A HOMEGROWN fintech has snagged India's largest bank has its client, using technology to create spending analyser tools for card customers at the State Bank of India (SBI).
The move is a good sign that fintechs are moving beyond Singapore, noted the Monetary Authority of Singapore (MAS) in a statement issued by the fintech, Percipient.
"The fintech ecosystem in Singapore is growing rapidly, and fintech companies here are working with financial institutions to explore growth into new markets such as in India," said Sopnendu Mohanty, MAS's chief fintech officer.
Percipient declined to reveal the cost of the deal. It said that its solution allows the bank to better use data, and at a cheaper rate. The company was founded in 2014 by four people.
Percipient's co-founder and CEO Navin Suri told The BusinessTimes that globally, enterprises tap less than 40 per cent of their data due to their legacy systems and IT architecture that is both expensive and complex. The use of open source software has allowed banks to take down the cost of using data to about less than a million dollars, compared to the millions spent before.
"With data set to double every 12 months, it's a clear business risk to leave such large amounts of data untapped. It is also a must to find more affordable ways to store this data," he said.
"Enterprises large and small have the opportunity to convert their data into their most powerful weapon. Our focus is to enable them to do this faster, cheaper and easier."
Two new tests have also been provided to SBI to unify terabytes of data in a way that reduces technology costs, and lower the risk of data leakage as well as data failure.
This article was first published on Nov 7, 2016.
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Shiv Bhasin, SBI's chief technology officer, said in a statement that the bank is actively evaluating more tests from Percipient.