Page 13 - Fintech

India among most thriving cluster of fintech hubs, says WEF study

India is among the most significant operating countries for hosting a thriving cluster or fintech headquarters, a WEF study showed on Thursday. Releasing the report during its Annual Meeting 2024 here, the World Economic Forum said fintechs are increasingly expanding operations across borders, mainly in the same region as their headquarters. "The study reveals that vibrant hubs such as Singapore, the UK, the US, and India have hosted a thriving cluster of fintech corporate headquarters. "Among the countries surveyed, the most significant operating countries for fintechs include the US, the UK, Singapore, Mexico, and India," it added. According to the report, the global fintech industry remains strong, with customer growth rates averaging above 50 per cent across industry verticals and regions. Consumer demand is the main driver of growth, and fintechs are offering tailored financial services and products to traditionally underserved segments of the population, it noted. The repor

RBI releases draft norms for fintech self-regulatory organisations

The draft norms, which were released on Monday, said SRO-FTs should strive towards healthy and sustainable development of the fintech sector

RBI releases draft framework for fintech self-regulatory organisation

The body would work towards strengthening governance standards and addressing the sector's needs and challenges, the central bank said

Funding winter shows signs of thaw but fintech industry is under scrutiny

The industry faces greater scrutiny and stricter governance norms

CredAble records a two-fold increase in loan disbursements in 2023

The company plans to raise $50-75 million by June this year in its series C round

SalarySe secures $5.25 million in seed funding from Peak XV Surge, Pravega

The company has plans to develop a tech stack for the credit-on-UPI (Unified Payments Interface) product and drive its adoption in the country with the latest round of funding

Mobikwik refiles draft papers as it trims IPO size down to Rs 700 cr

Earlier in 2021, it had targeted to raise Rs 1,900 cr but withdrew due to weak market conditions

PhonePe appoints Ritesh Pai to lead fintech firm's global expansion plans

Pai is a seasoned digital payments sector leader with a proven track record of launching innovative solutions and structuring strategic business partnerships globally

Fintech firm Mobikwik refiles draft papers with Sebi to raise Rs 700 cr

Unicorn fintech firm One MobiKwik Systems Ltd has filed its preliminary papers with markets regulator Sebi to raise up to Rs 700 crore through an initial public offering. This is the second attempt by the Gurugram-based firm for the public issue following its first attempt in July 2021. Earlier, the company shelved its IPO plans and withdrew its draft papers due to unfavourable market conditions. The public issue is entirely a fresh issue of equity shares worth up to Rs 700 crore, as per the draft red herring prospectus (DRHP) filed on Thursday. The company may consider a pre-IPO placement of its securities worth up to Rs 140 crore. If such a placement is undertaken, the size of the fresh issue will be reduced. The proceeds from the fresh issue to the tune of Rs 250 crore will be used for funding growth in the financial services business and Rs 135 crore for the payment services business. Further, Rs 135 crore for investment in data, machine learning and artificial intelligence, a

Indian fintech funding declines 63%; raises total $2 bn: Tracxn Report 2023

Despite the decline, the Indian fintech sector has retained its position as the third-highest funded globally in 2023

BharatPe earns Rs 904 cr against a loss before tax of Rs 886 cr in FY23

BharatPe's EBITDA loss declined by about Rs 158 crore in FY23, it said in a statement

Paytm hands over 1,000 pink slips; staff from lending business affected

The decision to dismiss these employees comes weeks after the fintech company announced it would reduce the disbursement of small-ticket-size loans as RBI tightened norms

India has scale, talent for competitive edge in GCCs: Walmart's Bodugum

Tamil Nadu Round Table 2023: Puneet Gupta of Kaleidofin said that these entities are driving financial inclusion in India, and biometrics will become key to security of online payments

Infibeam Avenues picks up 49% stake in Ahmedabad-based Pirimid Fintech

The partnership aims to combine Infibeam's digital payments and AI-based frameworks with Pirimid Fintech's capital market trading software for its clients nationwide and globally

Unsecured loan concerns: Fintechs explore long-term loans after RBI alert

Meanwhile, for the past few months, the regulator has been cautious about the increase in unsecured personal loans, which can spiral into potential bad loans

Fintech startup ZestMoney to shut down, to lay off remaining 130 employees

The management told the employees that they had to take such a tough decision as the business has not been able to grow, according to the sources.

PhiCommerce raises $10 mn in funding led by Singapore-based BEENEXT

Payments solution firm will use financing to expand international business, improve technology

BharatPe turns EBITDA positive, clocks Oct 2023 as first profitable month

Without giving out the actual number, BharatPe in a statement said the financial milestone was attributed to consistent growth across all business lines

PhonePe expected to launch consumer lending by January next year: Report

PhonePe is in the final stages of integration with five banks and non-banking finance companies

LIC exploring possibility of setting up fintech arm says, Chairman Mohanty

As part of its digital transformation exercise, insurance behemoth Life Insurance Corporation (LIC) is exploring the possibility of setting up a fintech unit. LIC has initiated a total digital transformation project DIVE (Digital Innovation and Value Enhancement) and appointed a consultant to steer the project, LIC Chairman Siddhartha Mohanty told PTI in an interview. "Our objective is to get best in class digital initiatives for all our stakeholders, customers, intermediaries, marketing people and everybody through the project DIVE," he said. In the first phase, the customer acquisition part is going to be transformed, he said. Customer acquisition is done through three modes--agent, bancassurance and direct sale. LIC gets most of its new customers through its agents. Subsequently, other areas would see transformation, he said, adding, services like claims settlement, loan and other services will be made available at the click of a button. "Customers need not come to the office