The BFSI Regulatory landscape in India is complex and has traditionally been very manually intensive, though adoption of automation has just begun. Zone Startups India’s (ZSI’s) RegTech Accelerator Program is India’s first Regulatory and Supervisory Technology (RegTech) program focused on solving the challenges for the Indian BFSI industry.

Conceptualised and executed by Zone Startups India, it is being conducted in association with Gujarat International Financial Tec-City (GIFT City), Gandhinagar, India and is supported by NSTEDB, Department of Science and Technology, Government of India. Program partners include BFSI regulators as well as leading institutions from the Banking, Capital Markets and Technology domains.

The driving force behind the program is to deliver solutions developed by fintechs, technology startups and software ventures which accelerate the digitalization process/workflow automation in order to reduce the cost and increase the effectiveness of reporting and compliance as well as enhance systems security. By adopting cutting-edge technology solutions to monitor, analyse, mitigate and prevent various kinds of risks plaguing the BFSI industry as well improve its operational efficiencies, these ventures have an inherent ability to provide enterprise ready solutions.

Program partners have provided use cases for which POC trials or pilots will be awarded by them. The selected participants will also get access to the innovation sandboxes/open API’s as offered by specific partners. The program is based on needs expressed by the Indian BFSI industry and aims to provide solutions for the industry.

It is a privilege to have the esteemed Reserve Bank of India and International Financial Services Centres Authority, India as regulator partners.

Program Objectives

  • Curate a cohort of fintechs, technology startups and software ventures providing technology driven solutions to the RegTech challenges and uses-cases from the Indian BFSI industry.
  • Provide the cohort access to world-class domain mentorship and a supporting infrastructure comprising innovation sandboxes/open API's as well as opportunity to win awards and POC trials or pilots.
  • Provide a platform for BFSI regulators, corporates, technology ventures and the innovation ecosystem to interact and work collaboratively to discover solutions to RegTech problems
  • Be a showcase program as a precursor to setting-up of the Global Fintech Hub at GIFT City, Gandhinagar, India

RegTech Themes

The program encompasses both regulatory and supervisory themes for the BFSI industry. These themes include, but are not restricted to, the following:

Regulatory Reporting

Solutions for automated reporting preferably real-time using latest technology applications; Solutions enabling supervisory and regulatory convergence.

Realtime and continuous monitoring, tracking and updation of regulations; Solutions for Machine Readable and Enforceable Regulations; Policy and Procedure Management; Solutions for workflow automation and contract management

ICT, Data and Cyber Security solutions; Data Privacy and Governance; Data Localisation and Identity as well as Digital Assest Management/Control solutions.

Real-time surveillance and reporting as well as audit and regulatory compliance solutions.

KYC and Continuous customer due-diligence, AML and fraud screening as well as detection solutions; Redressal of Disputes and Complaints (ODR, etc.); Predictive models using Data Analytics and other Data Science applications.

Note: The above is an indicative list. These broadly defined RegTech themes will provide an opportunity to a wide range of ventures to participate and benefit from the program.

Underlying Technology Focus

Artificial Intelligence, Machine Learning, Data Science, Big Data Mining, Data Analytics and Governance, Blockchain and Distributed Ledger Technologies, Cloud Computing, Robotics Process Automation, Internet Of Things, Robotics, Augmented/Virtual Reality, Virtualisation and Low/No Code Solutions.

Note: While the above technology areas are the focus, solutions built on other technologies would be welcome

Use-case based award of POC trials/Pilots

Our Program Partners have identified the following use-case and problem description within the RegTech Themes where there is a need for an immediate solution.

Use-Case

Partner

YES Bank

Anti-Money Laundering (AML) Monitoring of Nodal/Settlement Accounts (elated to e2e transaction, payment gateways, intermediaries, etc. for individuals and entities)

Use-Case

Partner

YES Bank

Automation of Regulatory Reporting with applicability across multiple areas such as AML, KYC, ESG, Information Security etc.

