New Street Technologies has appointed Arun Prasad as the chief operating officer (COO). Prasad comes with 27 years of vast experience in the financial services industry. Prasad will be based out of the Bengaluru office of New Street Technologies.

New Street is in the business of developing blockchain based platforms for the industry.  Adding Prasad to the team is part of New Street’s plans to scale up its operations in the BFSI sector and beyond.

Prasad has spent over two decades in the financial services industry starting his career in 1994 working across reputed organisations in the insurance, credit card and mutual fund industries such as Franklin Templeton Mutual Fund, MetLife, Mastercard, Fidelity Mutual Fund, etc.. His last position was deputy chief executive officer at BOI AXA Mutual Fund.

Commenting on the new role, Prasad, said, “Having spent a long time in various parts of the financial services industry, I have seen the continuous increase in the cost of doing business owing to more requirements in compliances, verification and risk mitigation measures that are mandated either by regulations or by market requirements.  There is a crying need from players for an effective, efficient and cost-optimised system that can take care of the current friction for conducting and speeding up business. Blockchain technology seems to be the answer to solving the verification and traceability of transactions eliminating the need to create maker-checker levels and costs.  The value in reducing cost and speeding up processes is transformative through the adoption of blockchain technology.  This potential and the opportunity to be a part of the blockchain revolution is what inspired me to join New Street Technologies and become a part of the blockchain industry.”

Meanwhile, Sajeev Viswanathan, founder and CEO, New Street Technologies, said, “I am delighted that Arun chose New Street as his career destination. His energy, and wide-ranging experience in the financial services Industry will complement our company’s expansive plans to take the blockchain advantage to our numerous clients and prospects in the BFSI sector and beyond globally.”

Also, Mohit Davar, co-founder and non-executive director, New Street Technologies, said, “Arun is a financial services industry veteran. As COO, I am confident that his proven abilities in business development and in running large operations will stand us in good stead as we scale up our team and the business in India and overseas.”