Temenos (SIX: TEMN), the banking software company, announces that Docswallet has won the public vote for best fintech at its annual Abu Dhabi Innovation Jam.
The fintech’s representatives were presented with the winning trophy by Richard Teng, CEO of the Financial Services Regulatory Authority, of Abu Dhabi Global Market, and Jean-Paul Mergeai, Regional Director - Middle East and Africa, of Temenos. Docswallet will now will now go on to present in front of a global audience at the final Innovation Jam at the Temenos Community Forum, 22-24 May.
The Abu Dhabi Innovation Jam is one of eight regional competitions being held across the globe in 2018 to find the best fintechs. This year, the event was held in partnership with the Abu Dhabi Global Market (ADGM) at its International Financial Centre in Abu Dhabi. Throughout the event, eight fintech companies brought to life the areas where innovation and collaboration - such as data, blockchain and payments - can help banks stay ahead of the competition. Each of the startups had seven minutes in which to give a live presentation or demo of their solution to an audience composed of banks, fintech startups and tech enthusiasts.
Docswallet enables users to get digitally certified copies of documents in Blockchain from their official sources, store and organise them in a locker, and submit them as required. The introduction of the Docswallet ‘Digitally certified documents on blockchain’ is as much about protecting the privacy of users as it is about strengthening the integrity of the document authentication process.
Docswallet will now travel to the Innovation Jam final to compete with the winners from each of the other regional heats in Hong Kong, Amsterdam, Miami, London, Geneva, Dublin and Luxembourg. The Innovation Jam Final will be held at Temenos’ premier conference, this year being held in Dublin, where each of the fintechs will compete in front 1,200 delegates from around the world.
Commenting on winning the public vote, Docswallet CEO Avira Tharakan, said: “It was a thrilling moment when the votes came out, and our entire team was delighted with the win. With paper documents containing signatures and stamps still being used in many cases for business transactions, a real cultural change is required so that organisations in the BFSI space can, and will, accept digitally authenticated and e-signed documents. Creating trust and authenticity within those documents is what our platform does. We help organisations to confidently process a loan application, open an account, and issue bank guarantees. The introduction of the Docswallet ‘Digital authentication programme’ is as much about protecting the privacy of alumni and users as it is about strengthening the integrity of the verification or authentication process.”
Ben Robinson, Chief Strategy Officer at Temenos, added: “Our goal with Temenos MarketPlace is to find the best fintech companies and integrate their solutions with our technology so that Temenos customers can access the latest fintech innovation as quickly and easily possible. The Innovation Jams form an important part of this work, since they enable us to uncover great solutions from all over the globe. The winner of the Abu Dhabi Innovation Jam is a case in point. DocsWallet, designed to speed the processing and stamping of official documents, is a highly innovative blockchain-based solution that can be applied across the world to enable the more secure sharing of documentation between banking intermediaries but also to put customers in greater control of their own data. We look forward to seeing them compete in the final at TCF in Dublin.”