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BlinkX Collaborates with Google Cloud for ClientTech Innovation

Mumbai: Google Cloud and BlinkX, announced collaboration signaling the onset of the ‘ClienTech’ era. This pioneering approach prioritizes the client within financial innovation, offering unparalleled levels of customization and insight into customer behavior.

This partnership combines Google Cloud’s expertise in data analytics and cloud operations with BlinkX’s innovative approach to financial services and their in-house technological capabilities. The goal is to revolutionize the fintech industry by harnessing advanced algorithms, integrating LLMs (Large Language Models), and utilizing personalized data analytics to tailor financial services directly to the distinct requirements and preferences of Indian customers, who often display intricate consumption patterns.

Gagan Singla, Managing Director at BlinkX, highlights the significance of the initiative: “By leveraging the power of Google’s cutting-edge technology, we aim to dismantle traditional financial barriers and create a more inclusive, personalized, and empowering financial ecosystem for our clients. This falls in line with our aspiration of being the country’s first no-glitch trading app with 24/7 availability and an adaptive platform for all types of investments. At the heart of our ClienTech philosophy lies our key areas of innovation which we termed as S.P.A.R – Servicing, Pricing, Algorithms and Research. We have heavily invested time and resources across all these areas to get the best for our customers and with Google Cloud’s partnership at all possible junctures, we are piqued to further elevate our rigor.”

“Empowering our customers and being relevant to their needs are the only two inspirations that drive us. To have such an enabling ecosystem, at the epicenter, we have positioned a Named Entity Recognition (NER) model – leveraging the latest progressions in Natural Language Processing and a Hyper-Personalized Nudge Engine, creating a complex array of nudges to help customers strategize their next move based on their transactional behaviour. We will be looking for avenues of innovation with Google Cloud to make these technologies as robust as possible” added Singla.

Google spokesperson Bikram Singh Bedi, VP & Country Manager, Google Cloud India stated “Our collaboration with BlinkX is more than a testament to technological innovation; it’s a commitment to understanding and serving the individual needs of every customer. Through this partnership, we are not only helping BlinkX set a new standard in fintech but also assisting them pioneer a new approach to customer engagement. This partnership is expected to have far-reaching implications for the financial industry, setting a new standard for how financial services are delivered and experienced. By prioritizing client-centric innovation and leveraging the latest advancements in technology, BlinkX is not just predicting the future of fintech; they are creating it.”

BEYOBO Secures Rs 6.7 Crore in Pre-Series A2 Funding Round

B2B cross-border e-commerce platform BEYOBO has successfully raised Rs 6.7 crore in an oversubscribed pre-Series A2 funding round, attracting 300% more interest than anticipated. This round was spearheaded by Indian Angel Network and included investments from International Startup Foundation, SAN Angels, as well as other individual angels and high-net-worth individuals (HNIs).

The funds will be utilized to introduce more international brands to the Indian market and to enhance the company’s tech platform. BEYOBO, founded by Anil Agrawal, serves as an online marketplace that connects Indian SMEs with global suppliers and assists foreign brands and sellers in establishing their presence in the Indian market, both online and offline.

Over the past year, BEYOBO’s e-commerce platform has reported a doubling in growth. The platform offers a wide range of products, including cosmetics, mobile accessories, household goods, and more, with BEYOBO managing order fulfillment.

The B2B e-commerce sector in India saw significant growth, surging to $18.2 billion in 2023, up from $5.6 billion in 2021, according to an industry report.

RBI Appoints R. Lakshmi Kanth Rao as Executive Director

The Reserve Bank of India (RBI) has named Shri R. Lakshmi Kanth Rao as its new Executive Director, effective May 10, 2024. Before this promotion, Rao was the Chief General Manager-in-Charge in the Department of Regulation.

Rao brings over 30 years of experience at the RBI, having worked extensively in bank and NBFC regulation, bank supervision, and consumer protection. His previous roles include Banking Ombudsman in Chennai and Regional Director for Uttar Pradesh in Lucknow. He has also been a member of various committees and working groups, contributing to policy development.

