Page 20 - Fintech

Top Headlines: Byju's focus on profit; YES Bank sells stressed loans

After reporting a loss of Rs 4,588 crore in 2021 fiscal, Byju Raveendran, the founder and CEO of the world's most valuable edtech firm Byju's, has told employees

CEA says India poised to grow at 7% this year and for rest of decade

Economic Survey had pegged FY23 GDP growth higher at 8-8.5%

Madras Chamber to focus on TN's Industry 4.0, Fintech promotion: Official

Over century old industry body Madras Chamber of Commerce and Industry would focus on export promotion, Industry 4.0 and financial technology that would support the Tamil Nadu government's vision of reaching a GSDP of USD 1 trillion as put forth by Chief Minister M K Stalin, an official said on Saturday. The Tamil Nadu government's ambitious 'Naan Mudhalvan Scheme' is a major step in breaking the barrier, MCCI president T R Kesavan said. According to him, the 186-year-old Chamber would bring out a handbook on regulatory compliance titled 'Doing Business in Tamil Nadu' by working closely with the government to promote new investments. "The State government has undertaken various initiatives such as allotment of Rs 100 crore to improve the infrastructure of export companies, setting up knowledge city and releasing export promotion strategy to bring Tamil Nadu a leader among Indian States in export," he said. The focus is on sectors like information technology, data centre, textiles,

Large corporates request RBI for customers' UPI data, says Dy Guv Sankar

Large corporates, including fintech, have requested the RBI on how they could access the data from UPI

Financial inclusion through fintechs

By helping to eliminate information asymmetry across the user journey, fintech has made the equitable distribution of financial services easier. This ensures better inclusivity.

Fintech platform GroMo raises $11mn in series A led by SIG Venture Capital

Other investors include Y-Combinator, Das Capital, Goodwater Capital, Beyond Next Ventures, Soma Capital, Ace & Company, Hauz Khas Ventures and a host of angels

Fintech start-up FinAGG raises $3mn in funding to expand business

Company seeks to gain from increasing global supply chain financing volumes

RBI's digital lending guidelines: A tectonic shift in the fintech world

With the central bank having issued new guidelines governing the lending activities of financial technology firms, some may find themselves fighting for survival

BharatPe hits $20 bn in annualised TPV, leaves Ashneer Grover saga behind

Fintech platform BharatPe said it has reached an all-time high of $20 billion in annualised total payments value, expanding its footprint to 400 towns and cities, as it leaves the Ashneer saga behind

Huge opportunity for business in India's fintech space, says UKIBC

Negotiations for a trade deal between both nations started in January this year, and the deal is expected to be signed by Diwali

Regulating investment advice: Fintech vs Sebi

How do fintech firms deal with the physical process that Sebi demands? They can't

EnKash: Powering India's SMEs and start-ups with a suite of corporate cards

The firm currently has a user base of 100,000 enterprises and processes transactions worth about Rs 28,000 cr a year

Indian fintech to have $1 tn in AUM, $200 bn revenue by 2030: Report

Fintech-facilitated lending will grow by $476 billion to reach $514.6 billion in book size by 2030

Why the Hong Kong-based $200 billion AMTD Digital stock is no GameStop

AMTD Digital Inc. has risen 14,000% since listing in New York, giving it a market value of more than $470 billion at one point this week

Fintech platform Robinhood fires 713 employees, CEO says 'it's on me'

Silicon Valley-based online trading app Robinhood has sacked 23% of its workforce, just three months after the fintech platform reduced its headcount by 9 per cent amid the global economic turmoil.

Future of fintechs is in lending-led players, not payments: Report

With the funding to fintechs seeing a sharp 30 per cent drop in the June quarter, valuation is expected to shift from payments to lending-led fintechs, according to a report

Mobility fintech firm Moove, Uber partner to provide financing to drivers

Moove provides vehicle financing to mobility entrepreneurs to help them buy brand new cars using a percentage of their weekly revenue

Policybazar says IT system of firm compromised; authorities informed

PB Fintech, the parent company of Policybazaar Insurance Brokers Private Ltd, on Sunday said that the IT system of the firm was hacked on July 19 and subsequent corrective action was taken. The company identified certain vulnerabilities on July 19 in a part of Policybazaar Insurance Brokers IT systems leading to illegal and unauthorized access to the network. "In this regard, Policybazaar has reached out to the appropriate authorities and is taking due recourse as per law. The identified vulnerabilities have been fixed and a thorough audit of the systems has been initiated," the insurance brokerage firm said in a regulatory filing. The matter is currently being reviewed by the information security team along with external advisors, it said. "While we are in the process of undertaking a detailed review, as on date, our review has found that no significant customer data was exposed. Policybazaar has always prioritized the security and integrity of its systems and is committed towards

BNPL credit facility used without caution can lead to a debt trap

Understand all the attendant costs of this facility; delayed repayment will hit your credit score

Don't exceed your licence brief: RBI governor Das tells fintech firms

The RBI's notification regarding PPIs had sent the entire fintech world, especially the buy now pay later (BNPL) industry, into a tizzy