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Digital KYC, blockchain-based credit solutions part of RBI’s fifth innovation sandbox

Economic Times

Economic Times · 1y ago

Digital KYC, blockchain-based credit solutions part of RBI’s fifth innovation sandbox

The Reserve Bank of India (RBI) has selected five proposals for its fifth sandbox cohort, focused on blockchain-based lending, asset management, and digital KYC. Fintech startups Signzy and Epifi will work on video KYC solutions for non-resident Indians looking to open bank accounts, aiming to streamline the process by eliminating physical documentation. Connectingdot Consultancy will develop a project to monitor credit accounts and predict loan defaults, while Finagg and the Indian Banks' Digital Infrastructure Company (IBDIC) will create blockchain-based lending solutions, with IBDIC also focusing on facilitating financing for small businesses in an enterprise's supply network.

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RBI releases enabling framework for regulatory sandbox to aid fintechs

Economic Times

Economic Times · 1y ago

RBI releases enabling framework for regulatory sandbox to aid fintechs

The Reserve Bank of India (RBI) has introduced a detailed framework for a 'regulatory sandbox' to provide fintech startups with a controlled environment to test their products before going to market. The sandbox will be supervised by the RBI's fintech department and aims to facilitate the development of low-cost financial products. The central bank has shown openness to innovation but excluded private cryptocurrencies. Startups can apply for themes like smart contracts, blockchain technologies, and digital payments. Graduating from the sandbox may require additional regulatory clearances. This is not the first sandbox initiative by the RBI.

Take KYC seriously: RBI’s clear message to fintechs

Economic Times

Economic Times · 1y ago

Take KYC seriously: RBI’s clear message to fintechs

The Reserve Bank of India (RBI) is urging fintech startups to adhere strictly to customer verification guidelines during client onboarding. The RBI has emphasized that there will be no compromise on stringent know your customer (KYC) requirements. The central bank is pushing for video KYC as the primary method for digital customer onboarding, with other processes such as offline Aadhaar validation and centralised KYC serving as ancillary checks. Moreover, the RBI is maintaining a strong stance on KYC for payment aggregators. This approach will result in increased operational costs for fintech startups but will also help to streamline the industry.

Alt DRX raises Rs 23 Cr from Qatar Development Bank, others

Entrackr

Entrackr · 2m ago

Alt DRX raises Rs 23 Cr from Qatar Development Bank, others

Alt DRX raises Rs 23 Cr from Qatar Development Bank, others Alt DRX, a Bengaluru-based startup working on tokenised digital real estate, has raised Rs 23 crore ($2.7 million) in a funding round from institutions including Qatar Development Bank, WeFounder Circle Angel Fund, and nX Capital. Individual investors such as commentator Harsha Bhogle, Mindtree founder Parthasarathy, and former KPMG India CEO Richard Rekhy also joined. The proceeds will be used for customer acquisition, improving its technology platform, and managing operational costs. Founded by Anand Narayanan, Alt DRX allows users to invest in residential real estate by purchasing tokenised units measured by square foot. Transactions are settled through an algorithmic pricing model and blockchain infrastructure. It operates on XRPL Ripple’s blockchain and maintains a custodial ledger for KYC-approved users. This structure supports digital ownership and transaction records. Alt DRX has also joined Qatar Financial Centre’s Digital Assets Lab and participates in IFSCA’s innovation sandbox at GIFT City. According to a report by BCG and Ripple, the tokenisation of real-world assets could reach $18 trillion by 2033, with real estate as one of the key segments. Alt DRX currently handles around 100,000 transactions per year.

Crypto exchange CoinDCX partners with The Sandbox

IndianStartupNews

IndianStartupNews · 1y ago

Crypto exchange CoinDCX partners with The Sandbox

Indian crypto exchange CoinDCX has partnered with blockchain gaming company The Sandbox to focus on BharatBox, a section within The Sandbox highlighting Indian artists and brands. The partnership aims to increase user engagement in the metaverse, provide educational resources, and foster creativity. Initiatives include educational content, interactive Q&A sessions, and developing new metaverse projects specifically for the Indian market. The partnership will educate and empower users about the potential of the metaverse and encourage innovation and creativity.

