365telugu.com online news,Chennai,July 19, 2022: M2P Fintech, Asia’s largest API infrastructure company announced the acquisition of Syntizen, a leading provider of identity validation services such as Aadhar verification, various KYC, and identity services.
The acquisition bolsters M2P Fintech’s approach to providing a comprehensive platform for financial institutions and positions M2P Fintech among a few entities globally to offer a fully integrated technology stack including identity and onboarding services. Besides offering e-KYC, Video KYC services, Syntizen’s Aadhaar verification platform is deployed by several State Governments for identity solutions to enable government schemes.
Madhusudanan R, Co-Founder,and CEO of M2P Fintech commented, “We believe technology as the great leveller and technology-led solutions can act as a tool to permeate financial inclusion. We are certain that the work the Synitzen team has done over the years around Aadhaar enabled services and the KYC platform, presents a perfect opportunity to overlay the Syntizen stack on top of our infrastructure to deliver innovative solutions, we are excited with the prospect of Inclusive Innovation that can be delivered not just for financial institutions in India but for the world.”
Vamsi Kotte, CEO of Syntizen will take up the Product leadership role at M2P and will continue to build on the vision for Syntizen. He commented, ” The rapid move further away from cash, and to almost entirely online banking, has changed the profile of all customers and the nature of the risks to be considered. It also changes the nature of mitigation and due diligence, as Financial Institutions look at solutions to provide a seamless onboarding experience for their customers.
Digital compliance processes are more scalable than locally hosted alternatives, as computational resources can be scaled up and down according to needs. Representatives no longer need to be collocated to facilitate screening, opening up a wider market. Joining M2P Fintech gives us an opportunity to accelerate and scale geographically while providing an integrated KYC solution as part of the platform of services offered to M2P’s rapidly growing clientele.”
Syntizen’s KYC Gateway allows businesses to get customer KYC from anywhere in the nation while adhering to all regulatory requirements. Syntizen provides eKYC services to clients such as Mannapuram Finance, Muthooth Fincorp, Indiabulls Home Loans, Angel Broking, and others, making the entire process of obtaining a loan or opening an account paperless.
Syntizen provides several digital identification products, including ABAS (Aadhaar-based Attendance System), edo Suite (Aadhaar masking solution), and Aadhaar Core Engine (for KYC, authentication, and subsidy management), among others, and works closely with the governments of Telangana and Uttar Pradesh.