PUNE

Successful Start-ups in Pune
Pro tBooks
Cloud­based accoun ng so ware for crea ng invoices
LinguaNext Technologies Pvt. Ltd
Language Localisa on So ware Solu on (For instance, Enabling mul lingual use of core banking solu ons)
Jocata
Provides sophis cated Know Your Customer (KYC) and An ­Money Laundering (AML) so ware
Transpure
Electronic Invoice Presentment and payment solu on for domes c and cross border transac ons
Vayana
Offers products and services that provide the simplest and quickest way for customers to access financial services from
their Financial Ins tutes
FinIQ
APune­based company started over ten years ago, has 20
major banking groups in Singapore, Hong Kong and
other Asian countries using its product, to trade some of
the most complex deriva ves and structured products. FinIQ has
recently released its cloud offering and also partnered with top
ten investment banks (which includes major American and
European banks) to launch the first ever combined FX (Forex)
and equity structured product pla orm connec ng buy­side and
sell­side players. In the last 12 years or so, close to 50,000
bankers have used the FinIQ pla orm, genera ng consistent ROI
for their clients even through situa ons of financial crises.
Both Opus and FinIQ believe that gaining me­to­market
advantage via constant innova on, maintaining extreme levels of
accuracy and quality needed for processing large volumes of
payment transac ons (in the case of Opus/ECS), and autopricing
and processing billions of dollars of deriva ves,
comple ng implementa ons and mee ng aggressive melines
and most important of all, giving rapid­response produc on
support to its banking clients, has all been possible over the years
due to some unique advantages that Pune offers.
Both believe that the decision to base development and support
in Pune was probably the wisest thing to do. India has always
offered an a rac ve cost arbitrage vis­à­vis North America and
Europe but lacked in domain exper se in the early days. With the
influx of banking cap ves offering a rac ve roles, the situa on
has changed significantly.
The city, which was earlier known as the pensioners’ haven,
besides the above men oned established companies, has
several such young entrepreneurs crea ng their own mark in the
financial technology space.
chejad@gmail.com
Opportunities In FinTech
The Reserve Bank of India has ghtened an ­
money laundering norms and know­yourcustomer
(KYC) mandates. Indian financial
services firm will look to upgrade to modern tools
to help them analyze real­ me data to predict
fraud or illegal ac vi es.
The RBI has decided to implement a na onal
GIRO­based (Government Internal Revenue
Order) Indian Bill Payment System to enable
households to use their bank accounts to pay
school fees, u li es and medical bills as well as
make remi ances electronically. The RBI has also
assembled a GIRO advisory group to implement
this na onal bill payment system.
The tough macro­economic situa on in India is
driving private­sector banks to sharpen their
focus on emerging sectors and rural markets to
boost growth. Yes Bank, for example, has defined a
growth strategy focused on emerging sectors
such as life sciences, IT, educa on and healthcare.
Some private banks are also se ng out to
strengthen their rural presence.
Banks have been given condi onal freedom to
open branches in er­I Indian ci es without
seeking the RBI’s prior approval in each case. This
will likely push banks to expand their opera ons in
the country.
India is expected to issue new rules in 2014
regarding the opera on of foreign banks. These
regula ons will make it easier for foreign
lenders to set up local units and lend more in
rural areas.
Source: Extracted from Accentures report titled India in 2014 Creating Value with Speed and Quality: The New Imperative
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