Swiss National bank delegates visit
Yesterday, we welcomed a delegation of 10 dignitaries from the Swiss National Bank led by their President Dr. Thomas Jordan along with the Honourable Ambassador of Switzerland Dr. Ralf Heckner to Zone Startups India.
They wanted to know more about Zone and our efforts in fostering innovation and entrepreneurship in FinTech / RegTech domain in India. After a brief introduction to Zone by our MD Mr. Hemant Gupta, they spent time with 3 of our startups - Signzy, Nerve Solutions and Deepcytes.
Although we are sector agnostic incubator, being a part of the BSE family, FinTech and RegTech has always been in our DNA. Since our inception we have had the good fortune of having several marquee fintech startups like Citrus Pay, FlexiLoans, Firmway and Fingpay and the list goes on.
Further, Mr. Gupta briefed them on the latest accelerator being launched by Zone partly sponsored by the Department of Science and Technology, Government of India under the NIDHI Accelerator 2021 Scheme. This program is India's first RegTech accelerator program being conducted in partnership with GIFT City and regulators such as RBI, IFSCA and some key BFSI corporates/businesses. The program will provide startups access to sandboxes/open API’s, opportunity for POC trials or pilots and a host of other benefits.
Details of the startups that presented before the delegation is as follows –
Signzy is a fintech startup which offers a platform for simplifying the KYC process for financial institutions. The startup completes the background checks on customers, detects fraud, mitigates risks, and provides contract management systems. As a leading digital banking infrastructure provider, Signzy offers an artificial intelligence (AI) based automated backend decision-making processes for speedier and seamless onboarding of customers and businesses by global FIs.
Signzy’s proprietary tech platform (utilizes AI, cryptography and algorithmic risk intelligence) simplifies the KYC process, runs background checks on customers, detects fraud, mitigates risks, provides contract management systems, and most importantly, decreases operational expenditure by 75 percent. It also brings down customer dropouts by 66 percent and increases productivity by three times, as per details provided by the company.
2. Nerve Solutions
Nerve Solutions specializes in real time risk management and automated trading products for financial markets. It provides developer tools and APIs covering automated trading, data management apart from risk and surveillance allowing stock brokers to offer tech enabled products to their end clients.
They address the real time risk management and surveillance requirement in capital markets by allowing market participants to identify and quantify risk and anomalies in live markets and take autonomous corrective actions at sub-second speeds. Their marquee product, n.Prime, solves these problems via its proprietary algorithms for risk and surveillance. It uses a combination of market data, neural networks and algorithmic trading to allow firms to identify, quantify and predict risk on the fly letting them react to these risks at sub-second speeds. Also, it's an independent system requiring no integration with existing trading infra of the firm. It creates an information fabric across the organization using live data from distributed servers, locations, etc. making the process of identification and quantification of risk, and the follow-on process of decision making transparent, bringing together all key stake holders across the firm.
Deepcytes is a cyber intelligence company focusing on security orchestration to combat cyber bullying , ransomwares , and dark web breaches through cutting edge investigations, training and forensics.
With that goal, they are establishing the new standard in Cyber tradecraft by harnessing cyber based intelligence from interaction with the law enforcement , military forces , corporate entities and policy makers and contributing through our niche RnD initiatives to combat cyber crimes. In addition to that we are successful in setting a national level helpline with the zeal of cyber conditioning a populace of 1.3 Billion masses in India and on broader landscape, the global audience with various menaces caused due to cybercrimes and the ways to combat them.
After these presentations, several areas of collaboration, including providing business and funding opportunities to Zone family of startups and exploring institutional collaboration between SNB and ZSI were discussed.
"We were delighted to host the entire delegation and look forward to exploring how we can work together to help startups thrive and explore new markets.” said Hemant Gupta Managing Director, BIL-Ryerson Technology Startup Incubator Foundation
About Swiss National Bank :
Swiss National Bank was established in 1907 and it has had a strong impact on economic policy in Switzerland. The Swiss National Bank conducts the country's monetary policy as an independent central bank. It is obliged by the Constitution and by statute to act in accordance with the interests of the country as a whole. Its primary goal is to ensure price stability, while taking due account of economic developments. In so doing, it creates an appropriate environment for economic growth.
About Zone Startups India (ZSI) :
Zone Startups India (ZSI) is a part of BRTSIF, a not-for-proﬁt foundation set up as a joint venture between BSE Institute Ltd., Mumbai, Ryerson University, Toronto and Simon Fraser University, Vancouver. Our mandate is to promote startups and support the Government of India’s vision for entrepreneurship development and a culture of innovation.
While the Government on its part is seeking to make policies and access to finances easier, in order to enable Indian startups grow and scale, there is a need to have more supporting infrastructure in the form of startup incubators. ZSI has been providing that support ecosystem since 2013. We have supported more than 600 startups in the last 9 years.