As Executive Director, Rao will oversee the Deposit Insurance and Credit Guarantee Corporation, the implementation of the Right to Information Act (FAA), and the Department of Communication.

Rao holds a commerce degree and a master’s in Business Administration (Finance) from Sri Venkateswara University, Tirupati. He also has a Diploma in TIRM from IIBF and is a Certified Associate of IIBF.

Newgen Software Recognized in Gartner’s 2023 Market Guide for Banking Solutions

Newgen Software, a global leader in low-code platforms for comprehensive automation, has been featured in the 2023 Gartner® Market Guide for Commercial Banking Cash Management and Trade Finance Solutions. Gartner defines these solutions as those that facilitate complete business and product processes, maintain a consistent operating model, and offer client services within the corporate treasury and working capital sectors. This report aims to provide bank CIOs with valuable insights into the available vendor solutions.

Newgen’s Trade Finance Solution, built on the NewgenONE low-code platform, includes features for transaction origination, processing, and document management. Additionally, the Swift-Compatible Solution helps commercial banks meet the latest Swift standards, enhancing the experience for both customers and internal bank users.

“Newgen excels in delivering operational excellence and unifying customer experience with its advanced trade finance solution. We believe this Gartner recognition reaffirms the critical role our innovative solutions play in creating a connected digital ecosystem and fulfilling the unique requirements of our commercial clients,” said Runki Goswami, Global Head of Marketing at Newgen Software.

Jalsa Ventures Group Expands Reach with 14 New Centers Across India under “Shard Center for Innovation”

The Jalsa Ventures Group has launched the “Shard Center for Innovation” in India, a revolutionary educational hub focusing on AI, ML, Drones, Robotics, Design Thinking, 3-D Printing, Data Science, IoT, and other advanced technologies for young children and professionals. Recently, the group has established 14 new centers across various states. This initiative aims to provide hands-on experiential education in emerging technologies to future leaders.

In the first phase, the Shard Center for Innovation will open in cities such as Bangalore, New Delhi, Hyderabad, Surat, Vadodara, Neemrana, Gandhinagar, Siliguri, Aurangabad, Sambalpur, Barampur, and Ranchi. Additional cities and states across India will be included later in the year.

These centers are designed to educate and empower future leaders, enabling them to navigate and contribute to the digital world and succeed in a rapidly evolving technological landscape. The initiative aims to create an environment that fosters challenge-taking, exploration, innovation, and progress. It will also serve as a world-class platform for young minds and professionals to deeply engage with cutting-edge fields like AI, ML, Robotics, and IoT.

Pankaj Kumar, Founder and Managing Director of Jalsa Ventures Group, said, “The domains like Artificial Intelligence, Robotics and IoT are increasingly becoming part and parcel of almost every walk of our life. A wholesome education into them is essential for holistic development of the society. The Shard Center For Innovation truly believes in “giving wings to your child’s imagination”. These centers would not only evolve the young minds into responsible citizens and industry leaders of tomorrow, but will also upskill the working professionals for increased proficiency and value addition at their workplace. They will impart all the lessons, theory & practical, offline, face to face in our state-of-the-art Innovation Labs, so as they could connect with them practically and incorporate into the day-to-day challenges in their respective domains. They can also launch their own enterprises in these sectors, in the time to come. We will also keep pace with the other upcoming technologies and add them to the curriculum, as and when required.”

The center’s would provide hands-on immersive and experiential learning as well as develop abilities to solve the real-life challenges, under their direct supervision. Along with these training programmes, these centers would also offer sessions on Communication, Leadership and Career Counseling to the young alumnus.

The centers will offer hands-on, immersive, and experiential learning, helping participants develop skills to tackle real-life challenges under direct supervision. In addition to these training programs, the centers will also provide sessions on communication, leadership, and career counseling for young alumni.

Emerging technologies find limited applications in public e-services: Sundar Balakrishna, IFS In conversation with ObserveNow Media

Right after the foray of Information technology (IT) in India in the early 1970s, the wave of transformation has taken over everything from traditional to modern. After the successful penetration of the IT revolution in India, now the country is exploring the recently discovered technologies that are transforming every sector possible with its emergence — AI/ML.

