Indian fintech regulatory companies make a mark on global stage

economictimes.indiatimes.com:

Companies like digital identity verification services provider IDfy, digital signature services company EMudhra and Signzy, which offers online identity verification, are looking for business opportunities in the Middle East, Southeast Asia and even the Americas. Besides these players who are commonly clubbed under regtech, or tech companies operating in the regulatory domain, other software-led fintechs are also looking outside India. Spocto, a debt-collections platform which is owned by fintech unicorn Yubi, has opened operations in Dubai.

“We have already established strong partnerships with several leading banks in the UAE. We are currently in advanced stages of negotiation to onboard several other banks, insurance firms and telecom companies in the UAE and the broader GCC (Gulf Cooperation Council) region,” a Yubi spokesperson said. While many Indian companies have the cash required to enter these markets and the connections to pitch their products, sales and service is a different ball game altogether.

“There is an appreciation for the technical capabilities of Indian companies. There is willingness to spend for tech enhancements, but selling to these companies is not easy. The local regulatory requirements are different, so is the procurement process.

which need to be kept in mind,” said Asutosh Upadhyay, cofounder at Fortytwo.vc, an early-stage investment firm. Upadhyay invests in Indian founders who are building software products for the global market. Startups entering these markets need to stay put, remain committed and plan for the long term, he said.