According to data from Indeed, the world’s No. 1 job site, there has been an upsurge in job postings for cyber security roles by 150% between January 2017 and March 2018, along with a corresponding increase of 129% in job searches for the same in the same period. Between January 2017 and March 2018, there has also been a spike in the number of job postings for Data Protection roles, which have seen an increase of 143%, while the number of job searches for the same have risen by 188%.
The impending implementation of the General Data Protection Regulation [GDPR] law in Europe has stimulated Indian companies to fortify their databases, leading to an upswing in the search for cyber security and privacy professionals. Further, the unprecedented increase in the number of cyber-crimes in the country has also created a number of job opportunities for data protection and cyber security professionals. According to the Cybersecurity Jobs Report 2018~2021, cyber-crime will more than triple the number of job openings over the next five years [Source].
Given the Information Technology boom in Bengaluru, the city accounts for 36% of all cyber security related jobs in the country; leading by a considerable margin over Mumbai [17%], the NCR region [12%], Pune [9%] and Hyderabad [8%], which make up the top five destinations for work opportunities in the sector in India.
Sashi Kumar, Managing Director, Indeed India, said
Globally, the increasing number of cyber crimes has made it imperative for companies to keep pace in hiring the right talent to combat them. Therefore, companies across the world are gearing up to ensure compliance to General Data Protection Regulation [GDPR] and ePrivacy requirements. While the larger technology giants are more or less equipped to comply, it is the mid-size and smaller firms that are seeking professionals to help them cope with the requirements the new laws entail.
Indeed data also highlights a high level of interest in the field among the age group of 26~30 year olds. Interestingly people between the age group of 41-~45 year olds also show high levels of interest in these profiles, as compared to those between 31~35 years old. This indicates that young technology talent as well as those with some experience in the industry are seeking opportunities in the cyber security space.
Despite cyber security jobs having zero percent unemployment, there is a huge dearth of skilled professionals, who can understand the complexities of today’s interconnected world. Cyber security breaches and intricacies have touched all industries and sectors. Hence, it is vital for all organizations to increase their security systems and processes.
About Indeed
More people find jobs on Indeed than anywhere else. Indeed is the #1 job site in the world and allows job seekers to search millions of jobs on the web or mobile in over 60 countries and 28 languages. More than 200 million people each month search for jobs, post resumes, and research companies on Indeed, and Indeed is the #1 source of external hires for thousands of companies [Sources: SilkRoad & iCIMS].
May 26th saw an important occasion in the calendar of Stonehill International School – the graduation ceremony of their Grade 12 students. The ceremony was a beautiful and poignant, with encouraging speeches from Head of School, Dr. Beverly Sortland – Secondary Principal, Mr. Narendra Mehrotra – DP Coordinator, Ms. Manpreet Kaur and Chairman & Managing Director – Embassy Group, Mr. Jitu Virwani. The ceremony ended with an inspiring speech from the Valedictorian of the Class of 2018.
Accredited by the Council of International Schools [CIS] and the New England Association of Schools & Colleges [NEASC], Stonehill International School’s graduating students have been accepted into renowned universities in India and abroad. The Bengaluru based international school has a good number of this year’s graduating class getting into prestigious universities like MIT, Stanford University, London School of Economics, and more.
Over the years, the school has accomplished an illustrious record of placing its students in some of the best universities across India, USA, UK and Canada. VIT Vellore, Kings College, Simon Fraser University, Parsons and New York University are a few of the esteemed universities that Stonehill students have gotten accepted to.
StoneHill Class of 2018
Students who have made it to the top Universities across the Globe
Shashank R – Stanford University [World Ranking#1] and he has decided to attend the same. He was selected for both Stanford and MIT but he has decided to attend Stanford. Excerpts of a Q&A session with Shashank that was recorded earlier is below
Q. Which colleges have you applied and from which colleges have you heard so far ?
A. Stanford, MIT, Georgia Tech, Michigan, USC, UNC Chapel Hill
Q. What are the three most important factors an applicant should consider while applying to high selective universities ?
A. Passionate involvement in extracurricular’s, good academic performance and finally, I think being genuine in essays [or otherwise] goes a long way.
