Page 21 - Fintech Sector

Fintech firms are back to business by wooing audience in small markets

Sector's growth mirrors growth in the broader credit market but it faces greater regulatory scrutiny

Softbank sells 2.54% stake in PB Fintech; Godrej Industries shares up 20%

Shares of Godrej Industries shot up by 20 per cent on Friday following speculation that the two factions of the Godrej family have finalised the terms of separation

Funding to Indian fintechs up 68% to $436 million in Q3CY23: Tracxn

However, on a year-on-year basis, funding to Indian fintechs has slumped 55 per cent from $967 million raised in Q3 CY22

Fintech firm CRED's losses widen 5% to Rs 1,357 cr in FY23; income up 251%

The fintech unicorn has seen a rise in its expenses. CRED's total expenses grew by 66 per cent to Rs 2,831.9 crore in FY23 from Rs 1,702.1 crore in FY22

Banking fintech MobiKwik posts second quarter of PAT at Rs 5 crore

The Gurugram-based fintech has a registered base of 140 million users and over four million merchants

Depositors' trust is with banks, not fintech cos: Mastercard India chief

Chairman of Mastercard India Rajnish Kumar on Thursday said that the trust of the depositors is with the banking system and not with fintech companies. Speaking at the CII banking conclave here, Kumar, also the former chairman of the State Bank of India (SBI), said that what the fintech companies are challenging is the legacy system in an innovative way. "Banks are now conscious about innovative capabilities and changing fast with the times", he said. Because of the legacy system, the challenges for the banks are much more. "Leadership has a big role to play. Most of the public sector banks are actively adopting technology", he said. Implementation of the core banking system (CBS) was a humongous task, but the legacy banks did it, he said. Core banking has now changed and paved the way for app-based banking, Kumar added.

Fintech firm CRED launches vehicle management platform 'CRED Garage'

The feature will be available within the CRED app

Fintech firms rush to make tweaks as new data protection law looms

Fintechs, banks and non-bank financial companies (NBFCs) will have to redraw their contracts with their business partners with whom customer data gets shared

India fourth in number of startups with over $50 mn funding: Scaleup Report

In the survey involving 12,400 startups, India is ranked fourth with 429 scaleups, after the US (7,184), China (1,491), and the UK (623)

Sidbi inks agreement with DLAI, aims to boost India's fintech sector

The Small Industries Development Bank of India (SIDBI) on Saturday said it has inked an agreement with the Digital Lenders Association of India (DLAI) to boost the country's fintech sector. SIDBI and DLAI have signed a Memorandum of Understanding to this effect. The MoU aims for collaborations with SIDBI to develop standard protocols to expedite the adoption of digital lending partnerships including alliances between banks and Lending Service Providers (LSPs), co-lending collaborations among others, according to a statement. SIDBI will also provide resource support to eligible DLAI member NBFCs and also explore Assignment and Securitisation transactions, it added. "We are happy to work with the Industry on other important aspects like standard protocols, customer protection, grievance redressal, among others to facilitate faster adoption of digital lending," SIDBI CMD Sivasubramanian Ramann said. As a part of its business strategy, SIDBI is using digital technology and partnership

FACE adopts new code of conduct to strengthen customer protection

The association applied to become an SRO with the Reserve Bank of India (RBI) in January last year

Fintech lending rises over 31% to Rs 29,875 crore, says FACE report

9 companies accounted for 81% of total disbursement made by 36 companies that are members of Fintech Association for Consumer Empowerment

Developing best practices

SRO for fintechs will be a first step

Will take a shot at bourses after 3-4 quarters of profit: MobiKwik

Taku said that the company plans on tapping into new investments if it is working on a new product or an inorganic play that requires capital

Frictionless credit helped cut operational cost to lenders: RBI's Choudhary

Speaking at the Global Fintech Fest 2023, Choudhary spoke of the importance of customer centricity and governance to ensure the sustainability of fintech entities

Banks have no option but to partner with fintech, says K V Kamath

'India will be a $25 trillion economy in 25 years, digital India will drive 20-25% of this growth'

Governance mechanism can aid in sustainable growth of fintech: RBI official

Sustainable growth of the fintech ecosystem can be achieved by putting in place a governance mechanism and focusing on customer-centricity, a senior RBI official said on Thursday. On Wednesday, RBI Governor Shaktikanta Das had asked fintech companies to form a self regulatory organisation and improve governance standards. "What is needed for the sustainable development and growth of the fintech ecosystem is the right thrust on customer-centricity and better governance standards. These can be achieved by balancing the needs of tomorrow with the wants of today," Ajay Chaudhary, an executive director who heads the fintech department at the Reserve Bank of India, said. He was addressing the final day of the three-day global fintech summit here. Noting that fintech companies have vastly improved the efficiency of service delivery and customer experience, he said that what is needed is more focus on these matters which can be better achieved through the above points. Underlining the nee

Fintech companies need to set up self-regulatory body: RBI governor

He cautioned the fintechs that they should not get carried away with valuations and revenue but need to focus on customer satisfaction

Innovation gains

Paytm is leading the way among fintechs

Fintechs can act both as competitors and collaborators: T Rabi Sankar

He said regulators also draw comfort in these arrangements as traditional financial entities- banks, NBFCs which are well regulated will continue to discharge the basic responsibility