Signzy, an AI startup, has raised Rs 40 cr led by Arkam Ventures and Mastercard. Signzy’s existing investors, Kalaari Capital and Stellaris Venture Partners also participated in the round. Signzy provides digital KYC solutions to over 100 BFSI firms including Aditya Birla Sunlife AMC, BoB, SBI, ICICI Bank and Mastercard. “We plan to strengthen our AI research and global sales to tap into the increased demand of digital product and services”, said co-founder Ankit Ratan.
Mastercard partnered with Signzy, a RegTech startup, to enable the latter’s video-based KYC (Know Your Customer) solutions for its banking customers. This will allow Mastercard to provide a completely paperless, remote and secure onboarding solution for end-users. In India, this launch will further Mastercard’s goal of driving inclusive growth via financial inclusion by enabling individuals and small businesses to go online.
As central banks try to decide whether they can launch digital versions of their currencies, Mastercard is creating a platform to help them virtually test how digital currencies could be developed and used. The platform enables the simulation of issuance, distribution, and exchange of central bank digital currencies between banks, financial service providers and consumers. Central banks are in the early stages of looking at the potential of digital currencies.
Mastercard has invested in digital HR tools to ease virtual hiring and joining of the candidates. HR is using Artificial Intelligence to screen candidates, experienced ML algorithms for employee progress reports, and data analytics for performance review, feedback, training. HR and CIO together are enabling HR functioning with digital tools. ‘Live Well’, a cloud platform is ensuring employee wellbeing, both mental and physical, by providing the right information.