Cedar-IBSi FinTech Lab: Success in 2023, ambitious expansion in 2024!
The Cedar-IBSi FinTech Lab is a robust community of global banking and financial technology enthusiasts aspiring to be the future of FinTech. The Lab has demonstrated remarkable success in incubation through strategic partnerships, diverse events, and a supportive ecosystem in 2023. Marking a successful year of growth, we welcomed:
- 8 New Lab Members: Coforge, NetGuardians, Intellect Design Arena, Gieom, Tesselate, Veefin, Clayfin, Neokred
- 7 Technology Partners: Asana, Digital Ocean, GitHub, Hubspot for Start-ups, Notion, Nvidia, and Zoho for Start-ups
Over the 5 years of its existence, the Cedar-IBSi FinTech Lab has repeatedly demonstrated a clear commitment to building a robust global community. The Lab’s multi-faceted offerings cater to FinTechs at various stages of their lifecycle, providing a comprehensive set of benefits to Lab members. Its thriving community provides start-ups access to cutting-edge technologies and global networks and creates an environment conducive to innovation, collaboration, and growth. The year 2023 also saw the Lab in partnership with key international organizations and play host to a series of event bringing its community together:
4 Ecosystem Partnerships: DIFC, START AD, AFN, SINE IIT Bombay
- Events: 4 Round Tables, 4 Advisory Sessions, and 1 FinTech Happy Hour
The Lab’s achievements in 2023 showcase its commitment to fostering a vibrant FinTech ecosystem, making it an attractive choice for those looking to be at the forefront of financial technology innovation.
Growth in membership
Adding new members, including Coforge, NetGuardians, Intellect Design Arena, Gieom, Tesselate, Veefin, IDA, Clayfin, and Neokred, reflects the growing ecosystem within the Cedar-IBSi FinTech Lab. This influx of diverse talents and perspectives contributes to a rich and dynamic collaborative environment.
Strategic technology partnerships
The lab has established partnerships with 7 prominent technology companies, namely Asana, Digital Ocean, GitHub, Hubspot for Start-ups, Notion, Nvidia, and Zoho for Start-ups. These partnerships provide access to cutting-edge technologies and facilitate knowledge exchange, fostering innovation and growth for all involved.
Ecosystem partnerships
The Cedar-IBSi FinTech Lab has forged alliances with 4 key ecosystem partners – DIFC (Dubai International Financial Centre), START AD, AFN (African Fintech Network), and SINE IIT Bombay. These partnerships broaden the lab’s reach, offering unique opportunities for collaboration, mentorship, and market exposure.
Community engagement & global recognition
The Lab has engaged with its community through various events, including Round Tables, Advisory Sessions, and a FinTech Happy Hour. These events serve as platforms for knowledge sharing, networking, and collaboration, fostering a vibrant ecosystem that accelerates the growth of start-ups and nurtures innovative ideas.
The Cedar-IBSi FinTech lab is a hub for innovation, providing an environment where start-ups can thrive. The Round Tables and Advisory Sessions contributed to the exchange of ideas, insights, and expertise, furthering the collective knowledge of the lab members.
The FinTech Happy Hour is a testament to the Lab’s commitment to creating a supportive community. This networking event allowed members to connect, share experiences, and explore potential collaborations, fostering a sense of camaraderie within the ecosystem.
Through partnerships with internationally recognized entities such as DIFC and participation in events like AFN, the Cedar-IBSi FinTech Lab has built global recognition. Being part of the Lab gives start-ups a unique opportunity to access global markets and establish an international presence.
Coming in 2024: Mumbai Lab evolution
The Mumbai Lab, currently a satellite hub, is gearing up for a significant change – soon, it will have its own physical space in the city. This move is about making it easier for Moonshot Accelerator portfolio companies and lab members to work together. The new location will be a hub for sharing ideas, speeding up projects, and learning from each other. It’s a step towards more collaboration, helping everyone involved in the Moonshot Accelerator make exciting advances in technology and business.
Angleen Malik, Director at the Cedar-IBSi FinTech Lab, said: “The Cedar-IBSi FinTech Lab was established to bring relevant BankTech industry leaders together under one roof to foster collaboration. 2023 has been a year of experimenting with various new formats of sessions and deliverables and forging robust technology and ecosystem partnerships in the industry. The new technology partners credit program now enables Lab members access to $21,000 worth of credits for various products. The ecosystem partnerships allow the Lab members to access multi-dimensional and global networks and knowledge.”