Q. What challenges did you face while applying to Stanford and MIT ?
A. It’s hard to not get intimidated by all the applicants with perfect SAT scores and great grades, but it is important to keep reminding yourself that it is a holistic process. Each applicant is looked at in context.
Q. Some useful tips for your juniors ?
A. Make sure to understand everything you learn in class – truly understand every concept. Your teachers are your greatest resource. For interviews, make sure to ask your interviewer lots of questions about the school. They will help you determine fit.
Vinicius DE Poula Souza – London School of Economics [World ranking#3 for Political Science]
Dilsher Singh – Hong Kong University of Science and Technology [World Ranking#27] – Indian Student. Excerpts of a Q&A session with Dilsher that was recorded earlier is below
Q. Which college are you planning to attend and why ?
A. I plan to attend Hong Kong University of Science and Technology for Engineering studies. I am a hands on learner and hence practical approach to my learning has always been my focus while selecting universities. HKUST offers high quality research opportunities and huge scholarships opportunities as well.
Q. What did you highlight in your application ?
A. As I mentioned, I am a hands on learner, I learn by doing. I have highlighted that quality of mine in all my applications. I have particularly highlighted my journey of overcoming challenges with increasingly rigorous subject combinations throughout my high school days.
Q. What do you think contributes to attaining scholarship at college ?
A. There are many factors that need to be combined to earn a scholarship at university. Top notch grades coupled with genuine demonstration of interest in the field of study and evidence of success in school years are of prime importance to earn a good scholarship. Also, bringing versatility to your profile adds ample diversity to the incoming class and hence leads to a good scholarship.
Q. Some useful tips for your juniors ?
A. Start early !! Start Early !! “Early bird gets the worm”. I have learnt this through my application experience. There are going to be pitfalls and unexpected challenges during the process and time heals everything. So start early.
Q. One factor that every parent should consider in the application process ?
A. Parents are the greatest resource in this entire process. We often do not realize this and ignore their suggestions. Our parents know us better than anyone. Parents can give you insights on certain aspects of university life that we may not have anticipated. Partnering with parents during the application phase makes our life easier as they are our ultimate shock absorbents.
Zoranuddin Syed – Zoranuddin has decided to go to McGill University. But he has received offers from Edinburgh and UBC as well.
William Croke Martin – University of Toronto/McGill University [World ranking 12 and 26 respectively for Political Science]
Ida Wardemark – Leiden University [World ranking 26 for International Relations] and many others have received equally impressive offers.
Quotes of some of the Distinguished Speakers are below
Jitu Virwani, Founder – Stonehill International School
Be compassionate and give back to those who are less privileged. Treating people with respect and kindness will go a long way. Be resilient to any setbacks that you will encounter in life. Always accept defeat positively and remember that setbacks are opportunities to get things right the next time. Be innovative in thought. Our world is changing so rapidly and for you to be successful, find ways to be innovative and Agile in thought and action. And finally, Have immense faith in yourself and be very grateful for what you have.
Dr. Beverly Sortland, Head of School – Stonehill International School
As you go forward, remember your common IB heritage. You are Inquirers, Knowledgeable, Thinkers, Communicators, Principled, Open-minded, Caring, Risk-takers, Balanced and Reflective. Even though you share this background, each one of you is unique – there’s no one else like you. Your own unique blend- the takeaways from your learning and experiences, your cultural background, family, your personality and characteristics – all of this is a gift you give to our world. So my advice is to enjoy and optimize this – go with the flow, see where life takes you. It’s okay not to have it all planned out in advance – this leaves the door open for opportunity.
Mr. Narendra Mehrotra, Secondary Principal – Stonehill International School
I hope your education at Stonehill has given you the skills to become excellent problem solvers, efficient communicators and, most importantly, lifelong learners. I would like to speak to you about the power of diversity and education. In a world that is constantly changing, now, more than ever, we are in need of global citizens that understand the necessity of diversity and the desire to learn from one another through success and failure. The true purpose of education is to help people understand and adapt to the world around them. By learning from each other, we allow for broader perspectives, more compassion and greater equality. We ensure that we not only celebrate our differences but also respect them. The diverse and multi-cultural community at Stonehill is a great example of what I am talking about.