“As far as artificial intelligence (AI) is concerned, we understand that the most popular component of AI, as of the date of writing this article, is “Large language models” (LLM), which are merely advanced forms of natural language processing (NLP). NLP was around even during the 1950s, and like other emerging technologies, their use cases are few, far between, and not compelling”, highlighted Sundar Balakrishna, IFS, Special Secretary, Department of Information Technology, Electronics, and Communications, Government of Andhra Pradesh in an exclusive conversation with Shivani Babbar from ObserveNow Media.

The conversation unfolded the various facets of developments that the Department of IT. E&C is undertaking in the state of Andhra Pradesh. Also, the recent collaborations of departments and the usage of emerging technologies to address the governance challenges were explored in this insightful interaction.

Here is the edited excerpt:

What initiatives is the Department of IT, E&C undertaking to promote digital literacy and inclusion in Andhra Pradesh?

To promote digital inclusion, the fundamental requirement is robust internet connectivity, especially in the rural hinterland. The ITE&C department is the nodal agency for facilitating installation of telecommunication towers to enable “fourth generation” (4G) communication in the state and interfaces with the Department of Telecommunications, BSNL, the Forest Department, and the Revenue departments. Under the Universal Services Obligation Fund (USOF), the Government is implementing three projects: (i) Left-wing extremism phase 2 (ii) Aspirational districts (iii) 4G saturation projects. About 5423 villages bereft of all forms of telecommunication stand to benefit from the project. The sites for 98 percent of the towers were handed over to service providers for installation of towers as on 31 March 2024. The process of installation is ongoing.

Can you outline the key strategies employed to enhance the state’s IT infrastructure and foster a conducive environment for tech startups?

The state maintains and infuses the AP state data center (SDC) in Guntur, with state-of-the-art information technology infrastructure. A key strategy is to help transfer the eGovernment applications into the SDC, which are presently hosted outside the SDC to optimize costs, and to improve cybersecurity and also maintain videoconferencing facilities to enable seamless communications between the higher officials in the Secretariat and the offices in the mandal level. The earlier strategy of endowing all the officers with video conferencing facilities (like licenses, and desktops) is now being re-considered towards restricting access to enhance cybersecurity.

To foster tech startups, the ITE&C department has created a separate organization – the AP Innovation Society – to handhold start-ups, provide them with incubating space, help network with investors, and provide entrepreneurial support.

How does the department plan to leverage emerging technologies like AI, blockchain, and IoT to address governance challenges and improve service delivery?

We recognize that emerging technologies like Blockchain, and Internet of Things (IoT) are expensive, difficult to scale up, niche, and find limited applications in public e-services. The combination of these factors makes these technologies prohibitively expensive, and some research shows that even the private sector is wary in subscribing to these technologies. Hence, the ITE&C department is adopting a “wait and watch” strategy, and would leverage these technologies after sufficient number of use cases are amply demonstrated.

As far as artificial intelligence (AI) is concerned, we understand that the most popular component of AI, as of the date of writing this article, is “Large language models” (LLM), which are merely advanced forms of natural language processing (NLP). NLP was around even during the 1950s, and like other emerging technologies, its use cases are few, far between, and not compelling.

What collaborations or partnerships has the department formed with other governmental bodies, private sector entities, or international organizations to advance its IT and electronics agenda?

The ITE&C department is implementing the AP IT policy 2021-2024, and the AP Electronics policy 2021-2024 to partner with IT, and electronics manufacturing firms for creating employment in the state, through a slew of attractive incentives in the form of tax reimbursements, subsidized land costs, free infrastructure, provision for housing, and subsidized electricity tariff.

The International Institute of Digital Technologies (IIDT), Tirupati, an educational arm of the ITE&C department, through its knowledge partners in the AI and ML space, is offering 240-hour online courses in core IT: cybersecurity, full-stack development, and Introductory AIML. A research project with IIIT Kancheepuram in computer vision application is on the anvil.

