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Fintech: The Reserve Bank of India Posts Framework for Regulatory Sandbox

The Reserve Bank of India (RBI) has published the final “Enabling Framework for Regulatory Sandbox,” as it joins a growing legion of government entities seeking to facilitate Fintech innovation in a compliant manner.  The draft Framework for the Regulatory Sandbox (RS) was published in April… Read More

Indian Telecom Jio Launching “Blockchain Network”

Indian telecom company Reliance Jio will launch, “one of the largest blockchain networks in the world over the next 12 months,” the company’s owner, Mukesh Ambani, told attendees at the company’s annual General meeting August 12th. Ambani also promised, “The network will have tens of thousands… Read More

Indian Police Arrest Another Alleged Bitconnect Scam Leader in Gujarat

Another alleged principle promoter of the failed $4 billion USD Bitconnect cryptocurrency Ponzi (now attempting resurrection) has been arrested in India, India Times reports. Rakesh Savani was arrested in the coast city of Sujat in northwest India last Friday. Authorities have also seized property and… Read More

India Fintech Zeta Announces Series C Investment Round Led by Sodexo Benefits and Rewards

Zeta, an India-based fintech company, announced on Tuesday it has secured a Series C investment from Sodexo Benefits and Rewards (BRS), at a valuation of $300 million. Founded in 2015, Zeta, part of the Directi Group, describes itself as a fintech leader offering a wide… Read More

India Minister of State For Finance States There Is No Official Ban on Cryptocurrency in the Country Yet

Following the news that Indian “blockchain lawyer” Varun Sethi leaked a copy of draft legislation proposing a ban on cryptocurrencies in India, India Minister of State for Finance Anurag Thakur reportedly stated there is yet to be an official ban on cryptocurrency in India. According… Read More

India B2B Payments Platform Paymate Raises $25 Million Through Series D Funding Round With Participation from Visa

Paymate, an India-based B2B payments platform, has reportedly secured $25 million through its Series D funding round, which included participation from credit card giant, Visa, as well as other investors like Recruit Strategic Partners (Venture capital Arm of Recruit Co. Ltd. Japan), Brand Capital, existing… Read More

Lawyer Leaks Legislation Proposing Ban on Cryptocurrencies in India

Indian “blockchain lawyer” Varun Sethi has leaked a copy of draft legislation proposing a ban on cryptocurrencies in India. Text from the eighth chapter, six-part and 27 clause bill in its present iteration reads as follows: “No person shall mine, generate, hold, buy or sell… Read More

Wirecard Announces New Partnership With India’s YES BANK

Germany-based Wirecard announced on Wednesday it has formed a new partnership with India’s banking group, YES BANK. According to Wirecard, the new collaboration will expand the scope of India’s Aadhaar Enabled Payment System, a biometric digital payment system developed by the National Payments Corporation of… Read More

India Digital Banking Startup NiYO Solutions Secures $35 million Through Series B Funding Round Led By Horizons Ventures & Tencent

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NiYO, an India-based digital banking startup, announced on Tuesday it secured $35 million through its Series B funding round, which was led by Horizons Ventures and Tencent with participation from existing investor, JS Capital. Founded in 2015, NiYO aims to create a technology-enabled and value-added… Read More

Report: India “Not Comfortable With” Facebook’s Libra Cryptocurrency

India’s Economic Affairs Secretary, Subhash Garg, has confirmed rumours that India is less than keen on Facebook’s current effort to create a private, global currency network aimed particularly at citizens in the developing world, Bloomberg reports. “(The) Design of the Facebook currency has not been… Read More

Citing Regulatory Duress, Another Indian Crypto Platform, Koinex, Shuts Down

Citing ongoing pressure from unfavourable government actions, Indian cryptocurrency trading platform Koinex has announced it will “permanently disable” trading services on June 27th, 2019. “A snapshot of the wallet balances at this time will be taken for record, and the effort to disburse INR balances… Read More

India Neobank Platform Open Raises $30 Million Through Series B Funding Round Led By Tiger Global

Open, an India-based neobank platform, announced on Tuesday it secured $30 million through its Series B funding round, which was led by Tiger Global with participation from Tanglin Venture Partners Advisors and existing investors 3one4 Capital, Speedinvest,  BetterCapital AngelList Syndicate. Founded in 2016, Open claims to… Read More

Report Says No Libra Crypto in India as Facebook Has Not Received Necessary Government Permission

A report indicates that Facebook may have to skip over India when it launches Libra, its cryptocurrency based off a basket of stable assets. According to the EconomicTimes, “a person directly in the know” said Facebook has failed to ask for, and receive, regulatory approval:… Read More

Indian Payments Platform MobiKwik Partners with DT One on International Expansion

MobiKwik has partnered with DT One (formerly TransferTo) to expand internationally. MobiKwik is an India-based Fintech in the payments space. DT One One is a global B2B network for “mobile top-ups/recharge, rewards and airtime credit services.” Indian users will now be able to add money… Read More

Proposed Law in India to Impose 10-Year Sentences for the Use, Trading or Production of Cryptocurrencies while Proposing Digital Rupee

Details emerging about a proposed bill to ban cryptocurrencies indicate that things have gone from bad to worse for the cryptocurrency sector in India. According to Bloomberg Quint, if passed, new proposed legislation to cover the crypto sector will impose 10-year sentences on individuals possessing,… Read More

Wirecard Partners With India’s UTI Infrastructure Technology and Services to Facilitate the Issuing of Physical & Digital Taxpayer Identification Cards

Germany-based global provider of digital payments and commerce solutions Wirecard announced on Wednesday it has formed a new partnership with India’s government-owned company UTI Infrastructure Technology and Services Limited (UTIITSL), to facilitate the issuing of physical and digital taxpayer identification cards, also known as PAN (Permanent… Read More

India-Based Cryptocurrency Platform Coinome Set to Shutdown

Coinome, an India-based cryptocurrency platform, is reportedly set to shut down on May 15th. The digital currency site revealed the news on Thursday through its Twitter account. Coinome describes itself as a cryptocurrency platform that was built to offer feature-rich user experience with no compromise… Read More

Fintech Report: VC Backed Fintech Funding Declines in Q1, US is Top Market for Deals, India Rises as China Declines

This past week CBInsights published their quarterly report on Fintech investment. As a sector, Fintech investment remains robust but there was a bit of a market shuffle when it came to deal volume. According to the report, during Q1 2019 Fintech deals were up slightly… Read More

Bill to Ban Cryptocurrencies Circulating in India

Despite several reports that the government of India will not be addressing cryptocurrency legislation and relevant court cases until after the national elections wrap up in July, there is now news that a draft bill to ban cryptocurrencies is being circulated among Indian legislators, The… Read More

Wirecard Announces Expansion of Partnership With India’s RBL Bank to Drive Financial Inclusion

Germany-based global provider of digital payments and commerce solutions Wirecard announced on Tuesday it has expanded its partnership with India’s RBL Bank to drive financial inclusion. Wirecard reported that the partnership will make digital payment and banking transactions more readily accessible to all Indian citizens, including… Read More

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