Valocity wins major digital infrastructure deal under the Indian FTA - Wed 21 Oct
Herald NOW BusinessSummary
Velocity announces a significant digital infrastructure deal aimed at transforming India's banking sector, marking a pioneering achievement for a New Zealand tech company. Founder and CEO Carmen Vasilic highlights the strategic timing of the announcement, coinciding with the formal establishment of tariff-free access to India. This partnership is not only a testament to the collaboration between New Zealand and India but also serves as a model for digital adoption in emerging markets.
The deal involves creating a comprehensive property database to facilitate mortgage processes in India, where traditional addressing systems are often lacking. Velocity's innovative app allows valuers to geotag properties, streamlining the valuation process and significantly reducing the time required for banks to access necessary information. Vasilic emphasizes the importance of building a validated database that categorizes properties, enhancing risk assessment for collateral.
Despite challenges such as India's complex legal landscape, Vasilic expresses confidence in the venture's success, bolstered by the establishment of a local advisory board comprising influential figures in the banking sector. This strategic move aims to navigate regulatory nuances and foster relationships essential for long-term growth in the Indian market. The collaboration signifies a promising start to the relationship between New Zealand and India, with potential implications for other tech companies looking to enter emerging markets.
Show Notes
Carmen Vicelich, Valocity's founder and CEO, explains what it means for NZ. See omnystudio.com/listener for privacy information.
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