Month: March 2023

·         Offers ‘3-in-1’ account for stock brokers and their clients digitally

·         Enables first-of-its-kind digital opening of savings account and demat account for PMS clients

·         Provides digital onboarding platform for FPIs/ FDIs

ICICI Bank today announced the launch of an array of digital solutions for participants of the capital market and clients of custody services. The solutions enable various participants in the sector including stock brokers, Portfolio Management Service (PMS) providers, Foreign Portfolio Investors (FPIs), Foreign Direct Investors (FDIs), and Alternative Investment Funds (AIFs) to seamlessly meet all their banking requirements. The Bank has launched these solutions to offer expeditious onboarding and convenience to all participants of the Indian capital market which has seen significant growth in the last few years.

The newly launched ‘3-in-1’ account enables the clients of stock brokers to digitally open online trading, demat and savings account in a few hours from anywhere across the country. The facility empowers stock brokers to integrate their trading and depository systems with the Bank through API, providing them with the advantage of real time information on availability of investor funds.

The Bank has also enabled providers of PMS services to digitally open savings account and demat account in a single working day, significantly reducing onboarding and activation time.

Additionally, the Bank has launched a digital platform for onboarding and registration of FPIs/FDIs from any country across the globe. The platform helps FPIs/FDIs to upload documents and information seamlessly for pre-verification, thereby paring the registration and onboarding time down to a few days.

Speaking on the launch, Mr. Sumit Sanghai, Head- Large Clients Group, ICICI Bank said, “Indian capital market has witnessed significant growth over the last few years which can be gauged from the increase in number of demat accounts, rise in AUM of the mutual fund industry and surge in capital flows into the country. The market capitalisation of listed Indian corporates has increased from ~ INR 148 trillion to ~ INR 257 trillion over last five years. We believe that the market will continue to experience robust growth and provide impetus to India’s journey towards becoming a USD 5 trillion economy by 2025. The digital set of solutions launched by the Bank will help the participants of the capital market and custody services meet regulatory requirements, significantly decongest manual processes, thereby improving their operational efficiency and scalability in business.”

The key services and offerings of the digital solutions for entities in Capital Markets and Custody Services:

·         ‘3-in-1’ account facility for stock brokers and clients: The facility enables investors to open a demat, savings bank and trading account simultaneously in a completely digital manner, within a few hours. This facility enables the investors to simply block funds in the account towards a particular transaction, instead of transferring the funds to the brokers. This gives the investors the flexibility to pay only when the trades are executed. Additionally, the brokers can integrate their systems with the Bank to get real-time information on availability of investors’ funds.

·         Digital account opening for PMS clients: As a custodian, the Bank offers first-of-its-kind solution to open digital demat and bank account for end clients of PMS. The account is opened with a simple digital journey in a single day as against the physical account opening process which takes 7 to 10 days.

·         Digital on-boarding and pre-verification of FPI/FDI clients: The Bank offers state-of-the-art digital platform for onboarding of FPIs/FDIs. The digital process does away with longer turn-around time required for dealing with multiple time zones. The clients can fill the application form online and upload the supporting KYC documents such as Certificate of Incorporation, Memorandum of Association, Regulatory Licenses, etc. for pre-verification process. Once queries, if any, are resolved through the interactive query resolution mechanism on the platform, the clients are required to send the physical documents to the Bank, as required by the regulator. The digital process simplifies the on-boarding journey and reduces the time taken to open custody account, to a few days from the industry practice of 2 to 3 weeks and eliminates exchange of documents over email.

 

·         Self-service portal: The Bank offers a self-service portal to clients of Custody Services including PMS, AIF and Foreign Institutional Investors (FIIs) that provides 24*7 digital access to custody holdings, transactions and various reports through ‘Web Custody’, a new feature of Corporate Internet Banking. The Bank also provides access to ‘E-Protector’ application, a digital dashboard for real time monitoring of margin utilisation, margin per script and authorisation of trades for clients availing derivative clearing services.

 

·         Value added services for AIFs: The Bank offers solutions to AIFs including services such as fund accounting, forex, escrow arrangement, digital collection and payment solutions. The Bank’s latest fund accounting software has the capability to manage all asset classes including regulatory reporting apart from web based access to AIF and its investors. The Bank also extends customised escrow services for diverse requirements of AIF portfolio companies such as share purchase agreement, share buyback, merger, demat escrow, RERA accounts and credit linked arrangements.

• Airbnb celebrated the journey of Airbnb Hosts and guests through a panel event ahead of International Women’s Day featuring actor Soha Ali Khan, singer and songwriter Lisa Mishra, entrepreneur Kirti Poonia and Airbnb Host Kakoli

• The event was a celebration of gender equity and recognized the societal, economic, cultural, and intellectual contributions made by women in their respective fields

• In India, Women Hosts earned over INR 1 Billion (100 Crores) through hosting on Airbnb. In addition, Senior Women Hosts (aged 60+) in India earned more than INR 200 million in India in 2022

• Maharashtra, Goa, Karnataka, Delhi and West Bengal are home to the largest share of women Hosts in the country

 

Kickstarting the month that celebrates International Women’s Day, Airbnb hosted a panel discussion featuring actor and author Soha Ali Khan, Singer & Songwriter Lisa Mishra, Entrepreneur Kirti Poonia (Co-founder, Relove) and Airbnb Host Kakoli. The panelists shared their thoughts on ‘Embrace Equity’, which is this year’s theme for International Women’s Day. 

