Signzy Named Winner of IFSCA’s BankTech Hackathon for Its Unified KYC Solution

SBNRI Technologies and EdgeVerse Systems also named as co-winners

The International Financial Services Centres Authority (IFSCA) has named Signzy one of winners of its ‘Sprint01: BankTech’ Hackathon. Signzy secured the top rank for its Unified KYC Solution. The hackathon was open to all eligible FinTechs from across the globe and was one of its kind, being backed by a Financial Sector Regulator. 

The other two winners of the Hackathon are SBNRI Technologies Private Limited, and EdgeVerve Systems Limited, who won for Retail Banking Products at IFSC and Buyers Credit Optimization respectively. Signzy and others were granted a prize money totaling ₹24 Lakh. 

All three winners will be allowed a direct entry into the applicable IFSCA Regulatory or Innovation Sandbox. They will further receive Regulatory guidance and handholding. After a successful exit from the respective Sandbox, they will get an opportunity to set up business at GIFT IFSC. 

Commenting on the win, Ankit Ratan, co-founder of Signzy said, “We are honoured to receive this recognition from IFSCA for our Unified KYC solution, and this win is dedicated to the larger Signzy team that has worked hard to create one of the best digital KYC and customer onboarding platforms anywhere in the world. We are equally excited to participate in the IFSCA Regulatory and Innovation Sandbox, as we look forward to new opportunities to make a meaningful difference to the growth and evolution of the global fintech industry."

"Sprint01: BankTech'" under the banner of I-Sprint’21 was launched with a focus on Banking Sector and was hosted by IFSCA and GIFT City in collaboration with NITI Aayog. The Partners to the Hackathon were ICICI Bank, HSBC Bank, International Centre for Entrepreneurship and Technology (iCreate), Zone Startups, and Invest-India. 

The global FinTech Hackathon is part of InFinity Forum 2021. InFinity Forum is IFSCA’s flagship financial technology event, uniting the world’s leading minds in policy, business and technology to explore and advance the biggest ideas in FinTech and to develop those ideas into global solutions and opportunities.

Signzy has won many awards in the recent past for its technology innovation, some of them being IAMAI’s Most Innovative Fintech Data Solution Provider Award, ASSOCHAM’s ICT Startup Awards, Technoviti Award 2020 for Video KYC, and many more. In the past, Signzy has also won awards from regulatory bodies like RBI and MAS Singapore.

About Signzy

Signzy is a market-leading platform that is redefining the speed, accuracy, and experience of how financial institutions are onboarding customers and businesses - using the digital medium. The company’s award-winning no-code GO platform delivers seamless, end-to-end, and multi-channel onboarding journeys while offering totally customizable workflows. It gives these players access to an aggregated marketplace of 240+ bespoke APIs that can be easily added to any workflow with simple widgets.

Signzy is enabling 10 million+ end customer and business onboardings every month at a success rate of 99% while reducing the speed to market from 6 months to 3-4 weeks. It works with over 240+ FIs globally including the 4 largest banks in India, a Top 3 acquiring Bank in the US, and has a strong global partnership with Mastercard and Microsoft. The company’s product team is based out of Bengaluru and it has a strong presence in Mumbai, New York, and Dubai. For more information, please visit https://signzy.com

Here're 6 Winning InsurTech Startups of IFSCA's Global FinTech Hackathon

Six applicants (4 domestic and 2 overseas) are declared winners of the InsureTechs Hackathon, post multiple round of their assessments by IFSCA (International Financial Services Centres Authority), which is India’s unified regulator for international financial services with a mandate to develop and promote India as a global financial hub.

Government of India -established IFSCA has its flagship global FinTech event called InFinity Forum  and as part of this it launched I-Sprint’21, the global FinTech Hackathon.

With a focus on Insurance Sector, IFSCA launched "Sprint03:InsureTech" under I-Sprint'21, which was hosted by IFSCA and Gujarat's GIFT city in collaboration with FICCI. This Hackathon was open to all eligible FinTechs from across the globe and was one of its kind being backed by a financial sector Regulator.

Below are the winning InsurTech startups of Sprint03:InsureTech Global Hackathon -

1. Riskcovry InsureTech

MUMBAI

Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.

Founded in 2018, Riskcovry is AI-powered Platform as a Service (PaaS) startup building a 'financial infrastructure' stack for insurance distribution in India. As an "Insurance-in-a-Box"​ for any company, Riskcovry enables any insurance product from any insurer across any customer engagement channel. 

2. Livwell Asia

SINGAPORE

Solving Problem Statement - Digital Innovation for Global Health Insurance Cover.

Founded in 2019, LivWell is a Blockchain-based startup offering membership programme that prompts the member to MOVE by simply walking and EARN rewards in form of LivWell coins for the steps they take and calories they BURN.

3. GOQii Technologies

Solving Problem Statement - Digital Innovation for Global Health Insurance Cover

Kown for fitness wearable devices, GOQii integrated its wearable devices with insurance packages. 

4. Onsurity Technologies 

Bengaluru

Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.

Founded in 2020, Onsurity claims to be India's only healthtech company providing monthly, comprehensive employee healthcare to SMEs, MSMEs, Startups and growing businesses. Its comprehensive, monthly-based plans include benefits like group health insurance, discounts on medicine orders and health check-ups, fitness rewards, doctor teleconsultation,

5. ZignSec AB 

SWEDEN

Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products.