Use-Case

Partner

BCT Digital

Real Time Transaction Monitoring (credit fraud detection/credit monitoring/credit risk & payment transactions)

Use-Case

Partner

BCT Digital

Data Capture and Intelligent Workflows (applicability across incident management, risk assessment, audit and compliance management)

Use-Case

Partner

BCT Digital

Environment Scanning of Third/Fourth parties (third party risk management/early warning system enhancement)

Use-Case

Partner

BSE & India INX

AI and ML based Audit Report Analysis (inspection/IT/ISMS/regulatory)

Use-Case

Partner

BSE & India INX

AI and ML based Data and Transaction Surveillance

Use-Case

Partner

India INX

Continuous Due-diligence of Domestic/Foreign Entities Related to Regulatory Compliance and Financial Viability

Use-Case

Partner

India INX

Digital Bonds (Asset Digitisation or Tokenisation)

Download detailed Description of Use-Case

Award of POC trials and pilots will be given by the specific partner in case there is a fitting and a relevant solution as per their evaluation.

Program Architecture
Cohort Size 15 ventures from India and upto 3 ventures from outside India. Eligibility

Business Type - Fintechs or technology startups or software/IT/IT-enabled ventures which are enterprise ready and offering solutions in the regulatory and supervisory technology domain related to the BFSI industry

Stage - Growth Stage ventures having market validated product/solution and paying enterprise customers

Entity Type

  • From India – Incorporated/Registered in India preferably as a private/public limited company or a limited liability partnership
  • From Outside India – Incorporated/Registered in countries which are a part of FATF (Financial Action Task Force) compliant jurisdictions. Program will be open to selecting upto 3 such growth stage ventures from outside India (over and above the cohort size of 15 from India).

Special Mention and Offer

Exceptional and highly innovative Prototype / POC / MVP stage technology ventures (Incorporated/Registered in India) working with cutting-edge technologies in the regulatory and supervisory technology domain related to the BFSI industry and with available financial support for product/solution development may also apply.

The program will be open to selecting upto 3 such early-stage ventures (within the cohort size of 15 from India).
Please note that idea stage ventures will not be eligible.

Selection Process - Three Rounds of Evaluation

Screening for completeness, eligibility, relevance and other compliances

Evaluation by program partners and industry/domain experts

Virtual pitch evaluation by an eminent jury

Sessions and Events

Virtual training / mentoring / coaching / workshop sessions These will be one-to-many and one-to-one sessions covering:
• RegTech Domain • Key Business Functions • Presentation and Pitching • Infosec, Legal & Transaction Readiness

Virtual access to Innovation sandboxes and open APIs as provided by partners

Program Finale (Physical Demo-Day Event) at BSE Ltd, Mumbai. Please note this may have to be organised virtually in case the situation demands.

Key Benefits & Take-Aways

*Please note that cohort members from outside India will not be pitching for cash awards/prizes on the demo-day as the benefit is only for those from India. Credits/discounts/special offerings from Business Support Solution Partners and Fund-raising Support may also not be available.

**Please note that some of the benefits, such as POC trials/Pilots, access to the innovation sandboxes/open API's, specific programs/events, etc. as provided by the partners will be as per the terms & conditions of the respective partners and their assessment.

Program Timelines

Sep 27, 2022

Application Deadline
Cohort Selection & Announcement

Oct 17, 2022

Oct 19, 2022 - Feb 19, 2023

Acceleration Sessions
Finale
(Demo-day)

To be announced

Partners
The Program is Under the guidance of Indian Banking and Financial Services Regulators

reserve bank of india (RBI)

International financial services centres authority, india (IFSCA)

Program Partners

Knowledge Partner

Program Rules and Guidelines

The rules and guidelines along with the program structure and timelines mentioned in the document will be applicable to all the applicants/participants. Applicants must read the Program Terms & Conditions as well as the Program Brochure. Submission of the application will be a confirmation that the applicant has understood and accepted the Program Terms & Conditions as well as the rules and guidelines and confirms to abide by them. There may be additional terms and conditions related to the program as provided by the host, organisers and/or partners which will also need to be abided by the applicant/participant in letter and spirit.

The host/organisers retains the right to disqualify any applicant from the program if the rules are not observed or if the applicant does not maintain proper standard of conduct in the professional spirit of the program.

*Please note that the decision of the host/organisers with any aspect of the program will be final and not subject to review.

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