Malik added: “We aim to continue delivering value to our Lab members by providing them soft-landing opportunities through market access and intelligence, knowledge access, visibility, and resource access. The FinTech Lab calendar for 2024 is power packed with 4 external industry expert hours, 4 bankers’ round table discussions, 4 advisory sessions, and 5 FinTech Happy Hours. If you’re an early or a growth stage BankTech company looking to unlock growth, reach out to the Lab team. We would love to chat and support your market expansion journey.”
Unleashing FinTech’s Soaring Potential: 2024 and beyond
The future of FinTech in India in 2024 and beyond will be characterized by deeper financial inclusion, innovative solutions, increased digitization, and greater accessibility to financial services for all. Technology, especially smartphones, will be a driving force in connecting a more extensive customer base with a wide array of financial products and services, ultimately improving the overall financial well-being of individuals and businesses across the country.
Cedar-IBSi FinTech Lab and Cedar-IBSi Capital (SEBI AIF), with Cedar-IBSi’s in-house 500+ years of cumulative experience in advancing FinTechs and banks are poised to play a pivotal role in fostering an environment conducive to growth, collaboration, and cutting-edge financial technology solutions. At the recent Cedar-IBSi FinTech Happy Hour, there was unanimous agreement that financial technology will persist in its expansion, delving deeper into tier 2 and tier 3 cities. This expansion is foreseen to unveil more significant business opportunities driven by technological advancements and the omnipresence of smartphones. As a result, FinTech is strategically positioned to tap into a broader customer base in these cities.
G Aswin, VP – Strategy Innovation at Protean, emphasized the role of emerging technologies in reinforcing India’s FinTech ecosystem, “As we progress beyond traditional AI, we are venturing into neural networks, particularly for post-trade operations. Once considered cutting-edge, Robotic Process Automation (RPA) has become outdated due to its high initial investment, ongoing maintenance, and service requirements. In contrast, neural networks are gaining traction alongside blockchain technology. It’s crucial to create awareness about the advantages of blockchain technology in India, especially as foreign governments are embracing it enthusiastically.”
Reflecting on the strides made in 2023, where partnerships flourished, fostering collaborative innovation, we now focus on the horizon of 2024. Anticipating the trends that will shape the FinTech landscape, let’s preview what lies ahead in the ever-evolving intersection of finance and technology.
Here’s a glimpse of what FinTech will look like in 2024 and beyond:
- Widespread Financial Inclusion: FinTech will play a pivotal role in bringing financial services to previously underserved populations in India, particularly in tier 2 and tier 3 cities. With the help of smartphones, mobile banking, and digital wallets, people in remote areas have improved access to banking, payments, and credit services.
- Innovative Payment Solutions: Cashless transactions will become more prevalent, and new payment methods will emerge. This may include seamless peer-to-peer payments, digital currency adoption, and contactless payments. Customers can expect faster, safer, and more convenient payment options.
- Personalized Financial Services: FinTech companies will leverage data analytics and AI to provide highly personalized financial solutions. Customers will receive tailored advice and products based on their financial goals, risk tolerance, and spending patterns.
- Wealth Management for All: Robo-advisors and automated investment platforms will continue to grow, making it easier for people to invest and manage their wealth. This will not be limited to the affluent but extend to the broader population.
- Insurance Innovation: Insurtech will revolutionize the insurance industry. FinTech will offer on-demand, pay-as-you-go insurance, using data from various sources to provide more accurate risk assessments. Claim processing will be expedited, making insurance more accessible and efficient.
- Blockchain and Digital Currencies: Cryptocurrencies and blockchain technology will continue to gain momentum. They will not only serve as alternative investments but may also find applications in cross-border remittances and settlements. Central bank digital currencies (CBDCs) may also make their debut.
- Regulatory Advancements: Regulatory bodies will adapt to the changing landscape. There may be more comprehensive guidelines for FinTech companies, including those involved in lending and payment processing. Regulatory sandboxes will continue to encourage innovation while ensuring consumer protection.
- Collaboration and Partnerships: Traditional financial institutions will increasingly partner with FinTech companies to offer a broader range of services and enhance their digital capabilities. This synergy will result in a more comprehensive and seamless customer experience.
- Cybersecurity and Data Privacy: With the increasing reliance on digital financial services, cybersecurity will be a top priority. FinTech companies will invest heavily in protecting customer data and transactions, and regulations around data privacy will continue to evolve.
- Global Expansion for Indian FinTech: FinTech firms in India will look beyond domestic markets, expanding into international markets and collaborating with global players. This globalization will provide opportunities for Indian FinTech firms and contribute to India’s status as a FinTech hub.
The future of FinTech in 2024 and beyond is poised for significant growth and transformation, driven by a confluence of technological advancements, changing consumer behavior, and regulatory developments.
