Page 24 - Banking Finance October 2019

PRESS RELEASE

Signzy and Primechain Technologies Partner to co-develop AI-led

Smart Banking Solutions

Pre-integrated AI and blockchain solutions will help banks with back office automation

India’s leading RegTech startup Signzy said it has partnered with globally leading Blockchain startup, Primechain
Technologies, to co-develop AI-led smart banking solutions for banks and financial institutions. The first pre-integrated
solution is expected to be launched by December 2019 and will fast-track the digital transformation of banks and financial
institutions in India and around the world.
The smart banking solution from Signzy and Primechain will integrate AI and Blockchain technologies to automate and
fully-digitize back-office operations, widely considered to be the most complicated process for banks to manage and digitize.
It will allow banks to achieve unprecedented efficiencies in operations and simultaneously deliver a superior customer
experience across a range of products: loans, insurance and retail banking services.
“This partnership combines our respective leadership in Artificial Intelligence and blockchain-based digitalization
technologies targeted at the BFSI industry. Together, we aim to develop and launch integrated solutions that can radically
transform the way banks and NBFCs operate and serve their customers,” said Ankit Ratan, co-founder and CEO of Signzy.
Shinam Arora, founder & CEO of Primechain Technologies said, “Banks and NBFCs today have at least a thousand discrete
back-office processes, which explains why digitization and automation of the back-office hasn't yet picked up. Primechain
and Signzy’s smart banking solution is being developed precisely to solve this problem through a plug-and-play product. We
are very excited with the capabilities of this solution and believe it will significantly speed up the digital journeys of banks.”
Mumbai-based Signzy is a leading provider of AI-based digalization and automation solutions to the BFSI industry and
counts globally leading banks and NBFCs (Non-Banking Financial Companies) as its clients, including Mastercard, ICICI
Bank, State Bank of India and Mahindra Finance. Pune-headquartered Primechain is a global blockchain startup and
operates the BankChain community of banks for implementing blockchain solutions, with 37 members, including leading
banks in India and abroad.
PhonePe becomes the first non-banking app to launch IPO

applications with UPI

PhonePe, India’s leading digital payments platform leadership by becoming the first non-banking app to enable
announced that it now enables users to participate in IPOs IPO application under the UPI 2.0 framework. PhonePe and
using their BHIM UPI Id created on the PhonePe App. This NPCI are collaborating to drive retail participation of millions
makes PhonePe the first non-banking app to enable IPO of users of PhonePe in capital markets through this initiative.
applications through UPI. Users on PhonePe will now be able to use their UPI ID
With this launch, PhonePe users can participate in created on PhonePe to apply for an IPO thereby making the
complete application process simpler and faster. We look
forthcoming IPO’s in 3 simple steps:
forward to working with NPCI and SEBI in promoting UPI
1. Put their UPI ID in the IPO form and submit it.
for all the upcoming IPOs and driving more digital adoption.”
2. Approve the notification in the PhonePe app to block
the amount for the IPO. On allotment of the shares, “We at NPCI are happy to collaborate with PhonePe and
the money is automatically debited from this blocked their banker to enable UPI based IPO application for their
amount. retail investors. The new process has made applying for IPO
extremely convenient for retail investors by increasing
3. Get the IPO application process completed in three efficiency, eliminating the need for manual intervention
days from the current six days. and logistics at various stages. We look forward to similar
Speaking on the launch, Hemant Gala, Head of Payments collaborations in the future, with a goal to make the process
and Financial Services at PhonePe said,” PhonePe has been completely digitized,” added Praveena Rai, Chief Operating
the pioneer of UPI adoption, and we have continued the Officer, NPCI

24 | 2019 | OCTOBER | BANKING FINANCE