Page 22 - Banking Finance November 2019

PRESS RELEASE

Edelweiss Asset Management Company Partners with Signzy for

Digital Customer Onboarding and Verification

Edelweiss Asset Management Company, one of the fastest growing AMCs, recently announced that it has partnered
with India’s leading RegTech startup (which manages regulatory processes in the BFSI sector through technology) Signzy
for digital customer onboarding and a faster verification process on its investment platform.
Under this partnership, Signzy’s AI-led e-KYC solution has been deployed to allow all new Edelweiss customers to conduct
seamless digital KYC, biometric enabled digital contracts and due diligence through Algorithmic Risk Intelligence for their
mutual fund investments.
Ankit Ratan, co-founder of Signzy, says, “We are thrilled to be chosen by Edelweiss to support their new customer
onboarding using Signzy’s industry-leading e-KYC solution. For the BFSI industry, new customer onboarding can involve
significant time and cost expenditure. Our e-KYC solution is designed to mitigate these costs while simultaneously delivering
much superior customer experience, which allows our clients to grow their business through frictionless new customer
onboarding.”
Radhika Gupta, CEO, Edelweiss Asset Management, said, “Despite heightened interest from investors who are new to
Mutual Funds, the cumbersome offline process of KYC becomes a barrier in on-boarding potential investors. Signzy’s
eKYC solution and our digital processes overcomes this challenge, it helps investors to complete their KYC online and
immediately invest in our Mutual Funds from comfort of their home. This facility offers new investors a platform with
compliant processes, quick on-boarding and a happy investing experience; thereby also significantly reducing our costs.”
To learn more on how to complete KYC digitally, click on below link - https://www.youtube.com/
watch?v=syl4VgaVtvk&t=132s
The partnership with Singzy will also help Edelweiss AMC to reach a wider set of customers because of its ease of access
to the mutual fund platform, and work towards deepening the market for mutual funds in India.
Axis Bank inks MoU with CSC to grow digital banking in rural India

Axis Bank, India’s third largest private sector bank has announced the signing of an agreement with Common Services
Centre (CSC) e Governance Services India Ltd to enhance digital and
kiosk banking facilities in many rural unbanked and under-banked
areas of the country.
On the occasion Mr. Pralay Mondal - ED Retail Banking, Axis Bank
said, “CSC e Governance Services Ltd has been instrumental in
furthering government’s initiative of Financial Inclusion and Axis bank
would closely associate with CSC VLEs (Village Level Entrepreneur)
and through them offer simplified banking solutions to the rural
populace. “As on quarter ended June 2019, Axis Bank had a network
of 4094 domestic branches and intends to increase the bank’s
footprint in rural areas through various distribution channels. This
partnership with CSC would help us move in that direction.”
During the occasion, Dr. Dinesh Tyagi, CEO-CSC SPV said, “CSCs are digital access point operated and managed by village
level entrepreneurs under digital India initiative of Govt. of India. CSC serves as delivery points for financial product and
services mainly for rural citizen across the country. Association with Axis Bank would help in extending the reach of
delivering financial services through CSC. This would also promote Financially Inclusive society.”

CSC e- Governance Service India Limited is a Special Purpose Vehicle (CSC SPV) incorporated under the Companies Act,
1956 by the Ministry of Electronics and Information Technology (MeitY) to monitor the implementation of Common Services
Centers Scheme (CSCs).

22 | 2019 | NOVEMBER | BANKING FINANCE