Ms. Manpreet Kaur, IB DP Coordinator – Stonehill International School
Today, the door of opportunities lays open before you. Learn to make choices and follow your passion. You are going to fall down, but the world doesn’t care how many times you fall down as long as it is one lesser than the times you have got back on your feet. You are our Stonehill Tigers – you are prepared for all challenges!
About Stonehill International School
Spread over 34 acres, nestled 20 minutes away from the Bangalore airport, the Stonehill campus is spacious, purpose-built, safe and highly conducive to learning. The international school is fully accredited by CIS/NEASC and the Australian Boarding Schools Association. Students from age three through secondary school enjoy a state-of-the art campus that features extensive sports fields and facilities, two swimming pools, an equestrian centre, three boarding houses, two libraries, and a cafeteria. Stonehill offers education in a warm and friendly small school environment, where each student’s quest for individual excellence is a priority. The students and teachers at Stonehill come from India as well as over 35 different countries spanning the globe.
While ‘Tele-medicine’ has been there for a while, it did not become mainstream the way it was expected mostly due to lack of right technology and business objectives. In the current context, virtual care would mean remote health monitoring, home health management, tele-medicine, kiosk and self-diagnosis based systems, wearables and the likes. Ideally, a collaborative environment leverages video, audio, mobile/portals, sensors/kiosk from where consumers can receive care with no constraints of location, time & in-person touch. The current virtual care drive is fueled by digital consumers, technology advancements, high cost of care, regulation driven better care mandates, and sparse density of physicians to name a few.
Let’s explore some of these in the current context
Technology advancements – IoT, AI/Voice and Blockchain could pave the way forward for the connected health/virtual care. These technologies have disrupted many industries operating today and healthcare is no exception.
IOT – Evolution of sensor technology has made it possible to connect many passive devices with internet. Cost & size of many healthcare sensors have drastically reduced, providing opportunities and options for a connected ecosystem. Wearables and mobile phones of today are good examples of instruments that have enabled measuring & streaming of personal vital data.
Voice – Alexa, Siri, Google voice, Bixby and many similar voice intelligent solutions ease the consumer interaction to more conversational rather than a complex system interface.
Blockchain – While it has lot of promise and is yet to gain mainstream status, there are good chances that distributed and secured health records will be a plus for virtual care, where the information will not be restricted to one hospital and will also be immutable and secured at the same time.
High cost – Global healthcare spend is projected to reach $8.7 trillion by 2020 which will be approximately 10.5% of GDP. Virtual health if done correctly could be an answer to this rising cost, specifically for non-emergency, minor cases, rural care and post-surgical care which lead to hospital re-admissions. Substantial cost reduction can be achieved if virtual care can replace redundant physician & ER visits for trivial situations.
Regulatory compliance – Around the globe there is constant effort by regulators to enhance the care outcomes. US started value based care initiatives under Obama Care and even levies penalties on hospitals for readmissions. Prime reason for readmissions is confusion after discharge and lack of post-operative care. Virtual care and remote monitoring can drastically reduce potential readmission cases.
Vertical and horizontal consolidation – Healthcare sector has seen a global consolidation and there are recent cases where retail giants like Walmart are trying to acquire healthcare companies. While this is less of a driver & more of an outcome, this could result in better reach to population leveraging virtual care and tele-health kiosks even in the rural and remote areas via the retail outlets.
Density of physicians – Finally, the physician density is a big factor when it comes to virtual care. As per WHO, currently there is 1 physician for every 1000 people for over 45% of member states. This gap is bound to grow and even advanced countries like US, Canada etc. will have acute shortage of physicians, specialists and surgeons.
So now that we understand that virtual care is one of potential solutions to care reach, better outcome and cost reduction, let’s explore newer challenges it may pose
First and foremost, a lack of comfort and confidence to adopt to this change is foreseen. Both physicians and consumers will have initial hiccups to adopt to the virtual care when both sides are used to in-person experience. A push from millennial population could be a key driver to overcome this situation.
