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Advantage Fintech

Monday, October 03, 2016
By Dominic Rebello

Thomson Reuters launches Fintech Innovation Challenge in India; opens up the Thomson Reuters Eikon platform to collaborate with innovative technology start-ups

“The financial services industry is innovating and going through unprecedented change,” said Pradeep Lankapalli, MD, South Asia, Thomson Reuters. “Thomson Reuters, the world’s original fintech company, leads the way in fostering innovation, boosting productivity and empowering customers to succeed in the increasingly competitive marketplace. With Eikon App Studio, we are drawing on open technologies to eliminate the barriers to efficient, collaborative workflows in the financial industry. It will help financial professionals generate fresh business ideas, respond rapidly to market changes and deliver new tools and services to their clients.”

“The startups can utilize Eikon as a platform. They will have access to our content and can target niche segments by developing their own applications (App) for commercial distribution to our global Eikon user community,” he added.

He was speaking at the launch of the Fintech Innovation Challenge. This is the first such initiative in India to identify and collaborate with innovative local technology startups to create a rich and inclusive ecosystem to support data-driven businesses in the financial services industry. The platform will provide access over 500,000 institutional clients to FinTech and Start-ups companies

As a part of its open strategy, Thomson Reuters has opened its Eikon platform for fintech-startups operating in the space of banking technology, foreign exchange markets, investment technology and insurance markets & technology among others. Thomson Reuters Eikon is the powerful and intuitive next-generation solution for consuming real-time and historical data, enabling financial markets transactions and connecting with the financial markets community. These startups will be able to  leverage Eikon’s proprietary data and business insights, through Eikon App Studio to build apps that would significantly enhance customer experience and decision making.

Zone Startups India, an accelerator operated by Toronto-based Ryerson Futures, has partnered with Thomson Reuters to drive this challenge. This eight-week program will culminate on December 2, 2016 in a Grand FinTech Innovation Day, where shortlisted start-ups will present to leaders from the ecosystem, including Thomson Reuters. Chosen winners will be on-boarded on to Eikon App Studio, which will give them access to a wealth of data and clients across the globe.

“The last few months have seen a lot of action in the fintech space in India,” said Ajay Ramasubramaniam, Director, Zone Startups. “It is very exciting for us to work with a global leader such as Thomson Reuters. What makes it even better for startups is that Thomson Reuters is opening up its proprietary data to the selected teams. This data, coupled with the internal mentors, will help startups in leveraging knowledge, access to institutional customers and doing a live proof of concept. It is a great opportunity for startups in the financial markets domain; as the biggest challenge for data-driven startups is the access to data itself.”

The challenge is being launched in Mumbai, followed by road shows in Delhi and Bangalore and is open to participation from start-ups across India.
A panel disscussion on the importance of data, social media, regulations of the government, jurisdiction, sharing of data and startups was held. The panelist included Saurabh Tripathi - Senior Partner & Director, The Boston Consulting Group, Manoj Kulkarni - Managing Director, Barclays Technology Centre India,  Seema Kumar - Country Leader, Developer Ecosystem & Startups, IBM, Alan Lysne - Managing Director, Ryerson Futures Inc. and Ajay Ramasubramaniam, Director, Zone Startups.

Zone Startups India, an accelerator operated by Toronto-based Ryerson Futures, has partnered with Thomson Reuters to drive this challenge. This eight-week program will culminate on December 2, 2016 in a Grand FinTech Innovation Day, where shortlisted start-ups will present to leaders from the ecosystem, including Thomson Reuters. Chosen winners will be on-boarded on to Eikon App Studio, which will give them access to a wealth of data and clients across the globe.

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