West indian countries

We are now looking forward to entering different countries: Siddharth Kukatlapalli, Synitzen

Synitzen, incorporated in 2014 in Hyderabad, offers digital identity solutions as a service. The technology company provides an instant, paperless, electronic and authentic customer integration solution for a variety of industries. Founded by Dinesh Reddy, Vamsi Kotte and Siddharth Kukatlapalli, Syntizen has around 50 to 60 employees. The company received funding from Mastercard International and Access Computech Private Limited as part of the pre-series A cycle. Siddharth Kukatlapalli, co-founder and CBO, Synizen recently spoke to Dataquest about the company’s future plans.

DQ: When and how did you come up with the idea of ​​launching Syntizen?

Siddharth Kukatlapalli: Synizen was launched in 2014, one year after our diplomas. The three co-founders all graduated in 2013. The idea of ​​digital identity was in our heads during our engineering days and fingerprint matching was one of the projects we took over in engineering. . The initial idea was to contact the banks, but later we realized the potential of the product and identified that our system can be used in any industry where the business needs to identify customers. Funding from Mastercard International has helped us to believe more in our idea and to expand services to areas other than BFSI, especially governments. We are now looking forward to entering different countries where we believe these services can be easily adopted.

DQ: Who is your target audience? And how do you plan to reach them?

Siddharth Kukatlapalli: Our target audience is currently the BFSI industry and governments. We currently have positive word of mouth as we work with over 25 BFSI companies and 5 state governments. We are in the process of reaching out to BFSI clients through various marketing channels (social media, Fintech events, etc.).

DQ: What are the challenges you have encountered so far? How did you overcome them?

Siddharth Kukatlapalli: Business Process Oriented: Since KYC is a process mandated by regulators, approvals from those regulators to use electronic means to perform KYC was an initial hurdle. Once approved by almost all regulators, it became easier for us to push digital solutions.

Resources for developing digital identity solutions: Initially, the concept of digital identity, fingerprint matching, etc. was fairly new to the Indian market. Being one of the first players in this field, we had the initial difficulty of finding the right technical resources capable of building these solutions. We had to update ourselves and make sure we put together a state-of-the-art team with the right experience in digital identity.

DQ: How will Synizen help NBFCs in their authorization process?

Siddharth Kukatlapalli: Syntizen offers a variety of digital identity solutions such as Aadhaar e-KYC, Video KYC, e-Sign, facial recognition and liveliness detection, etc. which will help NBFCs facilitate the. Customer onboarding process. According to PMLA, any NBFC must obtain a customer’s KYC before offering any kind of service to them and our solutions allow them to perform this KYC task with ease. It should be noted that our system saves a lot of time and money for NBFCs in customer identification. Our customer identification solution is available as a product called the Electronic Customer Integration System (e-COS). We can also provide the services in package form if there is any requirement for the customer.

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