Page 12 - Fintech

Fintech major Paytm denies reports on violation of foreign exchange rules

On Monday, media reports quoting sources claimed that the Enforcement Directorate (ED) was investigating if platforms run by OCL were involved in violations of FEMA

CEO Vijay Shekhar Sharma strives to save Paytm amid regulatory crisis

Sharma has put up a brave face even as nervous investors plundered $2 billion off Paytm's valuation after RBI ordered his banking arm to stop most of it operations from March 1

RBI action against Paytm will hit ordinary Indians most: Cong slams govt

Hitting out at the government after the RBI action against Paytm Payments Bank, the Congress on Thursday said the order will hit ordinary Indians the most and asked why the firm with Chinese links had not been kept under stricter monitoring. In a major action against Paytm Payments Bank (PPBL), the Reserve Bank on Wednesday directed the lender to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. However, any interest, cashbacks, or refunds may be credited back to customers anytime. "No other banking services, other than those...like fund transfers (irrespective of name and nature of services like AEPS, IMPS, etc), BBPOU and UPI facility should be provided by the bank after February 29, 2024," the RBI added. In a post on X, Congress general secretary Jairam Ramesh said, "The last 10 years under PM Modi have brought only chaos to the banking system." "First, the disastrous demonetisation decision, taken without any

Mastercard's expense forecast eclipses fourth-quarter profit beat

The forecast follows a 10% jump in fourth-quarter adjusted operating expenses to $2.9 billion, largely due to personnel costs

RBI restricts Paytm Payments Bank from fresh deposits, credit transactions

An audit report revealed "persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action," the central bank said in a release

Our sound-based payment tech helps those not digitally savvy: ToneTag CEO

'We are already doing 10 billion UPI transactions a month which is way more than the digital transactions in the US and Europe combined (for a month),' said Abhishek

CMS Info Systems eyes buys in fintech, financial inclusion spaces

While scanning for inorganic growth opportunities, the company is also incubating some businesses like collections and logistics services for bullion

Vivifi India Finance raises $75 mn series B funding from US investor

The company had raised $6 million in its Series A round previously in the financial year 2021

SoftBank offloads another 2% in Paytm as fintech sees spate of selldowns

The Japanese conglomerate, which sold shares between Dec. 19 and Jan. 20, now holds a 5.06 per cent stake in the company, according to an exchange filing on Wednesday

Fintech firm Quinte, Tamil Nadu sign deal to set up development centres

US-based company will use state's 'talent pool' to establish artificial intelligence, machine learning banking operations

Fintech major Paytm plans AI-powered systems to improve business operations

Company expects its postpaid loan disbursal to further shrink in the next two quarters

Paytm's Q3 revenue rises 38% on strong payments business, loan growth

Operating profit, which the company defines as core profit before cost of employee stock-options, was at Rs 219 crore for the quarter ended Dec 31

Fintech firm FinAGG Technologies raises $11 million in Series A funding

The company, which works in the MSME financing space, said the latest funding will be utilised towards expanding its offline and online presence, global outreach and investments in product innovation

PhonePe sells over 9 million insurance policies since September 2021

The Walmart-owned fintech firm said it has contributed to over 65% growth for two-wheeler digital Insurance in India

India among most thriving cluster of fintech hubs, says WEF study

India is among the most significant operating countries for hosting a thriving cluster or fintech headquarters, a WEF study showed on Thursday. Releasing the report during its Annual Meeting 2024 here, the World Economic Forum said fintechs are increasingly expanding operations across borders, mainly in the same region as their headquarters. "The study reveals that vibrant hubs such as Singapore, the UK, the US, and India have hosted a thriving cluster of fintech corporate headquarters. "Among the countries surveyed, the most significant operating countries for fintechs include the US, the UK, Singapore, Mexico, and India," it added. According to the report, the global fintech industry remains strong, with customer growth rates averaging above 50 per cent across industry verticals and regions. Consumer demand is the main driver of growth, and fintechs are offering tailored financial services and products to traditionally underserved segments of the population, it noted. The repor

RBI releases draft norms for fintech self-regulatory organisations

The draft norms, which were released on Monday, said SRO-FTs should strive towards healthy and sustainable development of the fintech sector

RBI releases draft framework for fintech self-regulatory organisation

The body would work towards strengthening governance standards and addressing the sector's needs and challenges, the central bank said

Funding winter shows signs of thaw but fintech industry is under scrutiny

The industry faces greater scrutiny and stricter governance norms

CredAble records a two-fold increase in loan disbursements in 2023

The company plans to raise $50-75 million by June this year in its series C round

SalarySe secures $5.25 million in seed funding from Peak XV Surge, Pravega

The company has plans to develop a tech stack for the credit-on-UPI (Unified Payments Interface) product and drive its adoption in the country with the latest round of funding