Leading Indian RegTech startup Signzy today 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.
Over 90 Indian clients; including banks, insurance firms, Asset Management Companies and NBFCs; are using Signzy’s Video KYC. The list includes four of the largest banks in India like SBI, ICICI Bank and more. Globally, Signzy has a strong partnership with Mastercard and offices in New York and Dubai to serve customers in multiple geographies.