Page 11 - Fintech

Decoded: Public tech platform for frictionless credit, demystified

The pilot of this platform, known as a Public Tech Platform for Frictionless Credit (PTPFC), commenced on August 17 last year

Fintech major Razorpay's latest offerings: PoS device, marketing stack

The Bengaluru-based fintech firm marked its foray into the marketing and growth solutions space as it launched Engage; a full-stack marketing growth suite

Fintech firms will go global with govt's clear thinking, says NPCI chief

NPCI chief Dilip Asbe explained that Indian fintech companies will have to take the lead to explain the country's payment standards to the world before exporting them globally

Angel One plans to raise Rs 2,000 cr to tap opportunities in fintech space

The stockbroker plans to move beyond equity and mutual funds and will offer distribution of credit and fixed-income products

Indian banks' rush for clients set for reckoning after Paytm fiasco

India stunned investors last month by abruptly suspending most activities of the banking affiliate of Paytm, a once high-flying fintech star that had attracted backing from Warren Buffett and SoftBank

PayPal registers with FIU of India under anti-money laundering law

American online payments gateway service provider PayPal has registered its operations with the Financial Intelligence Unit of India, about six years after a protracted legal battle ensued between the two entities. Official sources told PTI that the company has completed the formal procedure of being designated as a reporting entity under the Prevention of Money Laundering Act (PMLA) recently and has submitted the requisite documents to the Financial Intelligence Unit (FIU). PayPal has also appointed a principal officer, as stipulated under the anti-money laundering law, for conducting official communication with the FIU while the appointment of a director, as envisaged under the same law, is in process, they said. "PayPal has registered as a reporting entity with the Financial Intelligence Unit-India, in compliance with the Reserve Bank of India's recent regulatory framework governing cross-border payment aggregators (PA-CB), which is applicable to the PA-CB industry," a PayPal ...

'Capital One-Discover deal could hurt Visa, Mastercard dominance'

The all-stock deal would give Capital One access to Discover's network of payments processing and settlement services, potentially allowing it to cut its reliance on Visa and Mastercard

72% fewer Indian fintech startups incorporated in 2023 than in 2021: Report

There have been around 30 acquisition deals in the Indian fintech space in 2023 and 20 out of these were done by large companies with over 1,000 employees or funding of over $50 million

Not planning harsher rules to curb fintech, says RBI's P Vasudevan

There are "no harsher measures coming on fintech," P. Vasudevan, an executive director in charge of enforcement at the Reserve Bank of India, said on Friday

UdaanCapital disburses Rs 170 cr to Saint Gobain's distribution network

"We believe in forging strong partnerships to advance our goal of building next-generation working capital products for India's trade," said Chaitanya Adapa, Head of UdaanCapital

Fintech platform GroMo distributes Rs 100 cr in payouts to partner agents

Fintech platform GroMo on Saturday said it has distributed Rs 100 crore in payouts to its partner agents on the eve of completing the five-year milestone. The company aims to achieve Rs 1,000 crore in earnings for the GroMo partner agents in the next five years, the platform, engaged in facilitating the distribution of financial products, said in a statement. Founded by IIT Delhi alumni Ankit Khandelwal and Darpan Khurana, GroMo is playing a role in driving financial inclusion and enhancing financial literacy in tier 2, 3 and smaller cities. It provides access to financial products like bank accounts, insurance, credit cards, loans and investment options from the leading banking and non-banking financial institutions, it said. The company has expanded its product portfolio from 25 to over 160 in the last couple of years, it said, adding that the platform has successfully onboarded over 36 lakh partners, doubling its numbers in just a year, and currently operates across 19,000 pin .

Paytm aftershocks: Competition ramps up sales force, strengthens leadership

The Reserve Bank of India last week ordered Paytm Payments Bank to bar most of its businesses, including deposits, by February 29

Fintech platform Groww adds 1 million new mutual fund SIPs in December

Fintech platform Groww has emerged as the top distributor of mutual funds with the addition of over 1 million new SIPs (Systematic Investment Plans) in December, accounting for 25 per cent of total new SIPs in the country. According to data from Association of Mutual Fund Industry (Amfi), the number of SIP accounts touched 7.63 crore, out of which, 40.3 lakh new SIP accounts were added in December, the highest-ever recorded in a month. Of the 40.3 lakh addition in December, over 10 lakh of these new SIPs were opened on Groww by retail investors across the country. Further, there were about 3.5 crore new SIPs by the industry in the 2023 and Groww contributed to 20 per cent of the new addition, the company said. "The recent surge in SIPs validates that the new investors are responsible and prudent. India has seen over 50 per cent year-on-year growth in new SIPs while on Groww it has doubled in the last 12 months," Harsh Jain, Co-founder and COO, Groww, said. The industry saw SIP ...

Fintech major Paytm denies reports on violation of foreign exchange rules

On Monday, media reports quoting sources claimed that the Enforcement Directorate (ED) was investigating if platforms run by OCL were involved in violations of FEMA

CEO Vijay Shekhar Sharma strives to save Paytm amid regulatory crisis

Sharma has put up a brave face even as nervous investors plundered $2 billion off Paytm's valuation after RBI ordered his banking arm to stop most of it operations from March 1

RBI action against Paytm will hit ordinary Indians most: Cong slams govt

Hitting out at the government after the RBI action against Paytm Payments Bank, the Congress on Thursday said the order will hit ordinary Indians the most and asked why the firm with Chinese links had not been kept under stricter monitoring. In a major action against Paytm Payments Bank (PPBL), the Reserve Bank on Wednesday directed the lender to stop accepting deposits or top-ups in any customer accounts, wallets, FASTags and other instruments after February 29. However, any interest, cashbacks, or refunds may be credited back to customers anytime. "No other banking services, other than those...like fund transfers (irrespective of name and nature of services like AEPS, IMPS, etc), BBPOU and UPI facility should be provided by the bank after February 29, 2024," the RBI added. In a post on X, Congress general secretary Jairam Ramesh said, "The last 10 years under PM Modi have brought only chaos to the banking system." "First, the disastrous demonetisation decision, taken without any

Mastercard's expense forecast eclipses fourth-quarter profit beat

The forecast follows a 10% jump in fourth-quarter adjusted operating expenses to $2.9 billion, largely due to personnel costs

RBI restricts Paytm Payments Bank from fresh deposits, credit transactions

An audit report revealed "persistent non-compliances and continued material supervisory concerns in the bank, warranting further supervisory action," the central bank said in a release

Our sound-based payment tech helps those not digitally savvy: ToneTag CEO

'We are already doing 10 billion UPI transactions a month which is way more than the digital transactions in the US and Europe combined (for a month),' said Abhishek

CMS Info Systems eyes buys in fintech, financial inclusion spaces

While scanning for inorganic growth opportunities, the company is also incubating some businesses like collections and logistics services for bullion