotels, and other travel arrangements to managing the expense process incurred during the travel.

By integrating travel booking functionality with expense reporting capabilities, the partnership offers streamlined workflow, ensures compliance with corporate policies, and provides real-time visibility into travel expenditure. There is a strong connection between corporate travel and the demand for robust expense management solutions because corporate travel is driving demand with increased travel volume, focus on cost control, improved traveller experience with modern expense management solutions offering user-friendly interfaces, mobile apps, and automated processes, streamlining expense reporting, and improving the overall travel experience for employees.

Expense management solutions are also enabling travel with policy compliance, centralized visibility, efficiency and automation and data-driven insights. T&E integration allows seamless data transfer between booking platforms and expense management systems, further streamlining the process. Corporate travel is driving the adoption of expense management solutions and EMS in turn, enable companies to manage travel expenses effectively, optimize travel programs, and improve their bottom line.

As per industry estimates the total expenditure made by Indian travellers will hit $410 billion by 2030 making India the fourth largest global spender. This is a massive 173 per cent rise compared to pre-Covid period (2019). Therefore, Zaggle is strategically positioned to capitalize on this burgeoning market. This partnership with EaseMyTrip highlights the company’s commitment to expanding its footprint in the travel and expense management sector.

This collaboration also marks Zaggle’s second major business partnership in the travel domain. The company intends to further strengthen its position by forging alliances with more travel management companies (TMC) in the near future.

Avinash Godkhindi, MD & CEO of Zaggle, said, “Our partnership with EaseMyTrip underscores our commitment to empowering businesses with cutting-edge solutions that simplify complex processes. By combining our expertise in payment technology with EaseMyTrip’s extensive network on travel, we are poised to deliver unparalleled value to our customers.”

Sharing his thoughts on the partnership, Mr. Rikant Pittie, Co-Founder of EaseMyTrip stated; “We’re excited about our strategic partnership with Zaggle, a leading SaaS FinTech player. By integrating travel booking with expense reporting, we offer a streamlined workflow, policy compliance, and real-time visibility into travel expenditure. In the rapidly evolving travel industry, this partnership underscores our commitment to innovation and delivering unmatched value to our users.’’

This integrated T&E solution offers several advantages for businesses, including reduced errors, increased savings, and enhanced traveller experience. As India’s travel industry continues to evolve, Zaggle remains committed to launch innovative solutions that empower businesses to thrive in an increasingly dynamic marketplace.

Business

6 Ways Big Data in Fintech is Creating a Better Customer Experience

Dec 24, 2021 by Gouri Achary 0 Comments #Angel One Ltd, #Fintech, #future market trends, #Narayan Gangadhar

By – Mr. Narayan Gangadhar, CEO, Angel One Ltd

In an ever-evolving digital world, industries across all domains are stepping up to enhance their customers’ experience. It is especially true in the financial service industry, where everything from banking, payments, trading to wealth management has gone online. Increasingly, more fintech platforms are using data analytics to understand consumer behaviour and market trends with advancements in technology. It helps them improve their services and products, thereby meeting customer demands better.

Increasing use of smartphones and internet penetration creates heaps of data every day. It consists of structured and unstructured data, also known as a data lake or big data. Leveraging this, the fintech industry gains data-driven insights that help them make strategic decisions for enhanced customer experience. A report by Mckinsey states that data-driven organizations are 23 times more likely to retain customers and are 19 times more likely to bear profits.

Let’s dive deeper to understand 6 major ways in which big data analytics improves customer experience.

Enhanced view of customer profiling

Knowing the customer segment well is the first step in ensuring customer satisfaction. This is where big data analytics steps in. Fintech players can utilize big data to understand their customers’ wants and needs by creating customized consumer profiles. Details like demographics, risk perception, employment type, financial status, behavioural patterns, etc., can be considered while creating segments. As a result, it helps the fintech segment and customizes its offerings and services according to specific customer demands.

