Latest news with #Signzy
Time of India
6 days ago
- Business
- Time of India
ETtech Explainer: Behind crackdown on unauthorised use of govt databases for user onboarding
The Union government is restricting private firms from using official databases like Aadhaar to offer identity verification services to their clients as part of a crackdown on unauthorised access to sensitive databases. According to two people in the know, officials of the Ministry of Electronics and Information Technology ( MeitY ) have conveyed to the executives of multiple technology-led startups to abstain from offering offline Aadhaar-based KYC services because they have been doing it through unauthorised channels. ET had reported on June 9 that startups like Zoop, Surepass, Digitap and Signzy were impacted by a government order restricting access to their websites through telecom networks. While the government is tightening scrutiny of data platforms, industry insiders are trying to find regulated channels through which Aadhaar verification can be done. ET explains identity verification services provided by these startups and the issues around them. What are the core services being provided? Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories As the customer onboarding journey goes digital, it is critical for financial services companies, consumer technology firms to validate customers. That is where ID verification startups come in, offering verification of documents submitted by consumers. They also help authenticate customers' identity numbers by cross-checking with government databases. Players like IDfy, Signzy, DigiO and others offer services like video KYC, Aadhaar e-Sign and others. What is the problem here? The Centre is trying to find out whether these services are being provided through legal channels and lawful means. Industry sources told ET that while large venture-funded startups stick to the rules and are also regulated in most of the cases, many smaller players in the ecosystem gain unauthorised access to some of the government databases. 'Some of the platforms are also involved in scraping from government websites, getting consumer data through unregulated means,' chief executive at an ID verification startup said on condition of anonymity. Some of the data contained in Aadhaar are personally identifiable information (PII), while some of the GST data might not be classified as PII. Who is looking into the issue? MeitY, which is in charge of all the digital properties of the government, restricted access to some of these websites through certain telecom networks. Once executives of these firms met officials, they were told to follow designated channels for access to the Aadhaar database, so that consumers can be verified by only regulated platforms through their Aadhaar numbers. Similar services are also provided by the GST (goods and services tax) database and through the income tax database. Why do startups need these platforms? Fraud prevention is one of the key areas for which startups are dependent on these platforms. Mostly for fintech services like digital lending, insurance, payments and merchant KYC, backend customer verification is extremely useful. They integrate with these service providers to offer verification on the go. 'If there are too many hops, then the customer might drop off. Once these verifications happen via API integrations, the customer experience gets smoother,' founder of a fintech startup said. Other issues As the online verification sector has grown, startups have also been scouting for as many alternate data points as possible for these enrichment services. Going beyond the GST database or PAN database, platforms have been offering enrichment services on top of customers' UPI IDs. The National Payments Corporation of India (NPCI) cracked down on such unauthorised use of the UPI IDs in October last year. Now, the government is also trying to crack down on the use of Aadhaar through unauthorised means.
Economic Times
09-06-2025
- Business
- Economic Times
ID startups face data heat; Nykaa eases into qcomm
Happy Monday! Startups offering identity verification services are under the government's scanner. This and more in today's ETtech Morning Dispatch. Also in the letter: ■ Vibe coding needs more than vibes ■ Lenskart's IPO route■ Byju's in NCLAT ID please? MeitY verifies the verifiers The government is investigating startups offering identity verification services for potential unauthorised access to the Aadhaar, permanent account number (PAN) and goods and services tax (GST) databases. What's happened: The ministry of electronics and information technology (MeitY) is investigating firms, including Surepass, Digitap, Zoop, and Signzy, over concerns they may have bypassed authorised protocols to access confidential databases. In response, MeitY has blocked access to some of these companies' websites via telecom networks. Under the lens: Banks access the Aadhaar database under strict licence agreements to authenticate customers. The government is now probing how these services are offering verification services, and whether the routes they use are compliant. These platforms typically partner with financial institutions, consumer-facing startups and other entities to help them verify customers or businesses. Their services are used to detect fraud and assess clients for underwriting. Expert take: Some verification startups collect customer application forms from clients and then scrape databases to confirm identity. According to an industry insider, this data is often available through open websites, unsecured APIs or even the dark flagged a growing number of startups relying on such scraping techniques, potentially without proper authorisation. Yes, but: Companies such as Idfy, DigiO, Signzy and Datasutram are among the widely used in this space. However, only a few platforms have faced regulatory action so far, ET has learnt. Also Read: NPCI curbs unauthorised use of UPI IDs by fintech companies 'Quick commerce ops not hurting beauty biz, its aiding personal care' Adwaita Nayar, CEO, Nykaa Fashion As Blinkit, Zepto, and Instamart expand aggressively into beauty and personal care, Nykaa is taking a more slower, curated approach. Its pilot, Nykaa Now, is live in select areas of Mumbai, New Delhi, and Bengaluru, with a deliberate focus on personal care rather than its core beauty range. Driving the news: 'Nearly 80% of what we sell is beauty and 20% is personal care. Personal care is what's really picking up on quick commerce,' Adwaita Nayar, cofounder and CEO of Nykaa Fashion, told us in an interview. Why it matters: Beauty is among the most competitive ecommerce categories, and quick commerce platforms are seeing strong growth from impulse-driven beauty buys. Nykaa, however, is staying the course, pointing to its core category's reliance on depth, shade options, and browsing behaviour. 