PaySprint, a Leading Fintech Venture Focussed on Next Gen Digital Banking Wins the “Best Fintech Start-up” Award at the FinTech India Innovation Awards 2022

PaySprint, a Leading Fintech Venture Focussed on Next Gen Digital Banking Wins the “Best Fintech Start-up” Award at the FinTech India Innovation Awards 2022

PaySprint is pioneering strong partnerships with the banking ecosystem to provide Unified Open API Platform that would transform how Bharat transacts
FinTech India Innovation Awards Celebrates Outstanding FinTech Technologies, Products and Companies in India

PaySprint, a Fintech venture focussed on Next Gen Digital Banking Solutions, offering a Unified Open API Platform, today announced that it has been named as the winner of the Best Fintech Start-up award in the annual FinTech India Innovation Awards 2022.

The annual FinTech India Innovation Awards 2022 is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from India in a range of categories, including best fintech leader, start-up, company, Best Use of AI in FinTech, FinTech Product of the Year and many more. FinTech sector has the potential to change the ways businesses function and make the dream of digital India materialize in the best possible way. FinTech India Innovation Awards recognizes and felicitates innovations and emerging technologies disrupting the financial sector.

“Being recognised as the best fintech start-up in India is a proud achievement, and a validation of our vision to Empower millions of Indians to transact thru Digital Banking. It is estimated that in the next 8 to 10 years India will completely transform from a branch banking to Digital banking and PaySprint will play a critical role in this transformation journey. Moreover, India  today supports disruptive transformation and leads the world in embracing new technologies that elevate business performance and people especially in the fintech space”, S.Anand added

About PaySprint

PaySprint is a Fintech venture focussed on Next Gen Digital  Banking Solutions, offering a Unified Open API Platform. PaySprint works closely with various banks to bring in Digital banking solutions to the end consumer. Banks will continue to be the custodian of the customer and of the various banking products and services, while PaySprint will create larger consumer adoption, interface and delight.

The Year 2020 saw India and Bharat coming to age on digital payments both on payments and acceptance. This has been purely been possible through JAM – JanDhan Accounts, Aadhar & Mobile / smartphone penetration. Keeping the above 3 as core and the need for better, faster & easier technological solutions, S Anand, CEO and co-founder launched PaySprint in 2020.

 

Aviva Life Insurance bags India’s Most Trusted Private Life Insurer Award 4th time consecutively

Aviva Life Insurance has been ranked as the India’s Most Trusted Private Life Insurance brand for the fourth time consecutively, according to the 11th edition of TRA’s Brand Trust Report, India Study 2022. Additionally, the company has been ranked eighth in the overall BFSI sector and 68th in a list of 1000 brands across sectors.

 

Commenting on the recognition, Mr. Vinit Kapahi, Head of Marketing, Aviva Life Insurance, said, “We are pleased to have won the Most Trusted Private Life Insurance Brand of the Year Award for the fourth time in a row. It is the continued belief of our customers and partners that has made us achieve this recognition. This award is a testament to our consistent customer-centric approach and our purpose ‘With you today, for a better tomorrow.’ Going ahead, we shall continue our endeavour to innovate while staying true to our customers’ needs.”

 

Aviva Life Insurance has retained trust amongst its customers despite the pressing times, by offering a range of life insurance products, including child, investments and retirement plans, etc.to fulfil the customers’ financial needs. Keeping its brand purpose into consideration, the company is dedicated to offering seamless and hassle-free life insurance solutions, since its inception.

 

Mr. N. Chandramouli, CEO, TRA Research quoted that “Aviva Life Insurance has shown tremendous performance in gaining the trust of its customers by becoming Most Trusted Private Life Insurance Brand of India this year. While it has been a trusted leader among Private Life for four years consecutively, it is a sign of its customer responsiveness, engagement, and Trust. We are very happy to see them do so well in this study.”

