Credit Suisse, NASSCOM partner to support the growth of fintech startups in India

Credit Suisse, together with NASSCOM 10,000 Startups through its NASSCOM Industry Partnership Program (NIPP), announced plans to support the growth of the fintech startup community in India through the launch of its three-stage SET (Socialize. Engage. Transform.) framework. The framework was introduced at the Credit Suisse Startup Conclave held on 4 July at its smart working facility EON II in Pune, with 35 fintech entrepreneurs from across India. This is the first time in Pune that a banking institution has organized such a conclave in partnership with NASSCOM, the trade association of the Indian Information Technology (IT) and Business Process Outsourcing (BPO) industry.

The initiative is aligned with Credit Suisse’s strategy to establish India as a center for technology innovation for the bank globally. The objective of the conclave is to create a platform to accelerate adoption of the latest technologies and solutions within Credit Suisse, while also supporting and nurturing young IT entrepreneurs and contributing to the growth of India’s fintech startup ecosystem. Shortlisted fintech startups will receive mentorship from senior leaders and domain experts from Credit Suisse who will offer insight into the unique business challenges within the banking industry that require innovative solutions.

The conclave, which kick started Stage 1 (Socialize) of the SET framework, brought together Credit Suisse’s IT India leadership team, NASSCOM 10,000 Startups representatives and 35 fintech startups based in Pune and elsewhere across India. In the first stage, Credit Suisse will on-board and create an engagement roadmap with the relevant startups. In Stage 2 (Engage), Credit Suisse will collaborate with the startups to research and develop innovative technology solutions aimed at addressing specific business challenges, as well as to build prototypes. In Stage 3 (Transform), the startups with the most compelling solutions will be selected to work together with the Credit Suisse IT India team on development and implementation within the bank.

John Burns, Managing Director, Head of IT India and Senior Franchise Officer, Pune, Credit Suisse, said, “Our partnership with NASSCOM and, through them, with fintech startups, aligns well with our strategy to establish India as a center for technology delivery excellence and innovation for Credit Suisse. We want to engage and work with the best IT talent to help develop innovative solutions that address our business requirements and enable us to serve our clients globally. In addition to strengthening our delivery model, this partnership further promotes the growth of the startup ecosystem in India and we are excited to be a part of this journey.”

Gaurav Hazra, Senior Director & Head – India Market Development, NASSCOM, said: “The Indian financial services sector has embarked upon its digital journey and is catching up fast with its global peers in terms of adoption. Multiple fintech hubs have evolved across the globe ―the U.S., the U.K., Israel, Singapore, Hong Kong and Sydney to name a few ―which may well serve as a yardstick of fintech evolution for the emerging markets. India’s IT sector has witnessed a dynamic revolution with the arrival of new age advanced technologies such as AI, Machine Learning, blockchain among others. To remain relevant in this rapidly evolving world, enterprises and businesses need to leverage these emerging technologies, while lowering their barriers to accept innovation. We are glad to partner with Credit Suisse to bring out this initiative, which will not only assist these fintech start-ups to create solutions specific to the needs of our society but also serve as a guide for financial services organizations in India to accelerate their journey in the open digital era.”

Rajiv Ramachandran, Managing Director, Technology, Credit Suisse who leads the start-up engagements added, “India has one of the fastest growing, relatively matured startup ecosystems in the world. However, early stage entrepreneurs seldom have direct access to complex, functional business challenges that they can address through technology. Through this partnership with NASSCOM, we look forward to providing entrepreneurs this opportunity, to support and nurture them in solving real life business problems while collaborating with them to build innovative solutions for Credit Suisse.”

In March 2019, Credit Suisse announced its expansion to EON II, a new smart working facility in the EON Free Zone campus within the Special Economic Zone in Kharadi, Pune, as part of its strategy to establish India as a center for technology innovation for the bank globally. The Credit Suisse teams at EON II lead the development and rollout of cutting-edge technology and innovative methodologies, such as Agile, Cloud Computing, Machine Learning and Robotics, to support Credit Suisse’s global business operations. Credit Suisse IT India ranked #1 in the Coding Powerhouse category at the TechGig’s Code Gladiators 2019 challenge – a testament to the financial institution’s focus on skills development and innovation.