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TWTW Weekly Wrap Up: 23-29 Oct
"India has true potential to become a world leader in Web3, ushering in a strong transformation in industries such as FMCG, media and electronics, engaging target consumers like never before." — Jagdish Mitra, Chief Strategy Officer & Head of Growth, Tech Mahindra
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Last Week’s Latest
- Israeli Tech startup Trigo, which allows stores to function without cashiers, has raised USD 100 million.
- Saudi Telecom Company (STC) has committed an extra USD 300 million to Saudi venture capital company STV, in addition to an earlier USD 500 million investment, to help STV's aim of supporting and developing the region's digital champions.
- Warburg Pincus invests USD 50 million to the establishment of Oona, a Southeast Asian digital insurance platform.
- With 400G-capable architecture, Nokia and Delta Telecom to work together to offer next-generation IP and optical transport networks.
- According to Research and Markets, the global RegTech market is expected to reach USD 23.6 billion by 2029, rising at a CAGR of 16.5 per cent from 2022 to 2029.
- Aditya Birla Sun Life Insurance has launched India's first instant insurance issuance service on WhatsApp.
- Digital engineering solutions provider, Indium Software has opened its largest worldwide delivery centre, aims to increase revenue by more than 50 per cent in 2022-23.
- Web3 will contribute USD 1.1 trillion to India's GDP by 2032, following a 37x increase since 2020, according to a report by NASSCOM.
- AI spending in India is predicted to reach USD 11.78 billion by 2025, contributing USD 1 trillion to the Indian economy by 2035, according to a report by World Economic Forum.
- By 2023, more than 30 lakh central and state government officials will have been trained and exposed to emerging technologies such as AI/ML and blockchain in order to improve governance and service delivery, says Union Minister Jitendra Singh.
Focused Story Of The Week #1: RegTech – The New Era Of Tech-enabled Compliance
The global financial crisis of 2008 was a breakthrough moment for the creation of Regulatory Technology. With an increasing need to automate regulatory compliance processes, increasing cases of fraud and an increasing need for faster transactions, RegTech is playing an important role solving these problems for enterprises and anti-money laundering organisations.
According to a report by Research and Markets, the global RegTech market is expected to reach USD 23.6 billion by 2029, increasing at a CAGR of 16.5 per cent from 2022 to 2029.
Maintaining compliance in an industry with continually changing standards is incredibly difficult. RegTech not only entails regulatory compliance processes, but also saves time and effort by keeping teams up to date on new modifications to applicable rules. RegTech solutions reduce the time taken for enterprises to become thoroughly compliant following the implementation or updating of a new regulation.
RegTech is already laying the groundwork within the FinTech ecosystem to overcome and develop solutions that are tailored to emerging and complex regulations, litigation and regulatory remediation areas faced by financial institutions, as well as overall cost compliance reduction. RegTech, in conjunction with FinTech, is also enabling banks to meet these regulations without completely overhauling their present models.
"In an ever so rapidly evolving tech world, RegTech will play a critical role in enabling and automating robust governance practises, laws, and standards for AMLs and companies."
Focused Story Of The Week #2: India’s Web3 Ecosystem – Fueling The Techade
Web3 is the next stage in the evolution of the internet. Currently, within Web3, technology such as AI and ML are being extensively emphasised, also providing clients with improved security alternatives, data ownership and fewer intermediaries. In the first half of 2022, there were over 450 Web3 startups in India and they had raised more than USD 1.3 billion since 2020. In 2021, the average deal size was around USD 10 million, and there were more than 70 active institutional investors in the Indian Web3 industry.
According to a recent report by WEF, from the beginning of 2020 to the first quarter of 2022, Web3 investments in India have increased by 37 times, and USD 1.1 trillion in Web3 economic value is expected to be added to India's GDP by 2032.
Web3 focuses on decentralisation, allowing websites to process information in a smart way, resulting in India's work processes move more swiftly and effectively. Utilising Artificial Intelligence, Machine Learning and Natural Language Processing applications, Web3 could result in increasingly personalised human-like interactions with machines.
In this Techade, with India's increasing adoption of new-age technologies, rapidly developing startup environment, and large-scale digitally skilled talent will play a crucial role for India to emerge as a prominent leader in the global Web3 landscape.
India has true potential to become a world leader in Web3, ushering in a strong transformation in industries such as FMCG, media, and electronics, engaging target consumers like never before.
"India has true potential to become a world leader in Web3, ushering in a strong transformation in industries such as FMCG, media and electronics, engaging target consumers like never before."