Explained: All About National Blockchain Tech Stack, Vishvasya

Inc42 · 10m ago

Explained: All About National Blockchain Tech Stack, Vishvasya

The tech stack mentioned is aimed at providing blockchain-as-a-service and includes a distributed infrastructure to support permissioned apps. MeitY has also introduced a blockchain sandbox called NBFLite, a National Blockchain Portal, and Praamaanik, a blockchain-based solution for mobile app verification. The next step for MeitY is to develop an extensible blockchain framework to tackle challenges like skilled workforce, vendor lock-in, and research requirements.

RBI’s stricter KYC rules may slow merchant onboarding 90%: experts

Economic Times

Economic Times · 1y ago

RBI’s stricter KYC rules may slow merchant onboarding 90%: experts

The Reserve Bank of India (RBI) has proposed stricter Know Your Customer (KYC) rules for payment aggregators, which may significantly slow down the onboarding of online merchants. Existing players will need to engage in re-KYC exercises for existing merchants, while new merchants will need to go through a bank-grade KYC process. Industry insiders estimate that this could lead to a 90% drop in merchant onboarding and increase operational costs for payment companies. The proposed rules also suggest physical verification of merchants' outlets and the cessation of direct settlement of funds from merchant escrow accounts to vendors. Small sellers may find the onboarding process demanding and may revert to alternate payment methods. Overall, the proposed rules could have a significant impact on the digital payment ecosystem in India.

IBM Signs MoU To Deploy AI Cluster At GIFT City

Inc42 · 1y ago

IBM Signs MoU To Deploy AI Cluster At GIFT City

IBM is set to launch an AI cluster in GIFT City, India, to drive innovation and collaboration in the financial industry. The cluster will utilize IBM's GenAI platform, watsonx, to provide financial institutions with support in areas such as proof of concept and access to AI Sandbox, AI literacy programs, and digital assistant solutions. In recent years, Indian GenAI startups have raised over $600 million in funding.

BNZ Green specializing in blockchain-based climate solutions raises $100K

IndianStartupNews

IndianStartupNews · 1y ago

BNZ Green specializing in blockchain-based climate solutions raises $100K

Mumbai-based startup BNZ Green has secured $100,000 in pre-seed funding from Climate Detox and angel investors for its blockchain-based climate solutions. The company's flagship product, BNZ X, aims to revolutionize the carbon credit market by leveraging blockchain for improved transparency and efficiency. BNZ Green's mission is to encourage individuals, projects, and organizations to reduce their carbon footprint and support the transition to a net-zero carbon economy. The funding will be used for platform development and marketing initiatives while enhancing BNZ X's capabilities in user experience, functionality, and scalability. The startup also aims to improve brand visibility through digital campaigns and strategic partnerships.

Decoding The Impact Of RBI’s Crackdown On Fintech Corporate Credit Cards

Inc42 · 1y ago

Decoding The Impact Of RBI’s Crackdown On Fintech Corporate Credit Cards

The Reserve Bank of India (RBI) has directed an unnamed card network, speculated to be Visa, to stop all card-based business payments made through payment intermediaries to entities that do not accept card payments. This action will affect fintech intermediaries and business payment service providers offering credit cards for corporate transactions. The RBI aims to increase transparency and prevent potential money laundering by ensuring compliance with regulations. However, concerns remain about the impact on fintech innovation and the entrepreneurial spirit of the industry.

Paradigm Leads $5.2 Million Seed Round in 3Jane for Unsecured USDC Loans Using zkTLS on Ethereum | DeepNewz VC

Business Bytes

Business Bytes · 1m ago

Paradigm Leads $5.2 Million Seed Round in 3Jane for Unsecured USDC Loans Using zkTLS on Ethereum | DeepNewz VC

Paradigm has led a $5.2 million seed round for 3jane, focusing on unsecured USDC loans using zkTLS technology. This innovation allows the extraction of offchain credit ratings, making onchain unsecured credit feasible. Many attempts have previously failed, but zkTLS serves as a breakthrough in enabling more secure and viable financial operations on the blockchain. The investment signifies a strong belief in the potential of combining traditional financial metrics with blockchain technology.

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