Page 10 - Fintech

RBI Governor Das launches portal for online application, approval

Starts app for retail direct; repositories for fintech, lenders

Paytm Insider announces elevation of Varun Khare to position of COO

Prior to this, Khare was the business head of live entertainment (intellectual properties and partnerships) at the company

Paytm changes designation of senior exec, CBO Ripunjai Gaur named SMP

Fintech giant has seen exits in its senior management after its banking unit was put under restrictions in January

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

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

Zeta eyes 50% of $1 trn credit line on UPI banking tech opportunity by 2030

Zeta was founded by serial entrepreneurs Bhavin Turakhia and Ramki Gaddipati in 2015

Fintech players likely to request RBI for a simpler merchant KYC process

It has proposed that payment aggregators will be required to undertake Contact Point Verification (CPV) of entities which involves physical verification of customers

Revolut gets RBI nod to issue Prepaid Payment Instruments in India

Revolut India on Friday said it has received an in-principle authorization from the Reserve Bank of India (RBI) to issue Prepaid Payment Instruments (PPI) including prepaid cards and prepaid wallets in the country. This enables it to operate as a domestic player in the market, the global fintech firm said in a statement. This approval builds upon the existing licences which Revolut India has successfully obtained from RBI to operate as a Category-II Authorised Money Exchange Dealer (AD II) and to be able to provide multi-currency forex cards and cross-border remittance services, it said. It also puts Revolut in a unique position in India, to be able to offer customers both international and domestic payment solutions on a single platform, it said. Revolut, a London-based neobank and financial technology company, has been gearing up for its entry into India, working closely with the RBI over the past two years. This licence and the approvals that preceded it are an encouraging ...

BharatPe co-founder Ashneer Grover ventures into fintech with ZeroPe app

ZeroPe, currently in its testing phase, has been developed by Third Unicorn

Amazon Pay to ramp up Smart Store services partnership with top 20 brands

The company has launched 18,000 Smart Stores in the country since its inception in 2019

Fintech startup Yenmo secures $500,000 investment from Y Combinator

Yenmo offers a full-stack API (application programming interface) solution for other companies to integrate loans against mutual funds into their products

Loan distribution by FACE members rise by 12.2% to 24.8 mn in Q3FY24

The report added that 12 per cent of loans distributed between April and December 2023 went to women

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)

Financial services firm WeRize becomes the victim of a data breach

No impact on business operations

Govt, ADB ink $23 milllion loan agreement to strengthen fintech ecosystem

The government and the Asian Development Bank (ADB) on Thursday signed a USD 23 million loan agreement to enhance access to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City. GIFT City is an initiative of the Centre and the Gujarat government to foster India's financial services and fintech ecosystem, the finance ministry said in a statement. As per the loan agreement, a fintech institute will be set up at GIFT City. The pact was signed by Finance Ministry Joint Secretary Juhi Mukherjee and Officer-in Charge of ADB's India Resident Mission Rajesh Vasudevan. After signing the agreement, Mukherjee said the project will establish International Fintech Institute (IFI) to strengthen fintech education, boost startup success rates, and drive fintech research and innovation. "The project's emphasis on market-driven fintech skills programmes, creating enabling environment for private sector investment and enhancing collaboration between indust

Paytm Payments Bank plans to cut about 20% of staff as business halt looms

Paytm Payments Bank has decided to lay-off staff in certain divisions, including operations, the sources with direct knowledge of the matter said

Zopper eyes expansion into EMs, targets 50-60% growth in India in 3 years

Zopper plans to expand its distribution ecosystem and strengthen partnerships with banks, non-banking financial companies (NBFCs), travel portals, brands, and retail chains

Paytm's third-party application licence likely to get approval this week

UPI, operated by the NPCI, is India's real-time payments system that allows users to transfer money across banks

Google, Walmart gain fintech users from India as Paytm faces restrictions

Paytm's decline suggests consumers are moving usage to alternative services even before any disruption to its systems

85% of Paytm wallet users unaffected, rest to link apps to banks: RBI Guv

As many as 80-85 per cent Paytm wallet users will not face any disruption because of regulatory actions, and the remaining users have been advised to link their apps to other banks, RBI Governor Shaktikanta Das said on Wednesday. The Reserve Bank of India on January 31 barred Paytm Payments Bank Ltd (PPBL) from accepting deposits, credit transactions, or top-ups in any customer accounts. The deadline for linking the wallet attached with PPBL with other banks has been fixed for March 15, the governor said, ruling out any further extension. The time given up to March 15 is sufficient and there is no need for further extension, he said, adding that 80-85 per cent Paytm wallets are linked to other banks, and the remaining 15 per cent have been advised to move on to other banks. He said that the RBI has taken action against a regulated entity, which in this case is PPBL and has nothing against Fintech companies. Instead, Das stressed that the RBI favours innovation in the financial ...