Page 8 - Fintech Sector

FACE's ambitious goal: Uniting 75% of fintech players in three years

One of the major focus areas for the SRO-FT includes improving communication among members regarding compliance and regulation

Unauthorised fintechs, compliance changes pose major risks for sector

Organisations assess other challenges, such as talent, transparency, and grievance redressal, as negligible risks in their operations

Cedar-IBSi Capital plans to fund 10-15 startups in fintech sector

Cedar-IBSi Capital on Saturday said it is looking to invest in 10-15 startups working in the banking and insurance technology segment to expand its footprint in the country. "The fund plans to build a portfolio of the companies, allocating a budget within the range of Rs 4-10 crore, with an intensified focus on financially strengthening 8 to 10 high-performing companies," it said. The fund has already gathered commitments in the range of Rs 50-75 crore from its Rs 240 crore early-stage fund launched in 2023, it added. "We are focusing on investing in startups which offer unique products and innovative tech to help improve efficiency at financial institutions. We have made our first investment in Cogniquest, an intelligent document processing tech company and are looking forward to announcing our second investment shortly," Sahil Anand, Founder and Managing Partner, Cedar-IBSi Capital, said. The business-to-consumer disruption has taken place in the last 5-8 years, but the software

Nation at forefront of digital revolution, fintech speeding payments: RBI

India is at the forefront of the digital revolution and financial technology is speeding up digital payments, Reserve Bank Deputy Governor Michael Debabrata Patra said on Wednesday. Vibrant e-markets are springing up and expanding their reach. It is estimated that the digital economy currently accounts for a tenth of India's GDP, he said, adding that going by growth rates observed over the past decade, it is poised to constitute a fifth of GDP by 2026. In his inaugural address at the DEPR Conference on 'Digital Technology, Productivity and Economic Growth in India' here, Patra also said India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure (DPI), a vibrant information technology sector and a burgeoning youth population, including one of the largest AI talent bases. On digitalisation of Indian finance, Patra said micro-level evidence from surveys of Indian banks shows that while all of them have implemented mobile

A litmus test for fintech IPOs as MobiKwik inches closer to listing

After Paytm's disappointing performance after listing in 2021, the markets have evolved and the fintech ecosystem has matured with greater regulatory clarity from the RBI

Razorpay launches venture investment programme in partnership with VCs

Early-stage ventures could see potential fundraising of up to $1 million as part of the programme

ULI will be for lending what UPI is for payments: RBI Dy Guv at BFSI Summit

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

Paytm hits highest level in calendar year 2024; zooms 169% in 6 months

Analysts believe Paytm's cost optimization measures and gradual business turnaround will put it on an early path to profitability.

BS BFSI: Compliance doesn't impede progress, say financial services heads

BS BFSI Summit: While compliance requires significant investment, it does not impede industry progress, said CTOs and CEOs as they discussed the role of regulation in India

Fintech firms capitalise on digital gold rush this festive season

Firms store physical gold in vaults to back up the accumulated gold stored digitally in a user's account

Razorpay says payment gateway business grew 24% in revenue in FY24

Fintech company reports growth despite restriction on taking in new customers

A day after RBI curbs on NBFCS: Fintechs may face temporary disruption

The ban on sanction and disbursement for its partner DMI Finance would be effective from October 21, as per the RBI directive

BharatPe's Ebitda loss declines to Rs 209 cr, revenue up 39% in FY24

The company said that its cash burn was reduced by 85 per cent on a Y-o-Y basis

50 new payment apps keen on joining UPI despite zero MDR: NPCI MD & CEO

At present, most UPI debit transactions continue to remain free, with payment-processing expenses borne by fintechs and banks

Mastercard opens new Tech Hub in Pune to drive growth and innovation

The new Pune Tech Hub augments Mastercard's growing presence in India, which spans offices in Gurugram, Mumbai, Hyderabad, Bengaluru, and Vadodara

Funding to Indian fintech rises 66%, number of rounds decline by 25%

On a quarter-on-quarter basis, funding to the fintech sector more than doubled from $293 million in Q2CY24

Lending platform Biz2X crosses Rs 9,000 cr mark in loan disbursements

Biz2X, a digital lending SaaS platform and subsidiary of Biz2Credit, on Tuesday said it has surpassed Rs 9,000 crore mark in loan disbursements. One of the company's key growth drivers is its AI-integrated digital lending platform, DigiKred, which plays a pivotal role in optimizing lending functions for Indian lenders. The platform is expected to facilitate an additional Rs 5,000 crore in loan disbursements by the end of FY2025, further scaling the platform's reach and impact across the financial ecosystem, the company said in a release. Th company has seen a consistent year-over-year growth rate of nearly 30 per cent. In addition to its technology, Biz2X's growth is powered by strategic collaboration with some of the most prominent financial institutions in India. "Financial institutions, in turn, benefit from the platform's advanced technological infrastructure including some ground-breaking AI innovations, which help them offer faster, more reliable lending solutions to their

RBI policy of not allowing crypto is a good approach: Amiyatosh Purnanandam

He said that the government needs to incentivize good long term risk taking by banks to push private investments

Navi climbs UPI leaderboard for second consecutive time, now fifth largest

This growth follows the company's announcement in April that it would roll out cashbacks and rewards for customers using its UPI service

Collateral anchor: Fintech companies steer towards secured lending

This comes after RBI raised risk weights on unsecured personal loans