Next, when data is not limited to the boundaries of a clinic and/or hospital, security would be an added concern. The value of Electronic Health Records [EHR] combined with financial transactions data is very high in the grey market. While separating the two may be hard, digital technology and Blockchain adoption can be an answer to some of the security concerns.
Privacy has always been a key factor when it comes to health. This would continue to be an added challenge in a digital and connected healthcare world.
Conflicts and legality could be another challenge as we adopt virtual care. The virtual ecosystem will need regulation and compliance support to run successfully.
Reimbursements for services will be another factor and hospitals and insurance companies will have to come up with innovative ways to reimburse for such virtual care.
Finally, fraud and abuse would continue to be a challenge. While technology advancements can be an answer to some, there will always be concerns arising from ill-intended practices from both consumers and practitioners.
So, how will an ideal virtual care system look like? No doubt, it will be an ecosystem of well-lubed entities. The system would comprise of a partner network to maintain the remote systems and kiosks; robust technology infrastructure; reimbursement system backed by Insurance [Payers]; serve as a good knowledge base to educate the population; provide in-person help to assist mass on how to use the systems; and finally a network of participating hospitals, doctors, clinics etc.
Many Health-tech startups are coming up with innovative business models which will soon disrupt how healthcare is provided and even how we reimburse it. Gone will be the days where healthcare system only looked at generating profit. As the global healthcare system evolves, it will be virtual care that will be disrupting and re-composing healthcare ecosystem into its new and improved avatar.
About the author
Sanjay Pathak is the Head Healthcare and Insurance Solutions at 3i Infotech Ltd. More details about him can be found here
It feels as if we are in a new era, as if there will be a before and an after with smartphones; perhaps it’s too great a comparison, but maybe it’s not dissimilar to the industrial revolution. Already, within the space of a few years, it is ingrained in our lives, changing the way we interact, work and spend our time. Social media came earlier, but with smartphones it has rapidly impacted our lifestyle – the way that younger generations are growing up will probably never be the same again.
There are certainly pros and cons, and as we begin to understand the potential pitfalls of this revolution, one wonders how Mark Zuckerberg will be seen by future generations. But while we are just beginning to understand the ramifications, we are still working out ways in which we use the new technology. Thousands of years on we are still tinkering with the wheel, finding new designs and new things to put it on, while smartphone technology is developing faster than we can find ways to use it. Not only are there new questions, but we have the opportunity to re-examine old problems. It follows that we would do the same with the health sector.
Hypertension, or as it is more commonly known as high blood pressure, is by all accounts the biggest affliction facing the world at the moment- thus it makes sense it would be the first question we try to address. Hypertension may seem like a relatively innocuous ‘condition’, but surprisingly it is the number one risk factor for death around the world and affects over 10 million people around the world. High blood pressure significantly increases the risk of stroke and heart attacks – one of the biggest killers in the world. Despite this, reportedly only half of the hypertensive population are aware they have it.
The International Society of Hypertension [ISH] believes that millions of lives could be saved if people were to simply get their blood pressure tested and then could take steps to manage their blood pressure appropriately. Indeed, in India, the rate of hypertension is estimated to be around 1 in 3 adults, as per Dr. Ramakanta Panda, MD of the Asia Heart Institute. These somewhat scary statistics led the ISH to launch the incredibly successful May Measurement Month campaign, which aims at publicizing the issue and getting people to get their blood screened.
You might be wondering what smartphones have to do with this? Well, they are helping people to stay healthier for longer. The MyTherapy app for example, allows you to track your blood pressure [or any other measurement/symptom] over a long period of time and puts it into easy to read graphs, so people can get a comprehensive, fact-based summary of how their health is. If someone with hypertension, for example, is able to see their blood pressure rising or a change coinciding with other symptoms, they can address the issue sooner, before the situation worsens. The app even allows you to share the information with healthcare professionals, allowing them to diagnose the issue quicker.
Originally launched in 2013 in Germany, the free app is chiefly a medication reminder app, but has expanded to include other functions like the measurements section or the sharing option which is available for family and friends too, for extra support. Taking into account that adherence for chronic diseases is only around 50% [WHO], it obviously represents a potential area of major improvement. Tested and proven to better adherence, millions of lives and billions of pounds, dollars and rupees could be saved if people were able to take their medication consistently and correctly.