Better risk assessment

One of the biggest factors while participating in the fintech industry is managing risks. Using big data analytics helps in combining data from multiple sources and determining the potential risk factors. The risk assessment analysis further helps the fintech devise strategic plans to rule out the risk related to certain situations or market trends. Meanwhile, big data also minimizes the threat posed by unethical hacking practices by facilitating time-to-time risk assessment.

Improved security

Fraud is an oddly common problem in the financial services segment, be it online or offline. To rule this out, big data analytics can help the fintech industry develop a fraud detection system. By keeping a complete record of data, including location, history, device, transactional pattern, data analytics can raise a red flag in case of unusual activity. This helps in developing a customer-friendly secularized fintech ecosystem.

Along with this, big data analytics also facilitates risk assessment to ensure improved security. For instance, a credit risk management analysis combines the data from multiple sources to ascertain a CIBIL score that takes an individual’s credentials and financial behaviour into account. An accurate analysis of the data helps the fintech organizations determine whether the applicant will be able to repay the loan. This helps in assuring financial certainty while ruling out any bad lending decisions.

Forecasting future market trends

By gaining a deeper understanding of the past and present trends, users can even get a glimpse and form predictions about the surge or dip in the market. It helps the investors and traders make well-informed trading decisions, thereby improving their experience. Besides this, predictive analytics help streamline fintech operations like optimizing cash flow, offering competitive rates, etc., for improved customer retention.

Personalized assistance with chatbots

By employing AI and machine learning, fintech platforms can sieve through massive amounts of data to assist traders or investors. Some fintech platforms are also coming up with Robo-advisors to assist new-age investors in making well-informed decisions with the help of data analytics. Moreover, the fintech industry can also devise data analytics and forecasts to customize or suggest products as per a customer’s past financial behaviour.

Ensures friction-less multi-channel experience

While adopting fintech solutions, a lot of customers interact with multiple channels to avail financial services. Data analytics helps assess user patterns, time spent on the platform, consumer preferences, etc. As a result, fintech platforms can alter their offerings for personalized customer experiences. Besides this, with real-time data, fintech platforms can determine if customers face any problems or hindrances while using a particular feature, service, or user interface. This will help them devise an enhanced UX for a seamless customer experience.

Final Note

Data analytics has become the key enabler for rapid growth in the fintech industry. Stemming from the real-time insights with big data, industries can enhance their services while improving the customer experience.

Business World

Fintech platforms transforming SME Lending in ecommerce space

Oct 27, 2020 by Gouri Achary 0 Comments #Capital Float, #Fintech, #FlexiLoans, #Indifi Technologies, #Lendingkart

Access to traditional funding is still a challenge for many SMEs. In 2018, loan approvals from big banks were the highest they’ve been in 7 years. But, at 25.9%, that’s not especially high. It means big banks still decline by 74.1% of applications. As it happens, this massive gap is big banks’ loss and fintech’s gain. By combining financial know-how with technology, fintech is reshaping SME lending, approving loans to more businesses more quickly, and giving more SMEs access to the funds they need to expand.

At a time when retailers are facing a liquidity crunch and struggling to operate due to frequent lockdowns, here comes the Fintechs platforms that are transforming SME lending in the E-commerce space and helping them in maintaining working capital.

Indifi Technologies: Indifi Technologies is a Gurgaon-based NBFC licensed for a debt-financing platform for small businesses. With credit underwriting, technology and partners being the strong pillars, they have launched new products- early and weekend settlement to ensure timely credit to the merchants in the e-commerce sector especially in the festive season. To improve the cashflows of merchants during the crisis.

It aims to substantially improve the experience for borrowers regarding credit access as well as speed and convenience of the loan process. Driven by the idea of expanding access to MSME financing in India, Indifi has emerged as an enabler for start-ups and small businesses seeking seamless access to funding. Indifi expands the envelope of formal lending by designing the right-fit credit products for MSMEs, improving the standard of risk assessment, and leveraging the supply chain linkages of MSMEs.

Lendingkart: LENDINGKART Technologies is a fin-tech startup in the working capital space. The company has developed technology tools based on big data analysis which facilitates lenders to evaluate borrower’s creditworthiness and provides other related services. The company aims to transform small business lending by making it convenient for SMEs to access credit easily. The company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses across different sectors including e-commerce rapidly and accurately.