 

Brand Trust 2022 is conducted by TRA, a consumer insights and brand analytics company that has been conducting this syndicated research for the last 10 years. This year the study was conducted through Face to Face mode amongst 1617 consumer influencers in 16 cities in India between Nov-Jan 2021.  This syndicated research arrives at a Brand trust score basis a comprehensive Brand Trust matrix which has been derived basis years of research and empirical data. Brand trust comprises of 3 foundations of trust: Building capacity to Trust, Building perception of Positive Intent and Demonstrating Relevant Competence. These foundations are based on 10 brand behaviours which are essentially business traits and combine to create the 3 foundations of brand trust matrix. Aviva Life Insurance India is a leading life insurer in India with a sustainable growth model. It is a joint venture between Dabur Invest Corp and Aviva International Holdings Limited, a UK-based insurance group that has been taking care of people for more than 325 years.

MAIT | Post Budget Statement

MAIT congratulates the Hon’ble Finance Minister for presenting a progressive investment-oriented budget.

MAIT congratulates the Hon’ble Finance Minister for the third successive year of emphasis on technology-led growth. This Digital transformation is silently and surely taking India to another orbit of economic efficiency.

Key takeaways for the Electronic Industry- 

  1. Use of Technology and Digitization will lead to demand for Electronic Products and Technology Solutions.
  2. Emphasis on Ease of Doing Business and Agile Policymaking – with a trust-based policy approach. A key enabler for the Fast-moving Electronics Hardware industry.
  3. Kick-off of PMP for Hearables, Wearables & Smart meters a continuation of India’s Electronics Atamnirbhar strategy. Building domestic capability to address an 80Bn dollar Global market by 2025.
  4. This budget focuses on bringing in Capex investment to Indian Industry.

The focus of the Government on support for R&D by bringing in public funding for R&D over and above the current academic and academia-industry framework is very encouraging. Along with the allocation of 5% of USO Fund for R&D in products to take broadband into rural India. 

The allocation of funding for education content, 200 TV channels for education in the regional language under PM e-Vidya,  the transliteration of land records in 8 regional languages all have a powerful catalyst to ward integrating vernacular India into the Digital India.

Agile Policy steps of extension of start date for manufacturing for “Concessional tax regime”, the incorporation date for Start-ups for availing Tax incentives is welcome step and it demonstrates GoI walking the talk on Agile Policy Initiatives. 

Last but not the least, the GoI’s emphasis on improving multi-modal connectivity and strengthening India’s logistics is a very positive step for increasing India’s competitiveness and sustained electronic manufacturing out of India. We the Industry look forward for two Trans-shipment Hubs out of India and exclusive Air Cargo Airports to support electronic manufacturing.

India has led the world in FinTech. Today’s announcement of India Digital Currency is another pioneering step by India in this direction.

Fiscal steps towards supporting India’s recovery.

Topping up existing Opex led outlays with Capex driven strategy is a welcome step.

For the SME Sector the extension of ECLGS scheme to Mar23 is very welcome. Many SME’s survived on account of this scheme during the difficult covid period.

SME’s are big suppliers to Public procurement. End to End Digitization of procurement process with time bound payments, a big support to SME’s.

IRDA to permit Insurance Companies to issue Surety Bonds in place of Bank Guarantees is another welcome step.

Post Budget Industry Speak

CP Gurnani, MD & CEO, Tech Mahindra, said, “The budget truly echoes India’s vision towards inclusive development and building a truly ‘Atmanirbhar Bharat’ by providing a blueprint for the economy over ‘Amrit Kal’ from India at 75 to India at 100. FM’s key announcements on blockchain and setting up e-passports with futuristic technologies are a step in the right direction to help India emerge as a global technology leader. The focus on innovation and R&D (Research and Development) with an emphasis on strengthening talent capacity through STEM (Science, Technology, Engineering, Mathematics) universities and skilling courses in IIT’s will enable India to become a global hub for skilled talent. Overall, Budget 2022 promises to provide the much-needed impetus to sustain India’s economic and digital growth.”

