Mumbai July 8, 2021: IDfy, one of Asia’s leading Regulatory Technology companies, and HDFC Securities, one of India’s leading stock broking companies, today announced their alliance to work together for fully digitising new investors’ onboarding journey by simplifying the KYC process. The partnership facilitates remote onboarding of investors looking to capitalise on wealth creation opportunities in the stock markets during these times of lockdowns and physical distancing.
IDfy’s suite of Digital KYC solutions will be integrated into HDFC Securities’ platform to provide customers with a smooth digital onboarding journey. IDfy’s Document and Face Recognition Solutions will help HDFC Securities to accurately identify the customers, verify and authenticate their credentials, and onboard them in real-time. With IDfy’s solutions, HDFC Securities can provide access to capital markets to people in remote corners of the country, while being compliant with SEBI’s KYC norms.
A key innovation in the onboarding process is a replacement of a live video session with a simple selfie of the customer. As part of the journey, customers aren’t required to record a live video session anymore, as opposed to the standard practice in the industry. HDFC Securities’ customers can submit selfies that IDfy’s solutions will use to capture all details required to meet compliance norms and prevent fraud. This will simplify the onboarding process, thereby significantly reducing customer drop-offs.
This simpler and faster onboarding process is positioned to help HDFC Securities grow faster in Tier 2 and 3 markets in the country.
Speaking on the announcement Mr. Gagan Singla, Chief Digital Officer – HDFC Securities said, “We are happy to partner with IDfy, providing us a good solution to offer a seamless on-boarding experience for our customers. Complementing our digital growth initiatives, this experience aims to simplify the account opening process, while opening up unlimited possibilities for customers to expand their investment universe through our wide spectrum of product offerings.”
Ashok Hariharan, Chief Executive Officer – IDfy said “Events in recent times have made it imperative to bridge the digital divide between India and Bharat. HDFC Securities is contributing to this movement. We are proud to partner with them to unlock opportunities for real investors”.
By the end of 2020, the number of Demat account openings in India had increased by 27% compared to the year before to stand at close to 50 million. With more and more Indians dabbling into the stock market amidst the pandemic, the emphasis on remote onboarding is more pronounced than ever.
About IDfy
IDfy unlocks value for real people. IDfy’s AI-driven technology solutions help enterprises accurately identify and verify entities, prevent fraud at source, and engage with the genuine with confidence.
IDfy’s Identification and Verification solutions help some of the world’s largest companies safely onboard customers, employees, users, community members, and business partners. IDfy’s platform runs the KYC backbone of some of Asia’s leading Banks, Fintechs, Payments Companies, Stock Brokers, Cryptocurrencies, and Insurers
IDfy works with the leaders in their respective sectors like Amazon, Airbnb, HDFC Bank, HUL, Dream11, British Telecom, Cognizant Technologies, Legato Healthcare, and Kotak Life Insurance
IDfy is ranked amongst Asia’s Top 5 Regulatory Technology companies. IDC rates IDfy as an Innovator in Video services to Financial Institutions.
IDfy has 350 people serving 500 clients across India, South East Asia, and the Middle East.
IDfy’s investors include Blume Ventures, MegaDelta Capital, BEENEXT, and Dream Incubators.
About HDFC securities
HDFC Securities is one of the leading stock broking companies in India and a subsidiary of HDFC Bank- a renowned private sector bank.
As a stock broking company, HDFC securities have completed more than 20 years of operations. It offers a suite of products and services across various asset classes such as equity, gold, debt and real estate. Be it stocks, derivatives, mutual fund, fixed deposits, NCDs, insurance, bonds and currency derivatives.
HDFC securities offers web 2.0 technology to trade and our state-of-the art technology enables seamless trading experience on both the exchanges, BSE and NSE
With a decade of experience in trading and a rating of A1+1, HDFC securities have a proven pedigree in the financial services industry, while catering to the investment needs of customers through 200 plus branches.
For further information, please contact:
Navanil Sengupta | +91- 99207 67977 | navanil.sengupta@hdfcsec.com
Anupam Mukerji | + 91- 9880754868 | anupam.m@idfy.com
