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

Economic Times · 10m

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.