Swiss 3D Authentication Startup ‘OneVisage’ in India
In July 2017, OneVisage, a 3D Authentication startup from Switzerland arrived in India to do a market validation tour. OneVisage is a Swiss cyber-security company founded in 2013 with the vision to bring secure and convenient authentication services to mass-markets using standard mobile devices (BYOD). swissnex India’s Entreprenuership and Innovation team assisted Praveen Gajjala, the Business Development Director of OneVisage, in reaching out to relevant people in the Indian fintech space and exploring the potential of the industry. Praveen shares his thoughts on his visit to India –
Tell us about your product/service and why India is the right market for you?
OneVisage helps financial services and IAM with the strong 3D Facial Authorization which is safer, simpler, inexpensive digital authentication by using Smart devices.
India is the right market to address because:
(1) The number of smartphone users reached over 300 Million by December 2016
(2) There has been a 300 % increase in digital payments due to demonetization, which has made security a major issue. Ex: There have been more than 45000 cyber crimes between 2016-2017.
How did swissnex India assist you?
swissnex India helped us reach the right people at the right level in the organizations in India. Every meeting organized by swissnex India was relevant and with highly qualified professionals. For instance, to meet with the top level executives in banks such as State Bank of India or Citi Bank, we need have good contacts or network. A startup like OneVisage from Switzerland can access the network through swissnex India.
What were the outcomes of the first part of your CTI market validation CAMP? Do you see possibilities of alternate business models in India?
In India, it’s all about building relationships through as face-face meetings. I strongly believe that I have built a good relationship with all the executives I have met such as the CTOs/CIOs/Head of Open Innovation, etc. After my return from India, we have discussed the possibility of introducing alternative business models that suit the Indian market. In short, we are doing our best to ‘Indianize’ the products and the pricing.
Tell us your thoughts on India’s Fintech scene.
India’s aggressive government initiatives has brought more people into a National ID system (Aadhar) and using Aadhar ID, fintech companies are focusing to reach out to the unbanked population by creating mobile currencies. I see tremendous potential for a startup like OneVisage here.