SimplyFI Softech India: Simplifying Trade Dynamics through Fast, Affordable and Latest Blockchain Technology
Founder & CEO
Founded in 2016, by two financial trendsetters, Viswanadh Akella and Venkatesh Siruvuri, SimplyFI unleashes new possibilities by boosting the next wave of innovation to bring positive change in trade finance and every business that conducts cross border business or trade. Through the years the company has launched numerous innovative products, updated existing solutions, and implemented path-breaking technology and policy to ensure a seamless journey for the customers. SimplyFI’s innovative product line has been a critical factor in pushing the company to new heights and win prestigious awards and recognition like The APAC CIO Blockchain award-2017. Viswanadh Akella further elaborates on the company's work engagements cantered on the Blockchain technology in details below.
In conversation with Viswanadh Akella, Founder & CEO, SimplyFI Softech India
From the retail sector to the field of Healthcare and Medicine, Blockchain technology has made its way into various industry verticals. Which industry segment has SimplyFI been focusing on with regards to their Blockchain technology demands?
SimplyFI Softech is formed with a primary focus to tackle the issues of trade finance globally. We are rewiring trade finance by providing the most connected and secured platform infrastructure for banks, financial institutions, corporates, technology companies, value-added services providers or simply all parties involved in the trade ecosystem.
Our personalized software products and cost-effective implementations help banking and consumer finance firms to solve the business problems of customers through innovative technologies and personalized service support. It prevents trade inefficacies and reduces instances of fraud and Money laundering. Reducing the trade settlement cycle ensures regulation and compliance which are fully reflected in the implementation. Our expertise and experience will help banks build the capabilities they need to succeed in the long term.
INVOIZO being an invoice financing platform on the Blockchain enables all the transactions to be highly secured and transparent
As a global organization, how has SimplyFI maintained a top-notch quality of products and tell us about your flagship products?
SimplyFI’s flagship invoice discounting marketplace- INVOIZO is a unique platform that enables businesses to get access to collateral-free working capital, by enchasing their unpaid invoices at a discounted rate, while providing investors with a unique, shortterm alternative investment opportunity. INVOIZO acts as a catalyst, connecting investors with businesses looking for working capital, thereby easing their supply chain and operational requirements through both Payables and Receivables discounting.
INVOIZO being an invoice financing platform on the Blockchain enables all the transactions to be highly secured and transparent. The distributed ledger system enables investors to venture into the world of alternative investments and maximize yield in a short span of time.
The words Blockchain or crypto still conjure up images of bad actors, criminals, and get-rich-quick hucksters using a new technology to commit age-
old frauds. How do you help clients to mitigate such challenges?
Crypto is a great innovation on top of Blockchain. This innovation challenges the money movement, cuts international barriers and opens up a whole new thinking about Toeknomics. But with this comes the misuse of Anonymity feature of Crypto. While get rich schemes like crypto trading will give a good upside, it is not legal in India. When we started our journey we had a system which does automated trading using crypto but eventually we moved out of it as regulation mandates ban on Crypto. We are now pursing in the Enterprise Blockchain Space. Blockchain is known for its cryptographic security that is impossible to crack by any hack methodology till date. Quantum computing comes to overtake the required compute power. But Quantum is far from mainstream usage as of now. Hence, by default whatever solutions we are providing for customers are powered by the natural efficiencies of Blockchain as a platform. So we always claim that our products are super secure without a doubt.
Provide us with some successful implementation story that has or have left a mark in the company’s success.
We at SimplyFI are proud to take our customer success to new heights. Some of our customers are SMEs and NBFCs. SME’s access to credit is tough because of the Banks stringent qualification processes. We are happy to see many SMEs are able to leverage our products and fulfill their working capital needs. Powering SMEs will contribute to India`s GDP by 20% .We are already working with multiple banks & NBFCs to strengthen our financial network.
What further innovation do you plan to include in your Blockchain technology offerings?
Our focus is to bring a whole new suite of Trade finance to customers where they benefit with simplification of complex process using Blockchain & AI. We will be innovating into commercial banking space and more digital transformation around this space. We would like to be known as the best Digital Commercial Bank of the World.