Page 16 - Fintech

Fintech companies in talks to decide on rules for self-regulation

The RBI proposed the creation of a self-regulatory organisation (SRO) in March during a conference hosted by the Department of Payment and Settlement Systems

Razorpay sets up advisory board, ropes in former RBI dy governor as chair

Payment gateway and neo-banking platform Razorpay has roped in former RBI deputy governor NS Vishwanathan and former State Bank of India managing director Arijit Basu to lead its newly-formed advisory board. The founding independent members of the board also include retired civil servants -- Aruna Sundararajan, former Secretary, Ministries of Steel, IT, and Telecom, GoI (Member) and KP Krishnan, former Secretary, Ministry of Skill Development and Entrepreneurship (Member). The board has been set up to assist the fintech unicorn develop long-term strategies, anticipating challenges and suggesting mitigation measures, especially in the context of regulatory and compliance processes, Razorpay said in a statement. Razorpay is one of the leading fintech companies operating in India, serving over 10 million businesses across India. "As part of Razorpay's constant endeavour to enhance customer experience, the newly formed advisory board is founded with the singular vision of establishing

Razorpay sets up board for high standards of governance, compliance

The advisory board will periodically convene to review, analyse and provide recommendations and directions on both strategic and tactical levels

Indian fintech start-up funding falls 55% YoY in Q1 2023, says report

India was still the second-highest funded "geography" in the world, behind the US, in Q1 2023

India Accelerator announces Dubai foray, will invest $20 mn in start-ups

Incubator will provide start-up founders with four-month training in business growth

Fasten your seat belts: The switch to Fintech 2.0 has just begun

A shakeout among fintech firms is very likely, as the stress on governance and compliance is set to go up many notches

Upgraded payments platform with 100% indigenous technology, says Paytm

Digital financial services firm One97 Communications, which owns the Paytm brand, on Friday announced the launch of its new technology platform built on 100 per cent indigenously developed technology. The company said the new platform can handle 10 times more payments traffic compared to its older platform. "Today by making sure that every component of our technology is made in-house, we have proved that India can build world-class technology software of scale. We have built a new operational risk system and fraud management from the ground up, catering to India's payments growth. "This platform will be able to scale to the next up to 10X payments in India. We are here to serve India with a technology made in India," Paytm founder and CEO Vijay Shekhar Sharma said in a statement.

Fintech firm Roofstock lays off 27% of staff in second round of job cuts

US-based financial technology company Roofstock has laid off about 27 per cent of its workforce in its second round of job cuts

PhonePe raises $200 mn additional funding from Walmart at $12 bn valuation

New funding is part of PhonePe's ongoing capital raise of up to $1 bn, following its domicile shift to India last year

Chinese loan app case: Razorpay, fintech cos, NBFCs named in ED chargesheet

The Enforcement Directorate Friday said it has filed a charge sheet against payment gateway Razorpay, three fintech companies controlled by Chinese nationals and as many NBFCs and some others in a money laundering probe linked to Chinese loan apps which allegedly cheated numerous people. The federal probe agency said in a statement that the special Prevention of Money Laundering Act (PMLA) court based in Bengaluru has taken cognisance of the prosecution complaint (chargesheet). A total of seven entities and five individuals have been named as accused in the charge sheet. The accused entities include fintech companies Mad Elephant Network Technology Private Limited, Baryonyx Technology Private Limited and Cloud Atlas Future Technology Private Limited which are "controlled" by the Chinese nationals and three non-banking financial companies (NBFCs) registered with RBI named X10 Financial Services Private Limited, Track Fin-ed Private Limited and Jamnadas Morarjee Finance Private ...

Funding woes remain for Indian fintechs despite revival of big bets

Investments among fintech start-ups in India saw a decline of 47% YoY in 2022 at $5.65 billion, compared to $10.7 billion the previous year

Loan disbursals by digital lenders double in Q3 amid new RBI norms: Report

Data for quarter shows customers' trust and preference for fintech lending, says association

SVB fallout: Fintech, venture capital companies come to the rescue

Razorpay is offering domestic start-up clients to move their money into their Indian current accounts as FDI through the firm's partner banks

KFintech buys 25.6% stake in account aggregator MoneyOne's parent

Shares of KFintech closed 0.95 per cent higher on Friday

Fintechs see UPI-PayNow linkage as foundation for a global network

On Tuesday, India and Singapore linked their digital payment systems, United Payments Interface (UPI) and PayNow, to enable real-time money transfers

Nearly a dozen fintech startups moved to IFSCA innovation sandbox

The regulatory sandbox initiative is to encourage fintech services across the spectrum of banking, insurance, securities and fund management

B2B could be India's top sector for venture debt funding in 2023: Report

71% of founders of early-stage companies plan to raise venture debt this year

Global fintech investment falls in 2022, payments space shows top growth

Investment in crypto and blockchain fell from $30 billion in 2021 to $23.1 billion in 2022

Bad guys may re-enter digital lending in India despite govt ban: Experts

They say the rogue apps can come back using some other name or some forged documents

Digital lenders increasing spending on data security tech: Report

Threat to data privacy and cybercrimes are among risks for digital lending: Survey