Rajiv Bhalla, MD, Barco India – The emphasis on growth, digitization and being future ready outlines the government’s commitment to cohesive development and ‘Make in India’. Focus on Gati Shakti masterplan, youth, women, job creation, technology and infrastructure development among others will drive India’s Amrit Kal, journey from 75 to 100 years as a democracy. India has the potential to be a world-class infrastructure centre, and the Budget has provided enough impetus to propel the same. In addition, we expect the digital ecosystem for skilling will boost human capital and empower industries significantly.

Mr. A Gururaj, MD, Optiemus Electronics Ltd – “ The industry has been completely galvanized under the pioneering initiative of PLI scheme, with Hon’ble FM today stating that it has potential to create 60 Lakh new jobs and additional production of 30 lakh crores. This is also a clarion call to the industry to work much harder in the years to come to make it a reality.  On a macro level, the scheme around design-led manufacturing as part of the PLI scheme would fasten the development of the ecosystem, and also changes in customs duty will drive greater domestic value addition in Electronics manufacturing in the country, which has grown rapidly in the last few years.”

Agendra Kumar, Managing Director, Esri India, said, “Union Budget 2022 has announced the PM Gati Shakti program as one of the priority areas of the government. Seven engines of the PM Gati Shakti initiative are roads, railways, airports, ports, mass transport, waterways and logistics infra. As the Indian economy moves towards strengthening these initiatives, geospatial technology will gain more prominence in the process. As shared by the Hon’ble Finance Minister, the Gati Shakti program would involve huge investments in construction of about 25,000 Kms of highways, multimodal transport, and modernization of land records. These are welcome steps, and GIS and other geospatial technologies will facilitate efficient implementation of these schemes. With the launch of Jal Jeevan Mission (Urban), the government is aiming at universal water supply in all 4,378 Urban Local Bodies with 2.86 crores household tap connections, as well as liquid waste management in 500 AMRUT cities. GIS based water distribution network planning, execution and operations will go a long way in bringing these plans to fruition more quickly and efficiently.”

Vikram Kumar, Co-founder, MyTat( Skilling Startup) – “Budget 2022 gave a major and much needed thrust to digital skilling with initiatives like Digital DESH. Emphasis on a digital ecosystem for skilling and livelihood points to the much-needed market oriented digital skills development”.

Real Estate

Mr Prashant Solomon, MD, Chintels India & Hon. Treasurer, CREDAI NCR – The governments focus on increased urbanisation, planning and governance along with comprehensive sector development is a step in the right direction. Affordable housing also gets a major boost with housing projects being allotted Rs 48,000 Cr for FY23 and 80 lakh homes under PMAY. The budget’s impetus on creating a sustainable urban development policy is also commendable. The Long-Term Capital Gain capping at 15% across assets classes is a welcome move for property buyers.

NFT Player

Arun Pandey, Co-founder, Beyondlife.club – “ It has been the industry’s request for some time to bring digital assets and currency in the regulatory framework and it is heartening to note that the Hon’ble FM and Hon’ble PM have recognised the sector. Taxation and TDS on Digital Assets have come as a sudden move for the industry. It might hit user sentiments in the short term; however, we shall see how the ecosystem evolves in the country and are committed to work as per the rule of the land.” by Arun Pandey, Co-founder, Beyondlife.club

Suraj Malik, Partner, BDO India (M&A) – Budget has laid out foundation for the pillars of growth without too much tinkering in the tax laws. FM has focused on digital and tech enabled macro growth with micro participation backed by incentives and targeted policy reforms to support MSME, startups, innovation and domestic manufacturing.  Reduction in surcharge rates and stability in tax policy will boost investor sentiment.

