Highlights of RBS Fintech Meetup at Gurgaon

The senior management team from The Royal Bank of Scotland (RBS), UK visited India to interact with a selected set of fintech startups. India FinTech Forum partnered with RBS to organize this fintech meetup.

• Ms. Jane Howard – MD Customer Distribution
• Mr. Louise Smith – Head of Simplification and Digitisation
• Mr. Russell Manley – Head of Performance & Business Management
• Ms. Nicky Alexander – Interim Head of Shared Ops Change
• Ms. Parveen Kaur – Head PBB Operations India

The aim of the meetup was to explore collaboration opportunities and showcase Indian fintech innovation in the areas of:

• Customer authentication and identification,
• Biometrics,
• Payments and mobile wallets,
• Blockchain,
• Lending solutions on credit scoring, and
• Use of Artificial Intelligence / Machine Learning

The applications were invited from all over the country and 12 startups were shortlisted to demo their products. They were (in alphabetical order):

1. Capital Quant Solutions Pvt Ltd – Capital Quant (CapQuant) is a boutique firm focused on providing analytics for capital markets. CapQuant offers both products and services which help our client organizations take better and timely trading decisions. Combining insights from multiple streams of data (both structured and unstructured) to generate algorithms for markets is the key objective to which all product and service offerings from CapQuant are aligned.
2. Credit Mantri – Credit Mantri aims to provide education and assistance to borrowers and help them come out of financial challenges by detailed analysis of their credit history, providing customized score improvement options and guiding them through the journey to a good credit score.
3. FinTechLabs – FinTechLabs is a financial innovation lab that supports new fintech companies with mentoring and technology. After years setting up disruptive fintech start-ups in Europe, they aim to repeat the model globally. They provide finance technology products as a service on subscription basis to companies across the globe.
4. Happay – With its smart prepaid cards and software, Happay empowers employees to spend and report expenses digitally while helping their company administrators manage all expenses online. This means less paperwork, less wasted time and happier people.
5. Indifi – Indifi seeks to improve access to SMB financing in India, by providing small businesses access to multiple lenders. It substantially improves the experience that borrowers get in terms of speed of approval and disbursement, convenience of the loan process, relevance of the loan product to their business needs, and finding the best rates in the market. Indifi does so by data collection and analysis from disparate data sources, thereby minimizing the need for physical data collection. Indifi’s platform also streamlines the loan approval process with lenders.
6. Instacash – This team of young developers have created an app that should make life easier and help in situations when one needs cash.
7. Livquik – QuikWallet is India’s first mobile payment app for smartphones that works with progressive technologies like near field communication (NFC) and quick response (QR) codes. The product platform is currently patent pending and has standard application programming interfaces (APIs) that can integrate with any point-of-sale billing software. Merchants can also use a web-based virtual terminal interface for accepting payments. The unique selling proposition (USP) of QuikWallet is that no extra hardware is required at the merchant’s end and the customer’s ‘card details’ never enters the merchant’s environment.
8. Morph.ai – Morph.ai is a ChatBot Suite for Businesses. They provide an enterprise solution that helps businesses leverage ‘Messaging’, the hot new engagement channel. On Morph.ai, businesses can onboard various business processes like Marketing, Lead Generation, Sales and Customer Support on messaging and add the Power of ChatBots to their brand.
9. MyPoolin – Mypoolin is a mobile P2P and group payments application. The company’s primary and only goal – to make sure that whenever you are collecting or settling money as a group, the process remains convenient and simple both on the web and the mobile
10. NextGen Telesolutions – NextGen is working on areas of :
    • Digitising and bridging the technology gap in mobile couponing / redemptions, combining it with innovations on customer reach / loyalty programs and customer engagement.
    • Delivering customized Physical retailing front end solutions including advanced and new generation credit / debit cards integrated to POS terminals and including customer loyalty programs and engagement services for enhanced revenues and services
11. Perfios – Perfios is the leading product technology company in the FinTech space enabling Financial Institutions in realtime decisioning, analysis and credit underwriting. Perfios helps in banks statement analysis (APIs and portal), e-verification, financial analysis, Fraud check, Form 26AS, ITR, PAN, Aadhar, Personal Finance Management APIs etc. Perfios currently works with 100+ clients including Banks, NBFCs, Digital Lending platforms, Mutual Fund Companies, Insurance companies etc., in India and abroad.
12. Yoti – Yoti is a digital identity system that provides a simple and secure way of proving identities, online and face to face. Yoti is committed to making identity checking simpler and safer by providing a cost-effective and highly secure solution which can remove fraud, reduce risks and improve the customer experience.

The demo was followed by networking where all the fintech startups explored the synergy between their startup and Royal Bank of Scotland.