'People browse a lot of shades and products before they buy. The nature of quick commerce doesn't typically support that kind of assortment,' Nayar added. By the numbers: 30% year-on-year growth in Nykaa's beauty GMV over the past four quarters. Delivery time cut from four days to two. Same-day or next-day delivery is active in 100 cities. Nykaa Now orders are currently fulfilled via dark stores, with other models under trial. Also Read: Rapid fashion delivery gathers pace, but long-term viability in question Go deeper: Nykaa Now is designed as a separate merchandising layer, curated using demand signals and quick commerce-specific use cases. 'It's not about what Nykaa already sells, but what the customer really wants quickly. That's more likely to be personal care or gifting,' Nayar said. While Nykaa is actively improving fulfilment speeds platform-wide, Nayar remains sceptical of the 10-minute delivery rush. 'It's not about 10 minutes. But people's expectations for delivery speed globally are going up.' Also Read: Nykaa Q4 profit doubles to Rs 19 crore; revenue up 24% Why vibe coding needs more than vibes for enterprise-scale solutions In the age of artificial intelligence (AI), vibe coding is all the rage, with companies and tech celebrities touting it as a simple way to build websites and apps using just a prompt. But the founders ET spoke to are highlighting the flip side. What happened: Executives said the growing trend of vibe coding, where developers rely on AI prompts to generate code, is triggering increased scrutiny, more rigorous code reviews, and a heavier burden on senior engineers to guide younger colleagues. As AI takes over the mechanics of coding, the new wave of engineers entering the workforce often lacks core programming knowledge. This has led to subpar code that requires additional checks and rarely reaches production without significant rework. Also Read: AI 'vibe coding' startups burst onto scene with sky-high valuations Golden use case: Coding remains one of the most visible and impactful applications of AI. Around 30% of new code at Google and Microsoft is now AI-generated, and executives expect that share to grow over time.. 'There is an overdependence on LLMs, and this is leading to critical thinking issues,' said Nida Sahar, founder of bootstrapped cloud infrastructure platform Also Read: Vibe coding: A threat to software engineers? Other Top Stories By Our Reporters Piyush Bansal, CEO, Lenskart Lenskart becomes public limited company in preparation for IPO: Omnichannel eyewear brand Lenskart has become a public company in preparation for its public listing, changing its registered name from Lenskart Solutions Private Limited to Lenskart Solutions Limited through a special resolution passed by its shareholders. NCLAT rejects Byju's resolution professional's petition in Aakash shareholding row: The Chennai bench of the National Company Law Appellate Tribunal (NCLAT) on Friday dismissed an appeal lodged by the resolution professional of Byju's parent, Think & Learn, against an interim order that mandated the maintenance of the status quo on the shareholding of Aakash Institute. Sundar Pichai answers who would be next Google CEO: Google chief executive Sundar Pichai, expects AI to play a critical role in the tech giant's future leadership at the Bloomberg Tech Conference. When asked whether a human or AI will run Google in the future, Pichai stated, 'I do think whoever is running it will have an extraordinary AI companion.' Computational thinking is key as AI reshapes software: Microsoft CEO Satya Nadella | In a recent conversation with tech YouTuber Sajjaad Khade, Nadella encouraged aspiring developers to concentrate on the fundamentals of software engineering, despite the increasing role of AI in coding. 'Just getting real fundamentals of software, if you're a software engineer, I think matters a lot,' Nadella said. 'To me, having the ability to think computationally is important.' Global Picks We Are Reading ■ Apple's struggles to update Siri lead to investor concerns over AI strategy (FT) ■ How Trump and Musk are still linked - despite falling out (BBC) ■ New apps help immigrants navigate Trump's deportation crackdown (Rest of World) Updated On Jun 09, 2025, 07:22 AM IST
Business Standard
27-05-2025
- Business
- Business Standard
Signzy Named Among Top 50 Global FCC Tech Providers by Everest Group
