#PSA
The moment we've all been waiting for is here 🙌 India's account aggregator framework is live with a small set of beta users 🎉 This is such a big milestone and will create an orbit shift for the India fintech ecosystem just like what UPI did to payments. 1/n
The moment we've all been waiting for is here 🙌 India's account aggregator framework is live with a small set of beta users 🎉 This is such a big milestone and will create an orbit shift for the India fintech ecosystem just like what UPI did to payments. 1/n
Account aggregator is an RBI initiative to enable end users to get access to their financial data from any application of their choice. Just like how UPI enabled access to money from 3rd party apps, AA does the same for data. 2/n
So why is it a big deal?
There's a global movement around data to put end users in control of it. India's framework introduces the idea of a "consent manager" which is way ahead of other open banking initiatives. Yes, we are indeed pioneers when it comes to fintech. 3/n
There's a global movement around data to put end users in control of it. India's framework introduces the idea of a "consent manager" which is way ahead of other open banking initiatives. Yes, we are indeed pioneers when it comes to fintech. 3/n
The number of use cases that can be built on this are HUGE. AA can be used regulated financial institutions to:
1. Verify user identity using data from the bank like: Name, Address, PAN
2. Improve underwriting and give access to credit for millions who are struggling today 4/n
1. Verify user identity using data from the bank like: Name, Address, PAN
2. Improve underwriting and give access to credit for millions who are struggling today 4/n
4. Provide personalised fiance management to every Indian - to help them track and manage their money;
The list can go on. I'm personally super excited as a builder to see all the amazing stuff that will be built on top of AA. 5/n
The list can go on. I'm personally super excited as a builder to see all the amazing stuff that will be built on top of AA. 5/n
Here are some of the cool hacks that were built last year, as part of the AA hackathon organised by @sahamati aa-hackathon.devfolio.co/submissions 6/n
At Setu, our mission to make financial services affordable and accessible to all. We cannot make this happen without enabling infrastructure like AA.
We're building a world class developer platform to enable innovators to build on top of AA infrastructure. 7/n
We're building a world class developer platform to enable innovators to build on top of AA infrastructure. 7/n
We've partnered with the multiple AAs to bring you the best of all worlds so that you don't have to worry about it. From understanding how it works, demystifying regulations, building products, we'll be there all way with you. 8/n
We're going to be selective and work with a close set of partners in the initial days. If you're interested, please apply for access here: bit.ly/3hy19Oj
Looking forward to the next fintech revolution in India 🙌
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Looking forward to the next fintech revolution in India 🙌
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