Page 6 - Fintech Firms

Govt taking measures at policy level to help fintech sector: PM Modi

Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over USD 31 billion investments in the last 10 years, and the abolition of the Angel Tax is also a step towards the growth of the segment. Addressing the Global Fintech Fest 2024 here, the Prime Minister also asked the regulators to take more measures to stop cyber frauds and further increase digital literacy among people. "Fintech has played a significant role in democratising financial services," he said, and expressed confidence that it will help in improving the quality of life for Indians. Modi emphasised that adoption of fintech by Indians is "unmatched in speed and scale" and no such example can be found anywhere else in the world. He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the para

Fintechs can't bypass compliance irrespective of scale, says RBI ED

'Trying to level the playing field between traditional lenders & fintechs'

BharatPe launches secured loans for merchants, expands credit offerings

Merchants on the fintech platform can avail of two-wheeler loans up to Rs 2.5 lakh from OTO Capital, with a repayment period ranging between 12 and 48 months

Fintech co Navi collabs with Karnataka Bank to introduce credit line on UPI

At present, the Sachin Bansal-founded fintech company has introduced the offering to a closed group of select users. It plans to launch it to a wider user base based on feedback

Fintech solutions can positively impact income, savings: CEA Nageswaran

Says fintech industry should be aware of the challenges that fintechs may pose to society

Fintech firm Fibe raises $90 mn in funding round, looks to list in 3 years

Consumer loans company says it will use the financing to expand business

PhonePe launches secured lending platform with banks, fintech firms

Walmart-owned fintech firm says service will help 535 mn users on its platform

With PA approval, fintech firm Decentro launches new payment stack

The company has launched fintech products such as collections on Unified Payments Interface (UPI) and will introduce recurring payments in the next few weeks

Pine Labs gets approval from Singapore court to relocate base to India

Pine Labs' decision to shift domicile follows a broader trend among fintech firms like PhonePe and Groww, which have also moved their bases back to India

PB Fintech's Dahiya, Bansal divest Rs 1,109 crore worth of shares

They sold 8.37 million shares at Rs 1,325 apiece. Among the buyers were over two dozen funds, which included Morgan Stanley, Societe Generale, Axis Mutual Fund, and New World Fund

Angel One launches edutainment financial content platform Fin One

Content on Fin One will be available to users on social media platforms such as Instagram and YouTube

Infibeam Avenues Q4FY24 results: Net profit rises 26.2% to Rs 49.6 crore

In financial year 2024 (FY24), the company reported a net profit of Rs 158.1 crore, up 13 per cent from Rs 139.6 crore in the previous financial year (FY23)

PhonePe collaborates with LankaPay to promote UPI payments in Sri Lanka

Apart from the National Payments Corporation of India's (NPCI) UPI, these transactions will be facilitated by the LankaPay National Payment Network

Financial services startup Groww moves domicile to India from the US

Groww joins an increasing number of startups planning to move their domiciles to the country

Infibeam's CCAvenue partners with Shivalik SFB to improve merchant access

Small finance bank's account holders will be able to make payments on websites 'powered' by CCAvenue, according to agreement

RBI directs Talkcharge to stop PPI, wallet issuance; refund balances

The fintech firm offers services such as cashbacks, coupons, and wallets to customers

BharatPe elevates Nalin Negi to full-time CEO after Sameer's exit in 2023

Fintech firm BharatPe on Tuesday said it has elevated its interim CEO and chief financial officer Nalin Negi as full-time chief executive officer. Negi was given charge of interim CEO in January 2023 after then CEO Suhail Sameer stepped down from the post. "We look forward to supporting Nalin Negi in his new role and are grateful for his tremendous contribution as the interim CEO. His extensive experience in the fintech industry and the growth witnessed for BharatPe under his leadership, makes him a natural choice to lead the company," BharatPe, Chairman of the board, Rajnish Kumar said. Negi joined BharatPe in 2022, with over 28 years of experience in building and scaling businesses in the fintech and banking domains. "I am excited and honoured to take on this new role at BharatPe. Going forward, our strategic focus will be on sustained profitability, scaling lending businesses, and launching new merchant-centric products. "We are committed to building on the strong foundation, .

US sanctions Russian fintech firms accused of enabling sanctions evasion

The U.S. on Monday imposed sanctions on a collection of fintech firms and people, mostly in Russia, accused of enabling sanctions evasion. Treasury's Office of Foreign Assets Control sanctioned 13 firms five of which are owned by an already sanctioned person and 2 people who have all either helped build or operate blockchain-based services for, or enabled virtual currency payments in, the Russian financial sector, thus enabling potential sanctions evasion," according to U.S. Treasury. Included in Monday's sanctions are a group of Moscow-based fintech companies and a Russia and UAE-based virtual currency exchange, among others. Lawmakers and administration officials have voiced concerns that Russia may be using cryptocurrency to avoid pain from the avalanche of sanctions imposed on banks, oligarchs and the energy industry in response to Russia's February 2022 invasion of Ukraine. Experts say an increased reliance on cryptocurrency would be an inevitable avenue for Russia to try to

Fintechs lead small-ticket loans' volume with 77% market share: Study

On the value front, fintechs cornered 29 per cent of small ticket loans disbursed in FY18, which rose to 51 per cent in FY24 (till September 2023)

Perfios secures $80 million funding, set to become 2nd unicorn of 2024

Perfios helps financial institutions with processes such as origination, onboarding, decisioning, underwriting, and monitoring