Page 7 - Fintech Sector

PhonePe to wind down account aggregator business, surrender NBFC-AA licence

Account aggregators are non-banking financial companies (NBFCs) that deliver a user's financial data from financial information providers (FIPs) to financial information users (FIUs)

Reduced FY26 outlay for P2M promotion concerns industry, say experts

Incentives to promote such digital payments slashed for 2nd year straight

More the merrier? A tale of multiple self-regulatory organisations

Mint Road positions these entities as the cornerstone of compliance, but will the numerous voices unite the sector or create conflict?

Regulators look at long-term spirit, fintechs had time to comply: Experts

The fintech industry players attend a panel discussion at the Business Standard BFSI Insight Summit 2024

Regulation plays catch-up in certain areas, enables innovation: Razorpay MD

"It is important how you absorb acquisitions and make them successful. We care about the kind of firms we acquire, and how we integrate them with the mothership"

Stress continues to build up in fintech lending with PAR on the rise

The Reserve Bank of India's December 2024 Financial Stability Report states that household debt is on a rising trend

UPI-enabled credit cards see 20% monthly growth, users avg 40 transactions

This growth aligns with a broader trend in transactions processed through UPI on RuPay credit cards

Fintech Skydo receives in-principle approval to operate as PA-CB entity

About 11 existing cross-border payment companies can operate as PA-CB with their applications under process, according to the RBI website

Fintechs shift to direct merchant integration, move away from Juspay

Following PhonePe's decision to end its partnership with payment orchestration platform Juspay, other companies, including Razorpay and Cashfree Payments, are considering similar moves

Paytm to focus on merchant services in overseas foray as part of expansion

Fintech firm One97 Communications, which owns the Paytm brand, will primarily focus on financial services for the merchant ecosystem as part of its international expansion, a top company official said on Monday. Paytm is looking for a foray into international markets and has set up three overseas step-down subsidiaries of Paytm Cloud Technologies in the United Arab Emirates, Saudi Arabia and Singapore. "The intent here is to first go to the merchant side. Merchant side business model is a very long-term business model. Every economy and geography that I am meeting with senior executives either in the central bank or government love it because SME credit is missing everywhere. If you can solve for payment and solve for future-forward receivables that business model is a template in our opinion. Our primary plan will be that," Paytm founder and CEO Vijay Shekhar said during the company's earnings call for the December quarter of FY25. Paytm for the quarter reported a narrowing of ...

Banks, fintechs embark on profitable pilgrimage at Maha Kumbh Mela

Amid a crisis in deposits, banks hope to leverage the biz opportunities, with state govt projections estimating that event could generate Rs 25,000 cr in revenue and a Rs 2 trillion economic spinoff

Odisha, Singapore sign MoU to establish FinTech hub in Bhubaneswar

The Government of Odisha's Electronics and IT Department and Singapore's Global Finance & Technology Network (GFTN) signed an MoU to establish a Global Competency Centre in Bhubaneshwar to foster FinTech collaboration, with a focus on developing an inclusive and sustainable InsureTech and related areas.The MoU was signed during the official visit of Singapore President Tharman Shanmugaratnam to Odisha on Friday, according to a press release by GFTN. Tharman is on the State Visit to India from January 14 to 18. The initiative marks another positive step commemorating the 60th anniversary of diplomatic relations between India and Singapore in 2025.Commenting on the MoU, Chief Minister Mohan Charan Majhi said, Odisha aims to leverage GFTN's global expertise and resources to drive innovation and create tailored Fintech solutions in the state."Odisha has emerged as a leader in India's IT sector and now aims to diversify its services sector. The state is fostering innovation and ...

WazirX freezes $3 million in USDT nearly 7 months after cyberattack

This comes nearly seven months after an alleged security breach led to the loss of over $230 million worth of VDAs -about 45 per cent of the total crypto assets on the platform

Amazon to acquire fintech firm Axio to expand credit services in India

Information about deal size for Bengaluru-based firm not disclosed

NPCI International, UAE fintech partner to enable UPI for Indian travellers

The collaboration with fintech firm Magnati will enable QR-based UPI merchant payments through point-of-sale (POS) terminals across the UAE

Fintechs capture 76% of personal loans as banks slowdown in H1 FY25

Banks experienced a 21 per cent drop in the volume of personal loans sanctioned, accompanied by a 30 per cent decline in loan value year-on-year, according to a new report

Growth in fintech personal loan value moderates in first 2 quarters of FY25

On a year-on-year (YoY) basis, fintech personal loan sanction values grew 10 per cent to Rs 24,847 crore in Q2FY25, compared to Rs 22,439 crore in Q2FY24

At $1.9 billion, Fintech funding declines for third year in a row

The sector raised a high of $8.3 billion in 2021 across 665 funding rounds

Fintechs' personal loan portfolio drops 10% in Q2, NPAs rise: FACE

Fintechs' portfolio outstanding in the riskier personal loans segments dropped by 10 per cent in the September quarter, a self-regulatory organization (SRO) for the sector said on Monday. In a data release -- which comes amid concerns on the personal loans front, which have even led to actions from RBI to curb lending in it -- Fintech Association for Consumer Empowerment (FACE) said the loan outstanding dropped to Rs 66,683 crore at the end of September compared to Rs 74,057 crore in June. The SRO said loans unpaid for over 90 days increased to 3.4 per cent from 3.2 per cent in June. West Bengal (4.1 per cent), Uttar Pradesh (3.7 per cent), Rajasthan and Gujarat (3.6 per cent) each had the highest incident of stress, it added. The first half of the fiscal witnessed a reduction in the average ticket size per borrower to Rs 9,225 against Rs 10,222 in FY24, it said, adding that 41 per cent of the loans in the first half were under Rs 25,000. Digital personal loans by Fintech NBFCs ..

India ranks 3rd in global fintech funding despite 33% drop in 2024: Report

India ranked third globally in terms of funding received in the fintech segment despite a decline of 33 per cent on a year-over-year basis to USD 1.9 billion in 2024, market intelligence firm Tracxn said in a report on Monday. The sector witnessed a decline in funding, driven by a broader slowdown in demand and geopolitical headwinds, Tracxn's Annual India fintech report 2024 said. "The fintech sector experienced a notable decline in funding in 2024, with a total of USD 1.9 billion raised. This represents a 33 per cent decrease from the USD 2.8 billion secured in 2023. The Indian fintech ecosystem has solidified its position as one of the top three globally funded fintech ecosystems in 2024, trailing only the US and the UK," the report said. The sector had raised USD 5.6 billion in 2022. The highest funding of USD 805 during 2024 was received by the sector in the third quarter which was 61 per cent higher on a year-over-year (Y-o-Y) basis. Additionally, 59 per cent of the total