Chennai: Samco Securities Limited, a fintech start-up and one of India’s fastest growing companies in the Discount Broking Industry, today inaugurated its Research, Analytics and Development Centre at the OMR – IT Expressway in Chennai. The R&D centre comes at an investment of INR 20 crores, is the first such centre to be set up by a fintech company in Chennai.
The R & D centre will focus on building products that can hand-hold the customers and automate their investment/trading process. The products will be built using machine learning and artificial intelligence for customers which hitherto are available only to ultra HNIs and Institutional investors. The launch of the R&D centre will enable the company to tap into high-quality engineering talent to drive technology innovation.
Speaking on the occasion, Mr. Jimeet Modi Founder & CEO, SAMCO Securities said, “India is a recognized technology innovation hub with highly-sought after engineering talent and business potential. The R&D centre in Chennai is a strategic step towards accelerating our R&D initiatives to create more innovative products and services. It’s in line with our continuous endeavor of closely working with our customers to co-create new solutions and frameworks that will create positive differentiation in the marketplace.”
“The investment made by Samco in the R&D centre in Chennai is a reflection of our commitment towards accelerating our innovation. The centre will work towards innovation in three aspects…people, processes and product. We will continuously build end-to-end products and extend our AI and ML technologies to help our customers in their wealth creating journey. In addition to developing new product lines, the centre will also house a team which will maintain existing product lines,” adds Mr. Pratik Adani, Chief Technology Officer, Samco Securities.
One of the biggest challenges in the fintech space is the dearth of good technology and engineering talent. Samco Securities is betting big on Chennai’s rich and talented pool of human resources. Samco in order to finalize on a location embarked on a detailed due diligence analysis with all major tech cities like Bengaluru, Pune, Gurgaon, Hyderabad and few others. Chennai emerged victorious in various parameters like costing, availability of talent, tech adaptation, stability, tech culture among other parameters as compared to other cities.
The R&D centre in Chennai will have a dynamic and professional team in place under the leadership of Mr. Sundaresan Ramakrishnan in his capacity as Head of Technology (Chennai) Samco Securities. Mr. Sundareshan is a financial services sector veteran with close to two decades of work experience in the space. He will work closely with the Board of Directors and his team in Chennai to expand and implement a range of strategic initiatives to lead Samco Securities to the next phase of growth.
Commenting on his role, Mr. Sundaresan R said, “I strongly believe that Samco Securities has tremendous potential in the fintech space today. I am honoured and overwhelmed to be a part of this dynamic company and am closely working with the entire team in realising the company’s vision and mission. My primary focus will be to innovate the next level of products and services, and to model the desired changes for future growth and expansion.”
Samco Securities’ R&D Centre in Chennai will have more than 10000 square feet space to accommodate nearly 200 engineers.