TransUnion Launches Sandbox Experience to Catalyze Innovation in India’s Lending Ecosystem

Mumbai, India, 12th Jan, 2020 – In order to help catalyze the evolution of India’s lending ecosystem, TransUnion has launched its TransUnion Sandbox Experience contest – an integrated and immersive sandbox environment to ignite ideas and innovation. The TransUnion Sandbox Experience is purpose-built to empower participants by giving them access to new-age datasets, a world-class analytical environment, along with modelling tools and techniques for building customized credit lifecycle management solutions. It also offers hands-on learning and experience with world-class data analytics and technology. The ultimate objective of Sandbox experience is to drive financial inclusion and access to credit by catalyzing innovation.

“While the COVID-19 pandemic has created unprecedented business disruptions, it has compelled the industry to speed up and revitalize digitalization and data-analytics across systems, processes and operations. The power of credit information analytics has proven its efficacy by enabling the quick and smooth implementation of Government relief schemes like the moratorium, ECLGS and EGPS, and by helping find and fund good borrowers. In-order to keep pace with dynamic market trends, evolving consumer behavior and economic changes, there is a need for continuous innovation and learning on data analytics. TransUnion is committed to the holistic development of the financial technology ecosystem in India. We believe that the TransUnion Sandbox Experience will help catalyze and further strengthen India’s data ecosystem, foster trust among market participants and help accelerate economic development and financial inclusion for nation building,” explained Mr. Rajesh Kumar, MD & CEO, TransUnion CIBIL.

The first TransUnion Sandbox Experience is designed for the FinTech lending ecosystem  and has around 200 contestants from the FinTech Industry. The contest is organized across three business problem statements or tracks. Each competing team has to pick one of the problem statements on which they will be able to do model development across a 72-hour period. One team in each track, comprising of two individuals from the same organization, are allowed to compete. The contest has grand prizes and recognition in store for the participants and winners – first prize is a cash award of 6 lakhs and second prize is a cash award of 4 lakhs for the winning teams across each track.

FinTech lending industry players are enthusiastic about the TransUnion Sandbox Experience. Speaking about the value this contest brings, the founder and CEO of PayU Credit, Mr. Prashanth Ranganathan said: “We see tremendous potential of data analytics-based solutions in helping us identify potential customers and drive access to financial opportunities for many more deserving consumers across our country. The TransUnion Sandbox Experience has a great construct to foster collaboration and co-creation, bringing the brightest minds in the industry together solving for the collective good.”

DMI Finance Private Limited is yet another key contestant and explaining the objective of their participation, its Co-Founder and Managing Director Mr. Shivashish Chatterjee, said: “The credit data ecosystem in India is at an inflection point where the industry is just starting to separate the signal from the noise. Forums like the TransUnion Sandbox Experience are promoting ideation, innovation and evolution for not on the FinTech industry but the broader consumer and SME credit sector. The problems that participants will tackle and the solutions they will be able to find and test in this contest will be instrumental in augmenting the credit lifecycle management for all lenders and keep India at the forefront of data innovation.”

The first TransUnion Sandbox contest for FinTech industry players will be held from 12^th-15^th Jan 2021. “The FinTech lending industry is providing access to finance through approximately 13 million loans as of 2019 to the tune of INR 230 billion. Access and experience for FinTech players on world class data analytics technology is essential to empower them further so that they can contribute to driving greater economic resurgence and financial inclusion. We’re attempting to provide support and motivation to FinTech lenders through our first Sandbox Experience contest,” concluded Rajesh.

In order to foster responsible innovation in financial services, promote efficiency and bring benefit to consumers, the Reserve Bank of India has also initiated an enabling framework for Regulatory Sandbox (RS). The RS is, at its core, a formal regulatory programme for market participants to test new products, services or business models with customers in a live environment, subject to certain safeguards and oversight.