Fintech startup IOUX plans to offer blockchain-based solutions to startups to cut compliance burden

New Delhi : Fintech startup IOUX on Tuesday said it is planning to offer blockchain-based solutions to startups to deal with compliance issues and promote ease of doing business.

Presently, startups have to make separate submissions to regulators, intermediaries and authorities that increases not only the time related to compliance but also leads to duplication of efforts, IOUX co-founder Vineet K Sachdev said in a statement.

He said through the blockchain-based process, all departments concerned like taxation, banks, non-banking financial companies (NBFCs) and other regulators will be allowed to verify documents with proper e-kyc and digital signatures for recording regulatory compliances or providing financial or other assistance to startups.

These agencies will be able to access, authenticate or approve documents and data related to startup compliances through this framework, he added.

Sachdev suggested that startups should adopt digital processes in their routine operations of HR management, contract execution and enforcement, invoicing and payments.

Further, he said the company has launched a digital document management and compliance system which can help budding entrepreneurs reduce their compliance burden and scale up operations.

Businesses can use IOUX for auto creation of invoices, invoice payment commitment undertakings, consultancy and works contracts, buyer-seller agreements, bills of exchange, long-term agreements, loans and security documents.

"In case of a large volume of documents and agreements, IOUX can integrate with business," he added. PTI