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Trusting Social Selected by Reserve Bank of India to Tackle Financial Fraud: Building Trust in the Digital Era

Posted byTrusting SocialinHot Newsat1/6/2023

Trusting Social, a leading fintech company at the forefront of driving financial inclusion through AI, is thrilled to announce its selection by the Reserve Bank of India (RBI) for participation in the regulatory sandbox initiative. This collaboration exemplifies Trusting Social's unwavering commitment to fostering innovation and strengthening security measures in the financial sector. As a trusted partner, Trusting Social, along with other fintech entities, aims to prevent and mitigate financial fraud, ultimately building trust in the digital landscape.

Regulatory sandboxes have emerged as powerful platforms for promoting innovation within a controlled regulatory environment. Trusting Social's selection for the RBI's fourth cohort is a testament to our dedication in staying ahead of financial fraud in today's ever-evolving digital world.

Siddattha Kohli, Country Director of Trusting Social India, expressed his enthusiasm, stating, "We are honored to be chosen by the RBI for this prestigious opportunity. By collaborating with esteemed partners and leveraging advanced technology, we are determined to build trust in the digital era and create a more secure and inclusive financial landscape."

Trusting Social specializes in address verification and credit insights, utilizing cutting-edge artificial intelligence algorithms. Our flagship product, 'Trusting Social Credit Insights & Address Verification,' accurately predicts residential and office addresses using non-personally identifiable data, subscriber usage, location signals, and other parameters. Siddattha Kohli highlights the significance of this solution, stating, "By verifying the accuracy and stability of address information, we empower financial institutions to enhance security measures and reduce the risk of fraud."

Collaborating with banking major HSBC and other selected entities, Trusting Social emphasizes the importance of collective efforts in combating financial fraud. Through these strategic partnerships, our collaborative endeavors promise to make a substantial impact on financial security. Siddattha Kohli affirms, "We believe that by joining forces with industry leaders and leveraging their expertise, we can collectively combat financial fraud and foster a more secure financial ecosystem."

Participating in the regulatory sandbox initiative signifies Trusting Social's compliance, commitment, expertise, and knowledge in utilizing technology to deliver financial access for all. Siddattha Kohli states, "Our inclusion in the regulatory sandbox demonstrates our ability to operate within a controlled regulatory environment while providing innovative solutions to address financial fraud and enhance financial access."

Trusting Social's selection for the regulatory sandbox initiative also reinforces our deep understanding of the complexities of the financial sector. With expertise in artificial intelligence, advanced algorithms, and alternative data, Trusting Social is positioned as a trusted partner in driving financial inclusion. Siddattha Kohli affirms, "We are dedicated to leveraging technology responsibly, fostering financial inclusion, and empowering individuals who were previously excluded from formal financial services."

Participating in the regulatory sandbox enables Trusting Social to gain valuable experience and feedback from regulators, industry experts, and other stakeholders. This opportunity allows us to refine our products, enhance operational processes, and strengthen compliance frameworks. Siddattha Kohli expresses his excitement, stating, "The learnings obtained from the sandbox initiative can contribute to shaping future industry practices and regulatory frameworks, benefiting not only Trusting Social but the entire fintech ecosystem."

Trusting Social is honored to be selected by the RBI for this prestigious regulatory sandbox initiative. We are excited to collaborate with esteemed partners and contribute to building trust in the digital era. Siddattha Kohli concludes, "Together, we will create a more secure and inclusive financial landscape."

About Trusting Social 

Trusting Social is an innovative fintech company that uses AI to drive financial inclusion. Trusting Social's focus on technology and innovation has enabled it to deliver disruptive financial products to underserved communities in the region. Using advanced machine learning and AI technology, Trusting Social developed world-class credit scoring models and licenses them to top telcos in Vietnam, Indonesia, India, and the Philippines, serving over one billion subscribers. Trusting Social also developed the first eKYC solutions for top banks in Vietnam, winning the Fintech Challenge Award hosted by the State Bank of Vietnam in 2019. Most recently, Trusting Social created the first-ever digital onboarding process for pioneering partner banks and consumer brands to deliver innovative financial products to underserved consumers. Trusting Social is supported by renowned investors such as Masan, Sequoia Capital, BEENEXT, Tanglin Ventures, 500 Startups, Kima Ventures, and Genesis Alternative Ventures, among others.