Flexiloans: FlexiLoans is an online lending platform started with an endeavour to solve the problem that SMEs face in accessing Quick, Flexible & Adequate funds for growing their Businesses. Over 80% of Loan proposals from SMEs currently are rejected by institutional channels on account of inadequate financial history or collaterals. The platform wishes to make the ‘social & alternative scoring of SMEs & Individuals a big opportunity for the economy that will far out place the limited insights that the financial bureau provides. Their technology-powered online marketplace is the best model to meet the financial requirements of SME’s in the e-commerce sector, who do not have credit history & hence cannot avail loans from traditional banking channels.

Capital Float: Capital Float is the leading Fintech lender to digital India. From financing the dynamic growth of the SMEs to offering innovative point-of-sale financing for consumers, we are leading the charge in addressing the country’s enormous credit problem. They offer flexible, short-term loans that can be used to purchase inventory, service new orders or optimize cash cycles. Borrowers can apply online in minutes, select desired repayment terms, and receive funds in their bank accounts in 3 days with minimal hassle.

Business World

Fintech platforms helping SME’s to stock up easily this festive season.

Oct 14, 2020 by Gouri Achary 0 Comments #festive season, #Fintech, #SME

It is that time of the year again! The festive season from October-January has been talismanic for the Indian economy. Cash flow is always the biggest challenge faced by the SME and MSME sector, especially during the festive season. As sales increases, more and more inventory needs to be financed. Thus time-sensitive working capital needs have to be assessed across inventory, payables and receivables. However, given the effects of economic slowdown reaching even small businesses, finding the funds to stock up is a challenge.

Fortunately, they have the divine, rather digital weapon of fintech by their side.

Hereby enclosing fintech platforms, helping small businesses to stock up easily this festive season:

1. Indifi Technologies: Indifi Technologies is a Gurgaon-based NBFC licensed for debt-financing platform for small businesses. With credit underwriting, technology and partners being the strong pillars, they have launched new products- early and weekend settlement to ensure timely credit to the merchants especially in the festive season. It aims to substantially improve the experience for borrowers regarding credit access as well as speed and convenience of the loan process. Driven by the idea of expanding access to MSME financing in India, Indifi has emerged as an enabler for start-ups and small businesses seeking seamless access to funding. Indifi expands the envelope of formal lending by designing the right-fit credit products for MSMEs, improving the standard of risk assessment, and leveraging the supply chain linkages of MSMEs.

2. LendingKart: LENDINGKART Technologies Private Limited is a fin-tech startup in the working capital space. The Company has developed technology tools based on big data analysis which facilitates lenders to evaluate borrower’s creditworthiness and provides other related services. The Company aims to transform small business lending by making it convenient for SMEs to access credit easily. The Company uses technology and analytics tools, analyzing thousands of data points from various data sources to assess the creditworthiness of small businesses rapidly and accurately.

3. Flexiloans: FlexiLoans is an online lending platform started with an endeavour to solve the problem that SMEs face in accessing Quick, Flexible & Adequate funds for growing their Businesses. Over 80% of Loan proposals from SMEs currently are rejected by institutional channels on account of inadequate financial history or collaterals. The platform wish to make the ‘social & alternative scoring of SMEs & Individuals a big opportunity for the economy that will far out place the limited insights that financial bureau provide. Their technology-powered online marketplace is the best model to meet the financial requirements of SME’s who do not have credit history & hence cannot avail loans from traditional banking channels.

4. Capital Float: Capital Float is the leading Fintech lender to digital India. From financing the dynamic growth of the SMEs to offering innovative point-of-sale financing for consumers, we are leading the charge in addressing the country’s enormous credit problem. They offer flexible, short-term loans that can be used to purchase inventory, service new orders or optimize cash cycles. Borrowers can apply online in minutes, select desired repayment terms and receive funds in their bank accounts in 3 days with minimal hassle.