The ‘new era’, as referred to earlier, brings with it more uncertainty than anything else. We are yet to properly explore and find out what it means for us in general. But it does present us with many opportunities, like the MyTherapy app and the MMM campaign. The infographic below sheds some light on the importance of knowing your health well.
The MyTherapy app is available for Android as well as iOS and can be downloaded from here & here.
The usage of mobile apps in India grew by 43% in 2016, with the finance category witnessing a significant increase in adoption, according to a study by Yahoo Flurry Analytics. The fact that phones are omnipresent in the lives of today’s ordinary consumer, it’s easy to see why many Indians are opting to use financial apps to help them manage their spending, debt, savings and investments. With the right financial app, any young millennial aiming to live a financially responsible life can have their dream turned into a reality.
Here are the most popular classes of apps that can have a positive impact on your financial future:
Debt management apps
While most people might try to avoid them, loans and credit play an important in the financial status of most people, not to mention, in fulfilling emergencies. In fact, 29.8 million credit cards had been issued by 31st March 2017, according to the Reserve Bank of India. Even as you seek financial options like personal loans from lenders, it’s always wise to find ways you can improve your income and get your finances in order so as to avoid too much borrowing. Otherwise, without the right approach, repaying all this debt can be a challenge. Luckily, there are some few apps that can help you plan a strategy for repaying your loans. Apps such as Debt, Qoins, Bury.Me and Digit can not only help reduce your debt levels but also help in preventing you from spending more than you earn using your credit card.
Strategic saving apps
With India poised to become the third-largest consumption economy by 2025, it’s important to know that the little things you purchase daily have a significant impact on your spending, savings and overall financial future. For instance, simple choices such as drinking coffee every morning in a cafe could easily eat down on how much you can save for investing elsewhere. With apps such as Mydala, Little App, Pennyful and GrabOn, you can make the right choices on where to buy items. Most of these apps also have great suggestions of the best places to get coupons and take advantage of discounts. Although a slight discount might seem minor at first, it will affect your savings cumulatively.
Apps geared for investment
The world of investment can both be intimidating and challenging for a person with little to no knowledge about which area will be most profitable. In fact, some people might make emotion-driven investments which can turn out to be entirely unfruitful. On the other hand, working with financial advisors who charge high fees is not for everyone. Online apps provide both the young and old investors with unbiased information on where to be put their money at a low cost and with tight security features. Apps such as Acorns, Betterment, Robinhood, and Stash are some of the best apps on the market for those looking to get investment tips.
Financial responsibility is essential for a sustainable future. The above apps are only but tools to help you manage your finances better. Consider using them for making smarter money decisions.
Bengaluru-based Embassy Group has embarked on a new smart lifestyle project with the launch of Embassy Edge, an integral part of Embassy Springs – the city’s biggest and best-planned, self-sustained community. With this, Embassy Group has entered into a new housing segment after making its mark in the luxury category of properties. These smart homes will be Alexa-enabled and come preinstalled with an Amazon Echo device.
Strategically located 9 kms from the Bengaluru International Airport, this newly launched project comprises of 1 BHK, 2 BHK, 2.5 BHK and 3 BHK apartments that range from 607 sq ft. to 1406 sq ft. with price range starting from Rs. 36 Lakhs onwards. Each unit is functionally planned with well-designed layouts that ensure the optimum usage of space and an uninterrupted view of the landscaped gardens. Embassy Edge is targeted towards the first-time home-buyers. Spread across 36 acres, the Phase 1 of Embassy Edge will offer home-buyers 800+ apartments spread across 5 towers in 12 acres.
Futuristic homes
This new launch will be a landmark project that will not only mark the Embassy Group’s foray into a new housing segment, but it will also bring cutting-edge technology to all its homes using Amazon Echo devices. Echo devices are smart speakers powered by the Alexa Voice Service, which can turn living spaces into voice-enabled smart homes. Embassy Edge residents will be able to control smart home appliances, play music, and even order products from Amazon.in by just speaking to Alexa.
