Crunchfish in partnership with HDFC Bank have made a joint application to access Reserve Bank of India (RBI) Regulatory Sandbox to demonstrate and pilot offline retail payments. The application has been approved and the integration has begun. The project, if successful, will provide the basis for RBI’s guidance and regulatory support in providing offline retail payments based on Crunchfish Digital Cash platform to the payment ecosystem of India.

“HDFC Bank is excited to partner with Crunchfish Digital Cash for offline retail payments. This innovative solution will enable HDFC Bank to reach a wider audience and allow its customers and merchants to make and receive payments in complete offline mode. This will boost financial inclusion by increased adoption of digital payments as it enables transactions without the need of network connections.”, says Anjani Rathor, Chief Digital Officer at HDFC Bank.

HDFC Bank is India’s leading private bank and was among the first to receive approval from RBI to set up a private sector bank in 1994. Today, HDFC Bank has a banking network of 6,342 branches in 3,188 cities. HDFC Bank offers a diverse range of financial products and banking services to customers through a growing branch network and digital channels such as Netbanking and MobileBanking.

“India is the leading real-time payments market in the world and in focus for our sales and marketing efforts. Crunchfish Digital Cash is highly relevant for the Indian market as it drives financial inclusion and increased payment availability. It is a great milestone for Crunchfish to team up with HDFC Bank to showcase Digital Cash for RBI.”, says Joachim Samuelsson, Crunchfish’s CEO.

The Regulatory Sandbox was established in 2020 by the Reserve Bank of India (RBI) to foster responsible innovation in financial services, promote efficiency and bring benefit to end users. The Regulatory Sandbox is a formal regulatory program for market participants to test new products and services with customers in a live environment, subject to certain safeguards and oversight. It allows the regulator, innovators, financial service providers and end users to conduct field tests to collect evidence on the benefits of new financial innovations, while carefully monitoring and containing their risks. To be approved access to the Regulatory Sandbox, the proposed financial service shall include new or emerging technology, or use of existing technology in an innovative way and should address a problem and bring benefits to consumers.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

This information is Crunchfish AB obliged to publish in accordance with the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 5 September 2022 at 14:45 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.

Appendix

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Crunchfish and Sirius join forces to offer banks and payment service providers an off-the-shelf integration of Crunchfish Digital Cash into Sirius’ Payment Ecosystem Solution running on their Multiverse platform, enabling fast and easy deployment of both online and offline payments.

Sirius, an up-and-coming player in digital enterprise platform technology, and Crunchfish have completed an integration of Crunchfish Digital Cash into Sirius’ Payment Ecosystem Solution. The integration makes onboarding of banks and payment service providers much easier, as they don’t need to develop the backend functionality by themselves. In case banks and payment service providers don’t have an existing e-wallet application, Sirius also offers a white-label e-wallet with Crunchfish Digital Cash pre-integrated, which will even further simplify the deployment of an offline payment solution.   

Payment Ecosystem is a vision formulated by Sirius to facilitate and provide value-add service to the end-to-end payment experience for Issuer, acquirer, merchant, consumer, and payment network operator. It is an ecosystem platform where participants can share value-added service with each other in a secure and trusted manner to enhance both business operation efficiency and end user experience. Some of the example value-added services include buy now pay later service, loyalty points management service, merchant payment facilitator engine and many more.

The integration started in the second half of Q2 and has now been completed. The fast integration time proves the flexibility and scalability of Sirius’ Multiverse platform as well as Sirius’ Payment Ecosystem Solution and effectiveness of Crunchfish Digital Cash SDKs. The joint solution will be presented and demonstrated to existing customers and new prospects, with a focus on Asia and South America where Sirius is operating.
 

“Sirius is eager to work with partners and clients who share our passion for innovation. Several of our customers have requested our solution to support offline payments so we reached out to Crunchfish as they are the market leader in this field. Integration of Crunchfish Digital Cash into our platform was smooth and with great support from the Crunchfish team. With the integration in place, we will start to promote the joint solution to existing customers and new prospects.” says Bin Wieringa, Sirius’ CEO.

“The key to our success is to make it easy for banks and payments services to deploy Crunchfish Digital Cash. Sirius’ Payment Ecosystem solution with pre-integrated support for Crunchfish Digital Cash provides exactly this. Instead of requiring every new customer to develop the Digital Cash backend functionality themselves, the banks and payment service providers just need to connect to Sirius. Through Sirius’ presence in Asia and South America we also get an excellent channel to new customers.” says Joachim Samuelsson, Crunchfish’s CEO.

For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com 

This information was provided by the contact person above for publication on 24 August 2022 at 10:00 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with subsidiary in India.

About Sirius – siriustech.io
At Sirius we strive for Digital Technology Inclusion – enabling people and organizations with accessible, convenient, and affordable technology. Sirius has its flagship platform called Multiverse, which is a middleware technology solution based on Gartner's Hybrid Integration Platform capability framework and following Mesh Application and Service Architecture. Multiverse forms the basis for flexible integration, high scalability, robust security and affordable innovation. On top of Multiverse, we have several composable solutions specifically developed for the financial services industry, including payments, loans, wallets, assets & trading and more.

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Crunchfish Digital Cash is shortlisted in the G20 TechSprint 2022 to advance to the prototype development stage. The focus is on solving technology challenges related to wholesale and retail Central Bank Digital Currencies (CBDCs).

The G20 TechSprint 2022, launched by the BIS Innovation Hub and Bank Indonesia, focuses on CBDCs, and particularly on challenges and opportunities around three problem statement categories deemed to be of high priority areas by the global central banking and regulatory community.