NewsVoir Bengaluru (Karnataka) [India], May 27: Signzy, a leading Global RegTech company, specializing in AI-powered risk and compliance solutions for financial institutions, has been ranked 11th in the Everest Group's Leading 50™ Financial Crime and Compliance (FCC) Technology Providers 2025 list. It is the only Indian company to be featured this year -- a significant recognition of India's growing influence in the global RegTech space. The annual list, curated by global research and advisory firm Everest Group, identifies the top 50 technology providers worldwide that are enabling financial institutions to combat financial crime and meet compliance requirements more effectively. The evaluation covered over 200 global companies across four critical parameters: * Business Growth - Including revenue traction, client expansion, and funding * Solution Range - Coverage across the FCC value chain including KYC, AML, fraud detection, and automation * Innovation - Use of AI/ML, cloud-native infrastructure, and ecosystem partnerships * Global Presence - Reach across key markets and industry segments The report also highlights the key technology areas driving change in the FCC landscape -- including digital identity, transaction monitoring, fraud-AML integration, trade finance compliance, payment screening, and risk intelligence. Signzy was recognized for delivering AI-driven solutions that seamlessly integrate into compliance workflows, helping financial institutions make faster and more informed decisions. The company's technology addresses real-world regulatory challenges through innovation in the following areas: * AML Transaction Monitoring - AI/ML models that enhance detection accuracy while reducing false positives * Real-Time Transaction & Payment Screening - Intelligent screening with minimal impact on operational efficiency * Risk Intelligence - Combining internal models and external datasets to flag complex threats, including sanctions evasion and geopolitical risks Commenting on the recognition, Ankit Ratan, Co-founder & CEO, Signzy said, "Being named among the top FCC technology providers globally and the only one from India is a proud moment for us. This recognition reflects our commitment to building intelligent, scalable solutions that help financial institutions navigate an increasingly complex regulatory environment with confidence." Signzy's inclusion signals a broader trend -- the rise of India as a key hub for next-generation compliance technologies. With regulatory expectations evolving rapidly, Signzy's innovations are helping financial institutions build resilient, future-ready compliance frameworks. Established in 2015, Signzy offers AI powered highly agile comprehensive compliance solutions built for simple and automated customer onboardings. With a skin in the game for understanding India specific banking needs, Signzy focuses on revolutionizing how businesses verify digital identities, ensure regulatory compliance and mitigate fraud. The company onboards over 10 million customers & businesses every month with 99% success rate. Signzy works with more than 600 financial institutions globally, including four largest banks in India. Awarded by the RBI in 2016 and 2018 as the 'Most Innovative Payment System' by IDRBT, Signzy supports 25M+ onboardings and empowers businesses by enhancing customer due diligence while promptly flagging suspicious anomalies.
Fashion Value Chain
27-05-2025
- Business
- Fashion Value Chain
Signzy Named Among Top 50 Global FCC Tech Providers by Everest Group
Signzy, a leading Global RegTech company, specializing in AI-powered risk and compliance solutions for financial institutions, has been ranked 11th in the Everest Group's Leading 50™ Financial Crime and Compliance (FCC) Technology Providers 2025 list. It is the only Indian company to be featured this year – a significant recognition of India's growing influence in the global RegTech space. The annual list, curated by global research and advisory firm Everest Group, identifies the top 50 technology providers worldwide that are enabling financial institutions to combat financial crime and meet compliance requirements more effectively. The evaluation covered over 200 global companies across four critical parameters: Business Growth – Including revenue traction, client expansion, and funding Solution Range – Coverage across the FCC value chain including KYC, AML, fraud detection, and automation Innovation – Use of AI/ML, cloud-native infrastructure, and ecosystem partnerships Global Presence – Reach across key markets and industry segments The report also highlights the key technology areas driving change in the FCC landscape – including digital identity, transaction monitoring, fraud-AML integration, trade finance compliance, payment screening, and risk intelligence. Signzy was recognized for delivering AI-driven solutions that seamlessly integrate into compliance workflows, helping financial institutions make faster and more informed decisions. The company's technology addresses real-world regulatory challenges through innovation in the following areas: AML Transaction Monitoring – AI/ML models that enhance detection accuracy while reducing false positives Real-Time Transaction & Payment Screening – Intelligent screening with minimal impact on operational efficiency Risk Intelligence – Combining internal models and external datasets to flag complex threats, including sanctions evasion and geopolitical risks Commenting on the recognition, Ankit Ratan, Co-founder & CEO, Signzy said, 'Being named among the top FCC technology providers globally and the only one from India is a proud moment for us. This recognition reflects our commitment to building intelligent, scalable solutions that help financial institutions navigate an increasingly complex regulatory environment with confidence.' Signzy's inclusion signals a broader trend – the rise of India as a key hub for next-generation compliance technologies. With regulatory expectations evolving rapidly, Signzy's innovations are helping financial institutions build resilient, future-ready compliance frameworks. About Signzy Established in 2015, Signzy offers AI powered highly agile comprehensive compliance solutions built for simple and automated customer onboardings. With a skin in the game for understanding India specific banking needs, Signzy focuses on revolutionizing how businesses verify digital identities, ensure regulatory compliance and mitigate fraud. The company onboards over 10 million customers & businesses every month with 99% success rate. Signzy works with more than 600 financial institutions globally, including four largest banks in India. Awarded by the RBI in 2016 and 2018 as the 'Most Innovative Payment System' by IDRBT, Signzy supports 25M+ onboardings and empowers businesses by enhancing customer due diligence while promptly flagging suspicious anomalies.
