Page 14 - Fintech Sector

Fintech Infibeam Avenues to acquire controlling stake in Rediff.com

Infibeam plans to combine its digital payment services, platform business offerings, and artificial intelligence solutions with Rediff.com's services

Most fintech, banking apps tap into users' location, other information

Calling them "most sensitive permissions," the report on currency and finance has highlighted that fintech apps often collect personal data, potentially invading users' privacy

Navi Finserv closes $38 mn personal loan securitisation deal with JP Morgan

Navi Finserv on Tuesday said it has closed a USD 38 million (about Rs 315 crore) personal loans securitisation deal with J P Morgan. The transaction structured in the form of pass-through certificates (PTC) will be backed by a pool of unsecured personal loans, originated and serviced by Navi Finserv, the NBFC firm prompted by Sachin Bansal said in a statement. This is J P Morgan's first pass-through certificate transaction in the fintech space in India and the first unsecured personal loans backed PTC transaction in India, it said. Navi Finserv will use the funds to expand further and grow its digital personal loans business, it said, adding, digital lending is accelerating in India and constitutes a significant portion of the overall Indian fintech market. Market share is expected to rise to 60 per cent of the total fintech market by 2030, fueled by increasing smartphone penetration, internet usage, and the need for faster and convenient loan disbursals, it said. Navi Finserv's .

White Matter Advisory acquires 90% stakes in fintech startup Fairexpay

Treasury risk consulting firm White Matter Advisory on Monday announced the acquisition of a 90 per cent stake in fintech startup Fairexpay for an undisclosed amount. The acquisition will help White Matter Advisory in expanding its portfolio in the area of cross-border remittance and fund collection services, a release said. White Matter Advisory, operating under the name SaveDesk (White Matter Advisory India Pvt Ltd), is in the treasury risk advisory sector. It oversees funds under management (FUM) totalling USD 8 billion, offering advisory services to a wide range of clients. Bangalore-based White Matter Advisory helps businesses navigate the complexities of treasury and risk management. Fairexpay, authorised by the Reserve Bank of India (RBI) under Cohort 2 of the Liberalized Remittance Scheme (LRS) Regulatory Sandbox, boasts features, including best-in-class FX rates, 24-hour processing time, and comprehensive security compliance. "With this acquisition, White Matter Advisory

Razorpay eyes $750 billion P2M payments by 2030, says CFO Arpit Chug

The startup, which is valued at over $7 billion, is intensifying its efforts to achieve profitability in all of its businesses and move its domicile to India, as it is planning an IPO in 2-3 years

Small and worrying: Loans under Rs 50K are on Reserve Bank of India's radar

Regulator wants banks and fintechs to review exposure limits for consumer credit

Paytm's offer to invest in payments arm under govt consideration: DFS Secy

The proposal is still under consideration by the inter-ministerial panel and expected to take a call soon, Financial Services Secretary Vivek Joshi told PTI

Slump in tech stocks knock Asia shares, yen towers at over 2-month high

MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.7%, while Japan's Nikkei tumbled 2.9% and South Korea's KOSPI dropped 2%. Taiwan's markets were closed for a second day

Bajaj Finserv Q1 results: Net profit increases 10% to Rs 2,138 crore

Cumulative losses from emerging businesses; Bajaj Finserv Health, Bajaj Finserv Direct and Bajaj AMC were Rs 119 crore as against Rs 82 crore in Q1 FY24

Credit on ONDC and OCEN awaits their 'UPI moment' as deployment begins

A lot of interest in joining an open network also boils down to how operational costs can be brought down in lending businesses. NBFCs and fintech could drive credit innovation on open networks

Cashfree Payments gets payment aggregator-cross border licence from RBI

The Bengaluru-based company is one of the first non-banks to receive the PA-CB licence, according to the RBI's website

Economic Survey calls for identifying regulatory gaps in fintech sector

Sector move towards data-based lending instead of 'judgement-based lending', it says

PhonePe CEO apologises for lashing out at Karnataka reservation bill

If my comments hurt anyone's sentiment, I am truly sorry and would like to offer you an unconditional apology: PhonePe's Sameer Nigam

Fintech Budget wishlist: Simplified tax structures, regulatory clarity

Fintech players have called for a lower TDS for startups to ease working capital challenges

B2B to C: How InMobi is transforming itself into a consumer tech company

The firm has 400 million phones/customers across the world who have Glance

Fintechs' lending biz is growing but industry must mind the warning signals

FY24 sees record loan surge and customer growth

Fintech firm Partior raises $60 mn Series B round led by Peak XV Partners

Partior, which has global unified ledger-based interbank rails for real-time clearing and settlement, will use the funds to support its international network growth

Crisis-hit Paytm gets govt panel's nod to invest in payments arm: Report

The approval, which still has to be vetted by the finance ministry, will remove the main stumbling block to the unit, Paytm Payment Services, resuming normal business operations

MobiKwik wallet numbers rise as banking players go through downturn

Among the non-bank players, MobiKwik had about 134.1 million wallets in January, which rose 2 per cent to 136.8 million in May, ranking the company second in terms of wallet numbers

Fintech funding down 59% to $795 million in H1 2024: Tracxn report

But India's fintech funding market continued to remain amongst the top three globally