How does the department plan to address challenges such as digital infrastructure gaps, internet connectivity issues, and affordability barriers in expanding digital access across the state?

Strategy that paid rich dividends was to involve the public representatives like the MLAs, and MPs, in these projects. The public representatives, and the political class in general, enthusiastically stepped in and lent us support in these projects.

The telecom service providers in the private sector find it commercially unviable to establish connectivity in sparsely-, and very sparsely populated villages in the rural parts of the state. The cost of establishment is also expensive. These constraints are being handled on a case-by-case basis.

In what ways is the government ensuring data privacy and cybersecurity for citizens and businesses operating within the state?

The e-Government applications that consume citizens’ data are being hosted in the AP State Data Center (APSDC), as explained. The central, single-point hosting enables the ITE&C department to secure the data and applications with state-of-the-art cyber tools like firewalls. The applications are also hosted after securing a cyber-audit at the desired frequency.

Adhipath Palchaudhuri selected as CMD of Balmer Lawrie & Co. Limited

Adhipath Palchaudhuri has been appointed as the Chairman and Managing Director (CMD) of Balmer Lawrie & Co. Limited following a decision made during a Public Enterprises Selection Board (PESB) meeting held recently.

Palchaudhuri, who currently serves as the Director of Services Business at Balmer Lawrie & Co. Limited, will assume the role of CMD pending vigilance clearances and approval from the Appointments Committee of the Cabinet.

The selection process involved interviews with nine applicants, including Palchaudhuri, along with other senior executives from Balmer Lawrie & Co. Limited and executives from other organizations such as Steel Authority Of India Limited (SAIL) and Indian Oil Corporation Limited.

Ecom Express appoints Pallavi Tyagi as New Chief Marketing Officer

Ecom Express has appointed Pallavi Tyagi as its new chief marketing officer. This strategic move is part of the company’s ongoing efforts to strengthen its leadership team by bringing in seasoned professionals from diverse industries.

Bringing over 18 years of experience in business, product management, and operations, Tyagi is poised to drive Ecom Express’s brand transformation and digital sales efforts. Her expertise lies in bridging marketing strategy with execution to deliver tangible business outcomes.

Tyagi’s background includes working with Marketing Communication Agencies such as Solutions-Digitas and Airtel Business. Her previous roles involved crafting comprehensive brand strategies and executing integrated marketing plans across different sectors. This wealth of experience positions Tyagi to play a pivotal role in expanding Ecom Express’s market reach and elevating customer experience.

CBSE Class 10 & 12 Results 2024 Announced Without Toppers Announcement; Psychological Counseling Services Initiated

The Central Board of Secondary Education (CBSE) has published the class 10 exam results today, allowing students to check their scores on official websites. In a notable move, CBSE has opted not to reveal the names of top achievers to discourage unhealthy competition among students.

Additionally, CBSE has kickstarted its free psychological counseling services, which will be available 24/7 starting May 14, to provide support to students facing various challenges.

In tandem with the class 10 results, CBSE has also announced the outcomes for both class 10 and class 12 board exams today. The pass percentages stand at 87.98% for class 12 and 93.60% for class 10, with female students outperforming their male counterparts yet again. Trivandrum has emerged as the top-performing district in both CBSE 10th and 12th results, showcasing remarkable academic achievements within its student community.

Godrej Consumer Products appoints Vaibhav Ram as Global HR Head

Godrej Consumer Products Limited (GCPL) has appointed Vaibhav Ram as its new Global HR Head, starting from October 1, 2024. Ram, currently serving as the Business Head for Southern Africa within the GAUM (Godrej Africa, USA, Middle East) cluster, brings a wealth of experience to his new role.

Having been with GCPL since 2010, Ram has held various positions within the HR function, including Head of HR for GAUM, HR Business Partner for Indonesia, and COE and Sales HR Business Partner for India. Prior to joining GCPL, he worked at Marico.

Ram holds an MBA from IMT Ghaziabad and a BE in Computers (Computer Science) from the University of Mumbai. His appointment underscores GCPL’s commitment to strengthening its global HR leadership team.

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