WTIA Indian subsidiary, “Selected as a 2021 promising startup by the Indian government”
It has been reported that WTIA Etrade Private Limited, an Indian subsidiary established in India by WTIA, was designated as a promising startup company by the Indian government (Ministry of Commerce & Industry) on January 19, 2021.
It was selected for the second consecutive year after being selected as the ‘Top 500 Promising Startup Companies in India in 2020’ hosted by the Indian Benchmark Trust in May 2020.
WTIA began to enter the Indian market in May 2019, but the Indian government's strong regulations on digital/cryptocurrency and the severe corona pandemic, were delayed by the Indian Supreme Court's decision to legalize digital/cryptocurrencies. On the 21st, the company was selected as a candidate company for 500 startups, and this time, it was officially recognized and registered as a startup company by the Ministry of Commerce and Industry of India.In the meantime, WTIA applied a P2P trading platform and payment system called NtrustOne (an Indian company) which was developed to simplify and enhance the technical transaction system. It was announced that the technology for creating a mobile Internet environment of SMFi Co., Ltd. will be applied together.
The benefits provided by the Indian government include acquisition of the government's public procurement rights, exemption from income tax for 3 years, support for rapid return of investment, and intellectual property rights provided by the Startup India Fund, which is made up of 10,000 crores (about 1.5 trillion won). It said that various benefits such as one-stop use of the ecosystem are provided.
An official said that WTIA will become a big stepping stone for entry into the world and New Smart Job Creation between the two countries, which was interrupted by the corona crisis.