Besides the at-home command capabilities, the Alexa voice service can also be accessed via smartphones, making it a perfect control and command centre, even when residents are away. The combination of Amazon Echo and Alexa will enable limitless social integration possibilities for the residents of Embassy Edge. Residents will be able to experience the future of community living where homeowners can interact with each other, set up society meetings in the community, monitor movements, book cabs, order food and buy groceries – using just? th?eir voice. Additionally, Amazon Echo devices can also enable residents to have greener lifestyle by automating their homes to optimize the energy consumption.
Mr. Jitu Virwani, Chairman and Managing Director, Embassy Group, Ms. Reeza Sebastian, Senior Vice-President – Residential Business, Embassy Group and Mr. Puneesh Kumar, Country Manager for Alexa Experience & Devices, Amazon India
Commenting on the group’s entry into the mid-level segment, Jitu Virwani, Chairman and Managing Director, Embassy Group said
Following our success with luxury homes, we were keen to make our brand accessible to everyone. True to its name, Embassy Edge provides the much-needed smart home automation to the well-informed, modern home-buyers. Being the first in real estate to bring this integration of voice-enabled homes in India, we believe that this will revolutionize the residential sector. We will be replicating this concept in our other residential projects across micro markets. We are very happy to provide Amazon Echo experience to residents and better our offerings here at Embassy.
Puneesh Kumar, Country Manager for Alexa Experience & Devices, Amazon India, said
Walking around the home and giving voice commands to control smart home appliances or getting information may seem straight out of a sci-fi movie. That’s where Alexa comes in and makes it extremely easy to automate your home using your voice. We are delighted to see Embassy Group’s initiative to offer Alexa-enabled smart homes to customers.
Customers can experience the magic of Alexa-enabled smartphones at Embassy Springs by walking-in or scheduling an appointment.
Integrated Township – Living in a City within a City
Embassy Edge is an integral part of the 288-acre Embassy Springs, the biggest and the best planned city, in the investment hotbed of North Bengaluru. The Integrated Township property offers 188 acres of plots, 36 acres of apartments, 22 acres of villas and row houses; 20 acres of community facilities like a club and school, 34 acres of commercial and retail space. This Integrated Township is like a mini city within a city providing various amenities within a short radius.
Embassy Springs with its strategic and well planned Integrated Townships offers a sense of oneness and community living that is very essential today. It is a home for like-minded people to invest in homes close to one another so that their social circuit is complete. This will result in a cohesive living experience and better emotional health, which are essential for the present-day lifestyle.
Ms. Reeza Sebastian, Senior Vice-President – Residential Business, Embassy Group said
We are delighted to launch the much-awaited Embassy Edge apartments, which is a part of our large Integrated Township, Embassy Springs. With its futuristic features, strategic location in North Bangalore, large expansive space within a community makes Embassy Edge a sound investment opportunity for the aspirational home buyers and millennials who view technology as an enhancement to daily life. We are offering an experience of our Embassy Edge voice enabled homes, with a walk through of our model apartment on site. It is encouraging to see the already increasing interest received for these future ready homes.
MoneyOnMobile, Inc., one of India’s largest mobile phone-based payment networks, announced the launch of a new biometric-based ATM cash-out solution. In the initial phase, the company activated 3,000 units, and expects another 3,000 activations in the coming months. Prior to launch MoneyOnMobile had 5,000 MOM ATM units operating in the field.
This new biometric MOM ATM leverages both the Open Banking APIs of our banking partners and the Indian government’s national identity system known as Aadhaar. Consumers can receive cash from their bank account by scanning their fingerprint on the new biometric reader – the fingerprint is linked to the consumer’s bank account, and substitutes for the debit card. Participating MOM Merchants provide the cash from their till just as they do when using the company’s existing MOM ATM and a debit card swipe. MoneyOnMobile’s payment platform connects our retailers to our banking partners and the Aadhaar system making the entire transaction seamless.
The Aadhaar Enabled Payment System [AePS], a Government of India initiative, was launched to empower a bank’s customer to use Aadhaar as his/her identity to access their Aadhaar linked bank account. Using AePS, the bank account holder can perform basic banking transactions like cash deposit, cash withdrawal and balance inquiry.
