India FinTech Awards 2018: Here are your Top 20 fintech startups

The India FinTech Awards (IFTA) is a unique initiative by the India FinTech Forum (IFF) to recognize the best emerging FinTech innovations in the thriving Indian ecosystem. The award, in its third edition, provides a prestigious platform for FinTech firms to showcase their disruptive products, combine it with a sales pitch and engage a curated audience of investors, bankers, entrepreneurs, media, and corporate leaders.

The IFTA is the premium FinTech event in India bringing numerous prestigious partners like EY, Royal Bank of Scotland, Bombay Stock Exchange, S P Jain School of Global Management, CNBC etc. to support it.  The Government of Maharashtra is the Chief Strategic Partner to the latest edition of IFTA.

After diligent and careful evaluation, Strategic Partner MEDICI has narrowed down the top 20 FinTech startups that will be pitching on November 30, 2018, at the BSE International Convention Hall in Mumbai. After 20 product demos by leading FinTech firms from all across the globe, one startup will be selected as the FinTech startup of the Year at the India FinTech Awards 2018. The winning startup will get an opportunity to demo at LendIt FinTech 2019 in San Francisco, USA.

Here’s a brief description of the top 20 startups selected to demo at IFTA 2018.

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Why Cryptocurrency Is A Daunting Investment

The rise of cryptocurrency has been one of the most interesting stories of the last several years in fintech. 2017 marked the first year in which we really saw significant gains in crypto values that could result in widespread investment rewards though. It’s true that some of the earliest investors, such as the Winklevoss twins, might have made a fortune even before 2017 by buying into bitcoin in large quantities when it was worth less than a dollar. This is why the Winklevoss twins earned a mention in our look at the crypto kings, and why their name has become synonymous with fintech. But for the most part 2017 was the first time we saw major gains for average investors, many of whom profited when bitcoin and other cryptocurrencies spiked dramatically throughout the year, and particularly in November.

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Competition is healthy for innovation

Competition drives innovation and is also one of the primary ingredients for success in any domain. Disrupting technologies, innovation and out of the box thinking are drivers of growth for the modern businesses and more so, for the FinTech sector. Currently, the FinTech industry is at crossroads in India. While it is no surprise that the government is cautiously watching the FinTech segment, it must look at the innovation & potential for change that the FinTech businesses can bring into the finance industry. Every industry witnesses a period of technological transition that completely transforms the way business is conducted in the industry. The advent of FinTech may exactly provide the spark to transform and revolutionise the financial sector. So it is for the government to make sure that they create a healthy environment where FinTech companies can offer unique solutions for the existing market needs.

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Fintech and the Role of Regulations in India – In conversation with Mr. R Gandhi, Ex. Deputy Governor, RBI

Perfios, in association with India Fintech Forum, organized a session on the topic – Fintech and the Role of Regulations in India. The event was organized on Monday, the 28th of May, 2018 at the Perfios’ office, HM Vibha Towers, Koramangala. The discussion was led by Mr. R Gandhi, Ex. Deputy Governor, Reserve Bank of India. The event was attended by various fintech CXOs.

The key discussion points were the following:
• The role of Fintech in the industry and why it is unlikely to replace the conventional banking system.
• The need for regulation in the business.
• What kind of regulations are in place or are coming up in the near future

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The Crypto Kings

The year was 2009 when Satoshi Nakamoto created Bitcoin, the first decentralized cryptocurrency. Many other cryptocurrencies have been created ever since, and are commonly known as alternative coins, or altcoins.

Formal Definition Of Cryptocurrency

According to Jan Lansky, a famous cryptocurrency researcher, cryptocurrency can be defined as a system which must meet six conditions.

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ICO Roundups: The Newest Trend For Startups

When the Bitcoin was introduced by Satoshi Nakamoto in 2008 in a paper called Bitcoin: A Peer-to-Peer Electronic Cash System no one expected that it would become a worldwide payment system. It was decentralized in 2009 and from then it has skyrocketed to reach an exchange rate of a record $19,783 in December of 2017.

In 2013, Mastercoin held the first token sale and it has gained a huge popularity ever since. In this article we are going to present a brief introduction to ICO.

What Is ICO?

ICO, short for Initial Coin Offering, is a revolutionary way of crowdfunding. It is centered around cryptocurrencies which have become a source of capital for startups nowadays.

How Does It Work?

In order to get a legal tender, or Bitcoin or Ethereum, a quantity of crowdfunded cryptocurrency is sold to investors in the form of tokens. The tokens are promoted as future functional units of currency if the funding goal is reached and the project is launched.

A Brief History of ICO

As we mentioned earlier, it all started in 2013 with the first reported ICO conducted by Mastercoin. In the same year, Btxchange.io reports that Ethereum raised 3,700 BTC/$2.3 million in the first 12 hours with a token sale, and in 2015 Karmacoin held an ICO for its Karmashers project.

The following stats will help you realize how big ICO actually is. In 2016, 54 major ICOs raised almost $103 million, and in the following year 92 major ICOs raised $1.25 billion, which is an enormous jump from the previous year.

The following list contains the advantages of ICOs.

  • ICOs are open to the public.

  • People can help shape the future of the crypto ecosystem.

  • Token can be bought at a low price.

There are several disadvantages as well.

  • Investing in ICOs may be risky.

  • The majority of ICO investors are enthusiasts.

  • ICO is no regulated by any rules or registered.

These are just some of the interesting facts about ICO roundups. To find out more about the newest trend in funding, please take a look at the infographic which follows.

URL: https://btxchange.io/ico-roundups-infographic/


The Blockchain Is Booming

Fintechs have been getting a lot of attention lately, and it is hardly surprising since they offer us new and innovative products that make life so much easier. The Fintech that has probably made the biggest splash in the last decade is definitely blockchain. It is what makes it possible to spend your Bitcoin.

But, that is only a very tiny application of the technology. In the real world, we need to access information faster and more securely. We want to verify manufacturer’s claims about where they source their items. We want better ways to track information.

Blockchain can be extremely helpful in this arena as well. Imagine being able to access a worldwide database that contained details of the credentials of every person who had attended schools that subscribed to some particular service. The folks over at BitFortune.net explain how all this can be done and more, with the right application of blockchain tech.

We are not talking here about user created details, but data that would be added by the institutions themselves. There are already people working on this to make it possible.

Why would it be important? It would allow prospective employers, learning institutions, etc. to confirm that the educational details that an applicant is claiming to have are legitimate.

The same idea could be applied across various industries. How about for tracking parcels, for example? Or tracking whole shipments?

The blockchain technology is about a lot more than simple cryptocurrency applications. Sure, it works well as a base for financial transactions, but there is a lot more to it than that.

For starters, the chain is incorruptible – you could not erase data even if you wanted to – there would always be a record.

Secondly, it is autonomously operated by the members of the network. If, for example, the government of China wanted to shut Bitcoin down, that would not be possible because the chain is free of any single entity control.

Unlike most things online, blockchain makes it possible to create instant trust between two parties – whether that is in exchanging money or data


FinTech Policy Roundtable on eKYC norms

India FinTech Forum organised a FinTech Policy Roundtable on Regulations related to Aadhaar e-KYC API access and the impact of policy uncertainty on fintech firms. This meeting was held on 24th April, 2018 at Rise Mumbai. The topic was introduced by Mr. Jitendra Gupta, MD, PayU and event was moderated by Mr. Vivek Belgavi, Partner, Financial Services – FinTech and Technology Consulting Leader, PwC. It was attended by 60 participants including CXOs of various fintech firms. Final set of recommendations shall be shared with UIDAI.

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