Post budget reaction from Mr Sunil H Talati, Chairman SEPC, Ministry of Commerce and Industry, Mr Amit Sharma, Founder and CEO of eExpedise Healthcare and Anika Parashar, Founder and CEO at The Woman Company

Mr Sunil H Talati, SEPC, Chairman, Ministry of Commerce and Industry says, “The Union Budget as presented by Hon’ble Finance Minister is growth-oriented, forward-looking, focussing on infrastructure and CAPEX. The budget will serve the poor farmers and create new job opportunities. Focus on roads, railways, airports, Mass transport, waterways, and logistics infrastructure will drive the PM Gati Shakti program and propel inclusive development. Post pandemic conditions of the Hospitality services in the small & medium segments are yet to bounce back, therefore, an extension of the ECGL service in March 2023 with an increased cover of Rs 50,000 shall act as a booster for them. In the Education sector, a new scheme ‘One Class One TV Channel’ to provide supplementary education in regional languages for classes 1-12 is a very pragmatic step forward. One of the best efforts we believe the government has made this financial year is towards the mental health of the citizens, which we feel stands the utmost importance today.  A National Tele Mental Health Program will be launched to benefit everyone across the nation. Digital Ecosystem for skilling and Livelihood (DESH-Stack e-portal) can be a catalyst for changing the landscape of learning and entrepreneurship. Setting up of Digital University is a great step towards e-learning initiatives. Proposal to open up world-class foreign universities, institutions and set up an International Arbitration Centre in the GIFT City points towards a forward-looking approach on education and legal sector. The focus on the AVGC sector by proposing a Taskforce will go a long way in cashing in on the emerging global opportunities in this sector. Reforms in SEZ will also provide the necessary impetus to various sectors like IT/ITes. Opening up defense R&D for industry, startups, and academia with 25% of the defense R&D budget is a very welcome move towards inclusive development.”
 
Mr Amit Sharma, Founder and CEO of eExpedise Healthcare says, “The projected economic growth of the country in this financial year is expected to be 9.2%. Finance Minister, Nirmal Sitarama has focussed largely on the health industry by announcing various growth projecting budget allocations across various segments. Strength-building implementations of vaccination programs have stood as an evident validation for the stability of the Health infrastructure in the past year. As expected, an open platform for the national digital health ecosystem is suggested to roll out that shall consist of digital registries of health providers. They constantly highlighted pandemic-induced mental health problems of people of all ages that have aroused the requirement of the best access to quality mental health counseling and care services. Hence, the national tele mental health programs across various channels will work as a slip in between ciaos for the affected lot. As International travel is likely to recover soon, the introduction of innovative initiatives like e-passports is set to boost security and enhance the convenience of international travelers by cutting down long queues at immigration counters. This will help support a faster revival of international travel in a pandemic-driven environment. Holistically, the various measures announced are highly encouraging for all the sectors.”
 
Anika Parashar, Founder and CEO at The Woman Company says, “The emphasis on mobile connectivity and broadband, especially in rural India will boost economic development in the country. It will help bring the next set of consumers to the D2C ecosystem.  The launch of three new schemes for the integrated development of women and children is a positive step forward to bring women and child health and welfare to the forefront. Recognizing the importance of Nari Shakti as the harbinger of our bright future and for women-led development during the Amrit Kaal, our government has comprehensively revamped the schemes of the Ministry of Women & Child Development.”

Budget 2022-23 reaction | Dr. Saon Ray, Professor, ICRIER

“The budget recognizes the importance of barriers in improving our export competitiveness and has addressed these barriers e.g. logistics, SEZ etc. The PM Gatishkati National Master Plan and the development of Multimodal Logistics Park at four locations are examples. Cargo terminals under the PM Gatishkati Cargo Terminals by the Railways for multimodal transport in the next three years.

It has underscored the importance of GVCs and the necessity of linking with value chains to promote exports. It has rationalized the customs duty on items of chemicals, electronics, and gems and jewellery to give a fillip to domestic manufacturing. To promote the manufacturing of capital goods, exemptions are being introduced on inputs, like specialised castings, ball screw and linear motion guide. The tariff of 7.5% on capital goods and project imports has been proposed. The exemptions for advanced machineries that are not manufactured within the country shall continue.

The overall vision in the budget is to encourage domestic manufacturing in the country and promote exports.”