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:
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
Use-caseAward 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
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
Free of Charge Program
Awards *
Access to Regulators Innovation Sandboxes **
Use-case based POC trials/Pilots and Open API Access**
Mentoring/Training
Enterprise Readiness Prepartion
Credits/Discounts/Special Offerings*
Fund-raising Support *
Demo-day Pitch *
GIFT City Set-up
*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
DeadlineCohort
Selection &
AnnouncementOct 17, 2022
Oct 19, 2022 - Feb 19, 2023
Acceleration
SessionsFinale(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.