Page 28 - Fintech
Fintech's 'buy now, pay later' credit for kiranas is changing livelihoods
Even small shops can now access large and organised wholesalers, as they buy credit responsibly.
 "Fintech's 'buy now, pay later' credit for kiranas is changing livelihoods")
India is one of fastest growing markets with over 2,100 fintechs: Goyal
JAM (Jan Dhan, Aadhaar and Mobile) trinity has enabled India to leverage its technical capabilities for developing fintech sector, he said at Global Fintech Fest 2021 organised by NPCI.
 "India is one of fastest growing markets with over 2,100 fintechs: Goyal")
InnoVen Capital announces first close of new fund at Rs 740 crore
The first close was done with anchor investor Innoven Capital Pte Ltd, a joint venture between Seviora (a wholly-owned subsidiary of Temasek) and United Overseas Bank
 "InnoVen Capital announces first close of new fund at Rs 740 crore")
India has the highest fintech adoption rate of 87%, says FM Sitharaman
Asserts that nation is a prime destination for digital payments, which have grown from transactions worth Rs two trillion in 2019 to Rs four trillion in 2020
 "India has the highest fintech adoption rate of 87%, says FM Sitharaman")
PayU Finance elevates Piyush Gupta as company's new chief data scientist
In his new role, Gupta will lead the data science and Artificial Intelligence teams for PayU Finance to drive financial inclusion for the under-served and under-banked customers
 "PayU Finance elevates Piyush Gupta as company's new chief data scientist")
Fintech regulations must be based on entity, not activity: RBI Dy Governor
If a fintech player is providing liquidity service (such as deposits and credit), it must be regulated as strictly as a bank, says T Rabi Sankar
 "Fintech regulations must be based on entity, not activity: RBI Dy Governor")
India's fintech adoption rate at 87% as compared to 64% globally: FM
"I think India is the prime destination for digital activities, digital payments," FM Sitharaman said
 "India's fintech adoption rate at 87% as compared to 64% globally: FM")
The new tango between banks and fintechs: Rivals of yore turn partners
Banks and fintechs are realising that disruption has a huge collaborative aspect to it too
 "The new tango between banks and fintechs: Rivals of yore turn partners")
ZestMoney raises $50 mn from Zip Co to scale up buy now, pay later offering
The shift towards pay later solutions is a global phenomenon and represents young digital consumers looking for transparency, honesty and no hidden charges in financial products
 "ZestMoney raises $50 mn from Zip Co to scale up buy now, pay later offering")
Australia's Zip enters Indian buy-now-pay-later space with ZestMoney deal
Australian buy-now-pay-later firm Zip Co Ltd said it would invest $50 million to acquire a minority interest in Indian peer, ZestMoney, as part of its plans to tap new growth markets and add investors
 "Australia's Zip enters Indian buy-now-pay-later space with ZestMoney deal")
Challenge for banks as outsiders Amazon, IKEA crack the finance code
Analysts say the risk for traditional lenders is that they will get pushed further away from the front end of the finance chain
 "Challenge for banks as outsiders Amazon, IKEA crack the finance code")
Indian fintech market poised for multi-fold growth for newer biz models
India, as the KPMG report suggests, is a unique market where the regulator has been actively involved in giving access to new-age fintech players
 "Indian fintech market poised for multi-fold growth for newer biz models")
Auto debit payment failures ease in August, shows NPCI data
In volume terms, 32.98% of transactions initiated declined, 26.82% in value terms
 "Auto debit payment failures ease in August, shows NPCI data")
India's fintech market to triple to Rs 6.2 trn by 2025: MoS Finance Karad
The govt's various initiatives have led to fast growth in the fintech sector, which is likely to triple to Rs 6,20,700 crore in value terms by 2025, Minister of State for Finance Bhagwat K Karad said
 "India's fintech market to triple to Rs 6.2 trn by 2025: MoS Finance Karad")
Late stage technology deals at an all time high in India: IVCA-EY report
Among overall sector-wise trends and deals, fintech (financial technology) topped the charts with 61 deals followed by edtech (education technology) with 42 deals.
Tie-ups like Equitas-Google Pay can significantly disrupt payments sector
With Covid-19 putting the brakes on bank lending, fintech players have begun to give banks serious competition
 "Tie-ups like Equitas-Google Pay can significantly disrupt payments sector")
Indians embrace digital: Over 300 mn smartphone users use digital payments
From 'tankhwa' and 'kiraya', for 'shagun' and 'jugaad', digital payment is a pan-India habit
 "Indians embrace digital: Over 300 mn smartphone users use digital payments")
We will be more active in fintech ecosystem: PayU's Anirban Mukherjee
'We want to build a platform that can be used by others as well', said Mukherjee
 "We will be more active in fintech ecosystem: PayU's Anirban Mukherjee")
In no hurry to launch IPO, will go public when it makes sense: PhonePe CEO
PhonePe is in no hurry to launch its IPO and will go public "when it makes sense" for the company, even as a number of Indian internet companies line up to mark their debut on Dalal Street
 "In no hurry to launch IPO, will go public when it makes sense: PhonePe CEO")
Processing about 1.5 bn transactions a month: PhonePe CEO Sameer Nigam
Nigam said that the fintech firm is aiming to reach 900 million people in the next 8-10 years