Page 24 - Banking Finance August 2020

PRESS RELEASE

Sweden set to become world’s first cashless society

Contactless payments and online spending will continue strong growth post-COVID-19, as Sweden leads the global race to
become a cashless society. Cash accounted for just 1.1% of the country’s overall payment transaction value in 2019, according
to GlobalData, a leading data and analytics company. The data analytics company forecasts the Swedish e-commerce market
to grow at an annual rate of 19.3% in 2020, compared to the previous estimation of 10.5%.
Ravi Sharma, Retail Banking Analyst GlobalData’s, comments: “Contactless payments in Sweden is already growing at a
faster pace, with Swedes increasingly making contactless payments in shops, restaurants and cafes. As a result of the
pandemic, its usage is expected to become even more popular. The growing acceptance of contactless payments will support
the adoption and use of NFC-enabled mobile wallet solutions, such as Apple Pay and Google Pay.”
The transaction value of ATM withdrawals is set to decline by 10.5% in 2020, compared to 7.1% before the pandemic.
Sharma continues: “This clear acceleration in consumers switching from cash to e-commerce will become learned behaviours
for consumers, who will continue to move towards contactless and online payments beyond the COVID-19 crisis.”
Signzy Becomes the Only Indian Startup Recognised by MEDICI

RegTech Top 21 2020 List

Leading Indian RegTech startup Signzy announced that world’s leading FinTech research and innovation advisory platform
MEDICI has recognised it among the RegTech Top 21 startups for 2020. It is also the only Indian RegTech startup to have
made it to the Top 21 list for 2020.
Signzy has been named as the Top RegTech Startup in the ‘Digital Identity, Customer Onboarding and KYC’ vertical.

MEDICI RegTech Top 21 Report-2020 is powered by MAGNIFICO, a leading reverse fintech accelerator, born from the
collaboration of Ernst & Young (EY) and MEDICI to identify and recognize the fastest growing and highly innovative fintechs
across EMEA, APAC and the AMERICAS.
Signzy has also been named in the ‘Big Disruptors’ quadrant, under the ‘Digital Identity, Customer Onboarding and KYC’
vertical by MEDICI. According to MEDICI, companies in this quadrant have a strong market presence, which has also
been supported by growth. Big Disruptors represent the market leaders: they have been in the market for a long time,
or either achieved growth in a short period recently, and the market has acknowledged them.
Commenting on the recognition, Ankit Ratan, co-founder of Signzy says, “We are truly honoured and excited by this
latest recognition of our work. Effectively addressing the compliance, security, and regulatory requirements of our banking
and financial services partners have been Signzy’s vision right from our inception. We are glad to have found success and
recognition on our journey of growth. We also dedicate this achievement to our customers and our employees who have
demonstrated confidence in us throughout.”
This recognition further acknowledges that Signzy brings down customer dropouts and increases productivity. Signzy’s
online contracting system utilizes biometric signatures and blockchain technology to on-board clients; while its API platform
helps in detecting the authenticity of information and cracks down on digital forgery. It further notes that Signzy has
developed an AI solution for distinguishing between various types of ID documents, shared through various channels like
scans and photocopies with all their distortions.
The RegTech Top 21 startups are placed under seven main verticals where RegTech solutions may be applied. These are:
AML and CFT, Compliance Management, Market & Trade Surveillance, Risk Management, Digital Identity, Customer
Onboarding and KYC, Regulatory Change Management and Regulatory Reporting.
Apart from the disruption that award-winning companies bring to the table, they were also judged on other parameters,
including the future outlook based on their growth in traction in the industry over the past three years, unique proposition,
and competitive advantage. The selection for RegTech Top 21 has been made after due consideration of both the score
and the industry experts’ opinion.

24 | 2020 | AUGUST | BANKING FINANCE