FRS Labs
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| Private | |
| ISIN | 🆔 |
| Industry | Identity verification and Fraud prevention |
| Founded 📆 | 2010 |
| Founders 👔 | P Shankar |
| Headquarters 🏙️ | , , |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | frslabs |
| 📇 Address | |
| 📞 telephone | |
FRS Labs is a technology company that facilitates opening banks accounts using ID scanning and facial recognition using a mobile app.[1]. The company's goal is to bring a billion people in developing countries into the formal financial system by allowing them to sign up for financial services and verify their identities in under two minutes.[2] FRS Labs is headquartered in Bangalore, India.
History[edit]
FRS Labs was founded in 2010 by Shankar working with Vodafone to co-create a fraud management product that was "self-learning" rather than using a "rules" engine[3]. Shankar’s attention quickly turned to the complex process of opening a Bank Account in 2014 citing the World Bank report that "cost, travel distance to bank branches and paperwork remained barriers for people to open bank accounts".[4]. The company stated that the overarching philosophy toward creating the technology solution to solve the customer on-boarding problem was that Banking is an essential part of peoples lives; However, opening a Bank Account is a complicated process with branch visits, paper forms and long waits which dissuade people; and economies cannot grow with a large population excluded from the formal financial system.[5]. While this was a novel approach, most, if not all, developing countries including India, Middle East and Africa do not allow non-face to face customer onboarding methods. To prove that the methodology works, FRS Labs partnered with Yes Bank and Societe Generale to trial the on-boarding solution using any Government issued identity document with video and voice verification to prove their identities remotely[6][7][8]
In 2017, FRS Labs was part of Citi's Tech for Integrity initiative: "World Economic Forum Strategic Partners - led by Citi and supported by Clifford Chance, Facebook, IBM, MasterCard, Microsoft, Let's Talk Payments, PwC as well as 80+ Allies and Contributors selected 96 global T4I Innovators whose technologies can substantively transform efforts to mitigate vulnerability points and build trust and integrity back into systems"[9]. In February 2018, FRS Labs was appointed as an empanelled software development agency for UIDAI, by Ministry of Electronics and Information Technology, Government of India (Notification of Empanelment vide F.No 11014/27//2017-Tech). In June 2018, FRS Labs was accepted (in principle) for the Regulatory Laboratory programme by ADGM to trial its Atlas Digital KYC services in the Middle East[10].
Accolades[edit]
FRS Labs was one of the finalists in the Wharton India Startup Challenge in 2016 [11] and was one of the winners of the TiE Bangalore Anthahprerana contest held in 2016 (Batch 3)[12]. FRS Labs was declared the winners of the inaugural FinTech event by Abu Dhabi Global Markets in 2017 which saw more than 166 global companies competing[13]. Following the win, Shankar said, "We are solving the simple problem of opening a Bank Account, but this has profound value and impact for millions of people around the world"[14]. As winners, FRS Labs was invited to present the digital onboarding solution at the annual FinTech conference organised by Monetary Authority of Singapore (MAS) in Singapore[15]. FRS Labs also won the inaugural seamless North Africa FinTech contest in 2018 organised by the Central Bank of Egypt to promote financial inclusion in Egypt[16].
References[edit]
- ↑ farah (2017-10-28). "FinTech Abu Dhabi Announces Two Innovation Champions - Forbes Middle East". Forbes Middle East. Retrieved 2018-08-07.
- ↑ Mining, Sanjiv Purushotham
Value. "Financially including a billion more". www.khaleejtimes.com. Retrieved 2018-08-03. - ↑ "A System That Learns about Fraud". Commsrisk. 2015-09-30. Retrieved 2018-08-07.
- ↑ "Home | Global Findex". globalfindex.worldbank.org. Retrieved 2018-08-07.
- ↑ Abu Dhabi Global Market (2017-10-25), Innovation Challenge - Part Three (featuring FRS Labs, Canopy and SQREEM), retrieved 2018-08-07
- ↑ "Societe Generale plans to invest in Indian startups". Deccan Herald. 2017-09-05. Retrieved 2018-08-07.
- ↑ "Summer Cohort Solutions - YES Bank Fintech". www.yesfintech.com. Retrieved 2018-08-07.
- ↑ Bhakta, Pratik (2017-07-07). "Yes Bank taps AI to directly offer small loans to students". The Economic Times. Retrieved 2018-08-07.
- ↑ "Tech for Integrity". widgets.weforum.org. Retrieved 2018-08-04.
- ↑ "ADGM Reglab Attracts Record Number of Applications for its 3rd Cohort – FINTECH AT ADGM". fintech.adgm.com. Retrieved 2018-08-03.
- ↑ "Top 20 Finalists Of The 5th Edition Of Wharton India Startup Challenge". Inc42 Media. 2017-12-20. Retrieved 2018-08-03.
- ↑ "Alumni". SCALE UP. Retrieved 2018-08-03.
- ↑ farah (2017-10-28). "FinTech Abu Dhabi Announces Two Innovation Champions - Forbes Middle East". Forbes Middle East. Retrieved 2018-08-03.
- ↑ "Two FinTech Abu Dhabi Innovation Challenge Firms Won the Competition". Retrieved 2018-08-07.
- ↑ Lee, Jamie. "Making the elevator pitch". The Business Times. Retrieved 2018-08-03.
- ↑ "البنك المركزى يقود جهود تسويق التكنولوجيا المالية فى مصر - اليوم السابع". اليوم السابع (in العربية). 2018-02-08. Retrieved 2018-08-03.
External links[edit]
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