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RBI Focus on Five Concepts to Blockchain-based Lending, Asset Management, Digital KYC
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For its fifth sandbox cohort, the Reserve Bank of India has selected five concepts related to blockchain-based lending, asset management, and digital KYC.
Signzy and Epifi, two significant fintech businesses, submitted proposals among them.
To facilitate the opening of bank accounts in India for non-resident Indians, Epifi, which is supported by Alpha Wave and Peak XV, is developing a video KYC solution.
The firm based in Bangalore aims to eliminate the need for physical documentation in order to make the process of opening an account digital, smooth, and quicker.
Signzy has proposed a novel technological solution that enables customers to complete the video KYC process independently.
Currently, to complete the video KYC, a customer needs to have a representative from the regulated entity—such as a bank—present when they make the call.
Connectingdot Consultancy has been shortlisted for a project involving credit account monitoring, while the other two companies will be focusing on streamlining the customer onboarding process.
The proposed method aims to forecast borrower loan defaults and recommend targeted risk reduction strategies.
To facilitate the opening of bank accounts in India for non-resident Indians, Epifi, which is supported by Alpha Wave and Peak XV, is developing a video KYC solution.
Two other organizations, the nonprofit Indian Banks' Digital Infrastructure Company (IBDIC), supported by a group of eighteen banks, and the invoice-based lending firm Finagg, will develop blockchain-based lending solutions.
IBDIC focuses on blockchain-based solutions while developing digital public infrastructure such to Aadhaar and UPI.