India’s Fedo and Knight FinTech are among the 10 fintech companies that have been selected for the seventh annual FinTech Innovation Lab Asia-Pacific, a mentorship programme created by Accenture, the company said on Wednesday.
The programme helps startups fine-tune their business plans and solutions by pairing them with mentors from leading financial institutions.
A Singapore- and India-based fintech Knight FinTech provides an Artificial Intelligence-powered, software-as-a-service (SaaS)-based treasury management and credit assessment platform to help financial firms increase returns and decrease risk.
Its interest rate and credit risk models analyse millions of data points to provide actionable insights to treasury managers or dealers taking a position on yield curve or taking a corporate credit risk exposure.
Bengaluru-based Fedo’s algorithm quantifies an individual’s risk for various diseases and his/her propensity to file a claim over the next few years, based on a photograph, enabling insurers to onboard and underwrite customers digitally with little to no manual intervention.
“We are seeing some fantastic innovation coming out of India’s fintech ecosystem, be it for digital payments, credit and risk management, underwriting or security,” Sonali Kulkarni, Lead-Financial Services, Accenture in India, said in a statement.
“As per an Accenture analysis of data from CB Insights — a global venture-finance data and analytics firm, released in February 2020, fintech investments in India nearly doubled, to $3.7 billion in 2019, making the country the world’s third largest fintech market.”
The other selected startups include Fano Labs (Hong Kong), KADA (Australia), Flybits (Canada), SPIN Analytics (United Kingdom), Capitalise.ai (Israel) and three other Singapore-based startups — UVAS, Symbo and Staple.
The financial technology entrepreneurs in the seventh annual programme will receive mentoring from Accenture and 19 leading financial services firms.
This year’s programme received applications from 162 companies across more than 30 countries, with solutions related to the five themes for the 2020 programme: data and analytics; digital bank solutions; emerging technologies; health insurance ecosystem; and intelligent automation, Accenture said.
Leveraging artificial intelligence (AI), advanced analytics, natural language processing and other technologies, the 10 selected startups have developed innovations designed to help financial institutions address a variety of challenges, including keeping up with compliance requirements, analysing large volumes of structured and unstructured data, and building more-personalised customer products and services.
The 2020 Lab formally kicks off in October and culminates in December, when the participants will present their solutions at a virtual Demo Day to an audience of venture capitalists and financial industry executives.