Our goal for 2018 is to expand our MOM ATM product line and the total number of deployments, and this biometric-based MOM ATM cash-out solution is a strong step towards achieving that goal. Before the rollout we had roughly 5,000 MOM ATM units operating. We expect that this figure will go well beyond 11,000 with the new biometric-based MOM ATM in the coming months, and bring us closer to our goal of having 30,000 MOM ATM units operating by the end of 2019.
Ranjeet Oak, Head–India Operations, MoneyOnMobile said
The launch of AePS-based biometric service by MoneyOnMobile, will enable our underbanked consumers to have easy and quick access to their bank accounts just by visiting one of our enabled retail partners spread across 700 plus cities across India. As this service was much awaited by our retailers, we are pleased that we were able to swiftly adapt to their recommendations.
Will Dawson, Chief Operating Officer, MoneyOnMobile, said
We are excited to launch this AePS-based MOM ATM to add yet another service which will provide last mile financial services to the over 600 million under-banked consumers in India. Our retailers, as well as MoneyOnMobile, earn revenue based on the size of the cash-out transaction, resulting in a positive impact on our MOM ATM revenue.
The process for a consumer to withdraw cash using an AePS-based MOM ATM is similar to the current handheld MOM ATM, but instead of handing over a card that is swiped through a machine, the customer places their fingerprint on a biometric reader. Once the system authenticates their ID, the retailer can process their cash-out request in the same manner as the handheld MOM ATM.
About MoneyOnMobile, Inc.
MoneyOnMobile, Inc. is an India focused mobile payments technology and processing company offering mobile payment services. MoneyOnMobile enables Indian consumers to use mobile phones to pay for goods and services or transfer funds from one cell phone to another. It can be used as simple SMS text functionality or through the MoneyOnMobile application or internet site. MoneyOnMobile has more than 350,000 retail locations throughout India. For more information, please visit MoneyOnMobile, Inc.
As a part of the initiative, Intel India will extend Intel India Maker Lab [its in-house hardware/systems-based startups accelerator in India] capabilities to Israeli startups to support development of products and solutions. In addition, it will provide mentorship, and connect the Israeli startups to India market requirements and opportunities to test and deploy solutions in the India market.
In turn, the Israeli technology ecosystem, which has strong business acumen, specifically with regard to new usage models and future technologies, will make their knowledge and technical capabilities available to the Indian startup ecosystem. This will be accomplished through trainings and workshops.
Dana Kursh, Consulate General of Israel to South India and Nivruti Rai, Country Head, Intel India, & Vice President, Data Center Group, Intel Corporation, signing the MOU in Bengaluru. 23rd May 2018
The collaboration also entails academia involvement through the Israel Center at the Indian Institute of Management Bangalore [IIMB], which will provide its students access to engage with both the Indian and Israeli technology ecosystem. IIMB will also help conduct seminars and workshops for entrepreneurs from both countries.
Nivruti Rai, Country Head, Intel India, & Vice President, Data Center Group, Intel Corporation, said
Intel and Israel share a very strong culture of innovation and hunger to innovate. We have continuously strived to deliver cutting-edge technologies that impact the world. Intel is celebrating its 50th year of innovation journey and it is an exciting moment for us to be collaborating with the Israel Consulate to accelerate innovation and entrepreneurship in both the countries. The natural synergies that exist between the Indian and Israeli ecosystems, will help us drive innovation to deliver solutions for these markets, and for the world.
Dana Kursh, Consulate General of Israel to South India, said
This year marks Israel’s 70 years of “heritage of innovation”, and India has been a key partner on this exciting journey. The Consulate of Israel to South India’s mission is to strengthen the Indo-Israeli bilateral and economic ties. Choosing to sign this MOU with Intel India as a highlight around Israel’s 70th Independence Day will bring us closer to achieving our mission. We are honored to be part of this collaboration that so intrinsically combines the values and strengths of India, Israel and Intel to advance innovation through these two vibrant technological ecosystems. We look forward to working closely with Intel and the India technology ecosystem in this endeavor.