1. Implementing Effective and Robust Issuance, Distribution and Transference
2. Enabling Financial Inclusion
3. Enabling Connectivity and Interoperability

Participants were asked to submit proposals to one of the above categories. Crunchfish submitted its Digital Cash platform for the category Enabling Financial Inclusion. The organizers state that they received strong and overwhelming interest, with many practical, yet innovative and game changing solutions proposed from teams around the world. Crunchfish’s proposal was shortlisted and advanced to the next stage of the competition. The shortlisted companies have until the end of August 2022 to develop and pitch their solution for a panel of independent judges. Winners will be announced on October 14th, 2022.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the contact person above for publication on 21 June 2022 at 11:45 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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Crunchfish’s contribution to the global hackathon RBI Harbinger was presented at the 21st Survival of the fittest webinar. Crunchfish’s solution enables cards and wearables to have contactless interaction with mobiles. This is important for financial inclusion as non-mobile devices interact with stored values on mobiles, even in an offline mode. 

Crunchfish Digital Cash is an extremely versatile platform, able to support many use cases in digital payments. Most importantly, it delivers offline payments, which are key for enabling the projected explosive growth in digital payments. There are many flavors of offline payment use cases, e.g., involving non-mobile devices, consecutive offline payments as well as allowing the core banking system to be offline at the moment of payment. 

In this webinar on Crunchfish Digital Cash, the 21st of the Survival of the fittest webinar series,

Crunchfish CEO Joachim Samuelsson outlined the Digital Cash for non-mobile devices recently showcased in India at the RBI Harbinger global hackathon. A panel discussion followed with Crunchfish Digital Cash CPO Magnus Lageson, Gagan Kochar Senior business developer Crunchfish India and Joachim Samuelsson. Johan Wester moderated the webinar.

Register for the webinars and see all previous webinars at crunchfish.com/webinars/.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the contact person above for publication on 3 June 2022 at 12:15 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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Crunchfish was a finalist for its innovation Digital Cash on non-mobile devices, in the global hackathon “HARBINGER 2021 – Innovation for Transformation”, organized by RBI, the Reserve Bank of India. The overall objective of the hackathon was to identify and enable innovations with the potential to transform the digital payments landscape. Crunchfish participated for the problem statement – Non Mobile Digital Payment Solutions.

Reserve Bank of India (RBI) organized its first global hackathon – “HARBINGER 2021 – Innovation for

Transformation” with four problem statements to shape the future of the payment systems in India.

• Non-mobile digital payment solutions
• Alternate authentication mechanism for digital payments
• Context based retail payments solution
• Social Media Analysis tool

Crunchfish was invited as one of 25 finalists from 363 entries to present and demonstrate their submitted solutions for an RBI jury in Bengaluru on May 26th-27th. The objective of RBI’s maiden hackathon was to identify and enable solutions that have potential to make digital payments accessible to the under-privileged, enhancing the ease of payments, enriching the experience of the users, while strengthening the security of digital payments and protecting the consumers.

Crunchfish Digital Cash on non-mobile devices, such as smart cards and wearables, enables contactless payments for the mass-reach era of digital payments, even in offline mode. It will be beneficial for swift and easy-to-use payments, in a multitude of use case scenarios, for convenience stores, transit and toll. It will also enable financial inclusion of the non-privileged, children, and elderly that may not be able to use mobiles or live in an area without network connectivity. This is a natural extension of the Crunchfish Digital Cash platform, enabling P2P top-up of cards and wearables from mobile apps and contactless payments from non-mobile devices to mobile apps, even in offline mode.

“By allowing non-mobile devices, such as smart cards and wearables, to exchange value with mobile apps, Crunchfish Digital Cash enable financial inclusion by a swift and easy way to pay in many use cases, also without network connectivity. Our main take away was the positive and encouraging feedback we received from representatives at the central bank of India. We are looking forward to continuing the dialog and take it to the next level as Digital Cash is relevant for the Indian payments market”, says Joachim Samuelsson, Crunchfish’s CEO.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com 

This information was provided by the contact person above for publication on 30 May 2022 at 14:05 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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Crunchfish Digital Cash AB expands its operation with the recently opened subsidiary Crunchfish India Private Limited Company. Digital payments is growing very fast in India and is likely to surpass 100 billion transactions already in 2022 and projected to go beyond 500 billion in 2025. The Crunchfish India subsidiary will be strengthen Crunchfish’s market presence in India and demonstrate its commitment to the market.

Crunchfish takes further steps in its establishment in India through the newly registered Crunchfish India Private Limited Company. The Indian subsidiary provides the enabling framework to advance Crunchfish Digital Cash in India.

India ranks as No. 1 in the world for real-time digital payments and the growth will accelerate further. The numbers of transactions is projected to reach a staggering 500 billion in 2025. Focus is on mass-reach solutions on interoperable platforms where offline payments will be a key component. Policy and regulatory support from government and the Reserve Bank of India will drive the next leap of growth.

Source NASSCOM: India Digital Payments 4.0 – Sprinting towards a world-leading digital payments ecosystem in 2025.
Numbers in crore = 10 million transactions.

“We see significant potential for Crunchfish Digital Cash platform in India as offline payments will be key role in this mass-reach Payments 4.0 era of digital payments. Our Indian subsidiary demonstrates Crunchfish commitment to the market and will be beneficial in interaction with RBI and government agencies, that are actively driving the innovation landscape. It is important to be present where the action is.” says Joachim Samuelsson, Crunchfish’s CEO.

For more information, please contact:

Joachim Samuelsson, CEO of Crunchfish AB

+46 708 46 47 88

joachim.samuelsson@crunchfish.com

This information was provided by the contact person above for publication on 27 May 2022 at 07:30 CET.

Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.

About Crunchfish – crunchfish.com

Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR, automotive and digital interfaces. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with representation in India.

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