 

Airbnb IWD 2023 – (From L-R) Soha Ali Khan, Lisa Mishra, Kirti Poonia, Airbnb Host Kakoli & Prasidha Menon – Regional Communications Lead, India and South East Asia

 

Women power Airbnb’s community of Hosts in India and globally. More than half of the global Airbnb Host community comprises of women*. Many such Hosts are pillars to their local communities – employing other women, including some in marginalized communities, catalyzing economic activity and contributing to regrowth. Airbnb women Hosts in India cumulatively earned over INR 1 billion in 2022**, according to Airbnb’s internal data. In addition to this, women Hosts over 60 years of age on Airbnb have earned more than INR 200 million in India in 2022, and for many of them, hosting provides essential income that aids in their retirement.

 

Airbnb promotes connection and belonging and we remain committed to celebrating our diverse community of Hosts and creating an inclusive environment that helps foster their growth and success. Many Airbnb Hosts are pillars of their local communities, and are supporting microentrepreneurs to drive gender equality, especially in marginalized communities. 

 

Highlighting the importance of women becoming Hosts on the Airbnb platform, Amanpreet Bajaj, General Manager – Airbnb India, Southeast Asia, Hong Kong and Taiwan said, “At Airbnb, we are deeply committed to fostering diversity, equity, and inclusion within our host and guest communities. We recognize the unique value that women Hosts bring to our platform, adding a diverse perspective and energy that enhances the overall Airbnb experience for our guests. We strongly believe that women entrepreneurs are crucial drivers of economic growth, job creation, and social transformation. To support women Hosts, we work closely with communities of women around the world, helping them to unlock the potential of their homes and providing them with the necessary resources and knowledge to succeed as entrepreneurs. We are committed to fostering an environment of respect and inclusivity for all, and we are continuously working to strengthen our efforts to create a more diverse and equitable Host community.”

 

Airbnb data also revealed that Maharashtra, Goa, Karnataka, Delhi and West Bengal are the top 5 states with the largest number of women Hosts in the country***.

Talking about her hosting journey, Host Kakoli who has been hosting in Delhi NCR and Pondicherry since 2013 said, “I started my journey as a Host on Airbnb when I ventured into the world of hospitality knowing nothing about the intricacies of running a business. Airbnb was a platform which made it easy for me to start and I have grown to list about 24 listings on the platform since then. I’ve had the pleasure of hosting guests from across the world and have also had the opportunity to hire more staff that helps me maintain and provide the ‘Superhost’ experience that my guests enjoy. Airbnb has enabled me, and many more such women, to gain financial independence over the years, and establish a successful entrepreneurial venture.” 

 

Soha Ali Khan, Actor and Author, said, “I feel ecstatic to see a shift in the needle with regards to women empowerment, especially in India but still feel that we have a long way to go. The theme for this year’s International Women’s Day resonates with me, as I am a firm believer and propagator of gender equity. I applaud Airbnb’s efforts in helping women in the hospitality industry embrace equity and take on roles that truly make them happy, whilst working towards an independent future.”

 

Lisa Mishra, Singer & Songwriter, said, “Travel has always been a passion of mine, and as an artist, I believe it's the best way to seek inspiration. Through my travels with Airbnb, I have had the opportunity to visit some truly striking destinations, each one leaving a unique impression on me. But what really warms my heart is the chance to interact with some wonderful women along the way – some that are avid travelers like me, and others are building a new life by hosting on Airbnb and are embarking on their entrepreneurial journey. It's inspiring to see women embracing equity and carving out a path to their independence.” 

 

Kirti Poonia, Co-founder, Relove, said, “I've been fortunate to witness the inspiring entrepreneurial spirit of women through my journey transitioning from a traditional management career to one in entrepreneurship and fashion. I have come across a lot of strong women who not only focus on their own growth but also nurture the growth of those around them. As an avid Airbnb user, I have witnessed this same entrepreneurial spirit amongst several women who have had the chance to become Airbnb Hosts and are empowering the community around them. I am extremely happy to be here celebrating the stories of such remarkable women who continue to embody women empowerment.”

 

*Based on Airbnb internal data measuring percentage of women Hosts (Hosts who self reported themselves as women), as of 31 Dec 2022

** Based on Airbnb internal data measuring Hosts earnings in India in 2022 (between 1 Jan 2022 – 31 Dec 2022)

***Based on Airbnb internal data of women Hosts (Hosts who self reported themselves as women) in India as of 31 Dec 2022

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