ZignSec is a RegTech (regulatory technology) company with the aim to automate the process for companies to identify their customers digitally in real-time. It offers a cloud based verification services enabling its customers to in real-time identify their users to comply with KYC.

6. Signzy Technologies

MUMBAI

Solving Problem Statement - Development of technologies for increasing penetration, better underwriting, claims management of life/health products. Read More Here.

Signzy is a leading provider of AI-based digitalization and automation solutions to the BFSI industry and counts globally leading banks and NBFCs as its clients. As one of the leading bank workflow automation players, The company helps more than 200 institutions make their digital regulatory processes simple, secure and compliant.

Theese winners will be allowed direct entry into the applicable IFSCA Regulatory/Innovation Sandbox. They will receive Regulatory guidance and handholding. After successful exit from the respective Sandbox, they shall get an opportunity to set up business at GIFT IFSC.

IFSCA Declares Signzy Among Six Winners of its Global FinTech Hackathon

 One-of-its-kind, regulator-backed hackathon was open to all eligible FinTech companies from across the globe

International Financial Services Centres Authority (IFSCA) has declared Signzy as one of the winners of ‘Sprint03:InsureTech’, its InsureTech Hackathon under I-Sprint’21, the global FinTech Hackathon. The Sprint03:InsureTech Hackathon was open to all eligible FinTech companies around the world and was one-of-its-kind, being backed by a financial sector regulator. 

Signzy was named as winner for ‘development of technologies for increasing penetration, better underwriting, or claims management of life or health products’. All winners will be allowed a direct entry into the applicable IFSCA Regulatory or Innovation Sandbox. They will further receive Regulatory guidance and handholding. After successful exit from the respective Sandbox, they will get an opportunity to set up business at GIFT IFSC.

Commenting on the win, Ankit Ratan, co-founder of Signzy said, “ Winning this global Hackathon has further burnished Signzy’s credentials for world-class innovation in the insuretech and fintech space. Going forward, we are equally excited to participate in the IFSCA Regulatory/Innovation Sandbox, as we look forward to new opportunities to make a meaningful difference to the growth and evolution of the global finTech industry.”

The ‘Sprint03:InsureTech’ under the banner of I-Sprint’21 was hosted by IFSCA and GIFT city in collaboration with FICCI. ICICI Lombard, Max Life, iCreate, India Insure-Tech Association and Invest-India were the partners to the Hackathon.

I-Sprint’21, the global FinTech Hackathon was launched as part of InFinity Forum 2021, IFSCA's flagship financial technology event, which unites the world’s leading minds in policy, business, and technology to explore and advance the biggest ideas in FinTech, and to develop those ideas into global solutions and opportunities.

Signzy has won many awards in the recent past for its technology innovation, some of them being IAMAI’s Most Innovative Fintech Data Solution Provider Award, ASSOCHAM’s ICT Startup Awards, Techoviti Award 2020 for Video KYC, and many more. In the past, Signzy has also won awards from regulatory bodies like RBI and MAS Singapore.

For Innovation in FinTech, Gujarat-based IFSCA Introduces Framework for Regulatory Sandbox

The International Financial Services Centres Authority (IFSCA), with an objective to develop a world class FinTech hub at the IFSC located at GIFT City in Gandhinagar (Gujarat, India), endeavours to encourage the promotion of financial technologies (‘FinTech’) initiatives in financial products and financial services across the spectrum of banking, insurance, securities and fund management. 

It is to be noted that IFSCA is a statutory authority established by Government of India and it acts as a unified authority to regulate all financial services in International Financial Services Centres (IFSCs) in India. About IFSCs, it means that financial centres that cater to customers outside their own jurisdiction are referred to as international (IFCs) or offshore Financial Centers (OFCs). All these centres are ‘international’ in the sense that they deal with the flow of finance and financial products/services across borders.

As a step towards attaining this vision, IFSCA has introduced a framework for “Regulatory Sandbox”. Under this Sandbox framework, entities operating in the capital market, banking, insurance and financial services space shall be granted certain facilities and flexibilities to experiment with innovative FinTech solutions in a live environment with a limited set of real customers for a limited time frame. These features shall be fortified with necessary safeguards for investor protection and risk mitigation. The Regulatory Sandbox shall operate within the IFSC located at GIFT City.

All entities (regulated as well as unregulated) operating in the capital market, banking, insurance and pension sectors as well as individuals and startups from India and FATF compliant jurisdictions, shall be eligible for participation in the Regulatory Sandbox. Entities desirous of participating in the sandbox to showcase their innovative FinTech solutions, concepts and business models shall apply to IFSCA.

IFSCA shall assess the applications and extend suitable regulatory relaxations to commence limited purpose testing in the Sandbox. The details on the eligibility criteria, the application and approval process and other operational aspects of the Sandbox have been provided in the circular.

As an additional steps towards creating an innovation-centric ecosystem in the IFSC, IFSCA has proposed the creation of an “Innovation Sandbox”, which will be a testing environment where FinTech firms can test their solutions in isolation from the live market, based on market related data made available by the Market Infrastructure Institutions (MIIs) operating in the IFSC. The Innovation Sandbox will be managed and facilitated by the MIIs operating within the IFSC.

Further details on the framework for Regulatory Sandbox are available on the IFSCA website at the URL: https://ifsca.gov.in/Circular