Search Results for: india

April 7, 2024 @ 9:15 pm By Michael Wong  |  

The Reserve Bank of India (RBI), the apex banking authority in the nation, is gearing up to unveil a comprehensive framework for a self-regulatory organization (SRO) specifically tailored for the fintech sector. This forthcoming initiative was revealed by Governor Shaktikanta Das during the post-monetary policy… Read More

March 31, 2024 @ 2:18 pm By Michael Wong  |  

The Reserve Bank of India is contemplating the establishment of the Digital India Trust Agency (DIGITA) in a move to combat the escalating cyber fraud. This initiative aims to clamp down on the proliferation of illicit lending applications by instituting a verification system for digital… Read More

March 29, 2024 @ 11:03 am By Omar Faridi  |  

PhonePe App users traveling to the UAE can now make payments using UPI at Mashreq’s NEOPAY terminals, available across a wide array of retail stores, dining outlets, as well as tourist and leisure attractions. They simply need to “scan the QR code for seamless and… Read More

March 23, 2024 @ 3:38 pm By Michael Wong  |  

KuCoin, a global cryptocurrency exchange and ranked within the top seven, has announced its achievement as the first Financial Intelligence Unit (FIU) compliant global crypto exchange in India. This landmark accomplishment highlights a crucial moment in the dynamic landscape of Indian cryptocurrency amidst recent regulatory… Read More

March 20, 2024 @ 9:51 pm By Omar Faridi  |  

Graviton, one of India’s Web3-focused accelerators, has unveiled a list of teams that have been accepted into the second edition of its 16-week program. This update comes nearly a month after the syndicate-backed fund stopped accepting applications, and was preceded by “a nationwide hunt for… Read More

March 17, 2024 @ 5:27 pm By Michael Wong  |  

The Central Government of India and the Asian Development Bank (ADB) have inked a pivotal loan agreement valued at $23 million as part of efforts to bolster the country’s fintech ecosystem. This landmark deal was signed at the Gujarat International Finance Tec-City (GIFT-City), setting the… Read More

March 11, 2024 @ 7:48 pm By Omar Faridi  |  

GetVantage, India’s alternative-financing fintech platform, announced the launch of its Rise-Up Fund, dedicated to supporting women entrepreneurs with inclusive capital. This non-dilutive fund with an initial corpus of $12 million. The fund aims to deploy the capital in “the next 12 months to help over… Read More

March 10, 2024 @ 3:13 pm By Omar Faridi  |  

Core Foundation announced a $5 million Innovation Fund to advance India’s decentralized application ecosystem on Core Chain, the Bitcoin-secured and EVM-compatible blockchain. This fund aims to empower Web3 communities, enhance education, and provide vital support to founders and builders throughout India. Shivangi Pandey, Core Contributor,… Read More

February 26, 2024 @ 9:39 pm By Omar Faridi  |  

The Asian Development Bank (ADB) has announced recently that it approved a $23 million loan to enhance access “to quality fintech education, research, and innovation at the Gujarat International Finance Tec-City (GIFT) in India.” As stated in a blog post, GIFT is a state-owned enterprise… Read More

February 24, 2024 @ 2:10 pm By Michael Wong  |  

Lending Fintech companies accounted for 30% of all Fintech acquisitions in India in 2023, highlighting a shift in market dynamics amid growing regulatory pressures, a report from GrowthPal revealed. This surge in acquisitions within the lending sector marks a departure from previous years, where the… Read More

February 22, 2024 @ 6:53 pm By Omar Faridi  |  

PhonePe announced the consumer launch of its Indus Appstore, at Bharat Mandapam in New Delhi. Indus Appstore is PhonePe’s attempt at creating “a more competitive and localized mobile app store economy for India, which is already the largest mobile apps download market globally.” The session… Read More

February 18, 2024 @ 1:21 pm By Omar Faridi  |  

The Reserve Bank of India (RBI) claims that it aims to adopt a “hands-off” approach to regulating Fintech companies across a nation that’s home to around 1.5 billion consumers. In addition to taking a step back from aggressively monitoring Fintechs for now, the reserve bank… Read More

February 12, 2024 @ 6:08 pm By Omar Faridi  |  

India is reportedly moving forward with the next few stages of its planned digital rupee pilot. This would add programmability and offline payment capability, according to a recent update. Like most major economies across the globe, India has been testing a retail CBDC or central… Read More

February 1, 2024 @ 10:19 am By JD Alois  |  

Paytm, the operating name of One 97 Communications Limited (PAYTM.NS), shares cratered today as the Reserve Bank of India (RBI) decided to halt deposits in its digital wallet and accounts. Paytm describes itself as India’s most loved payments app. The company also operates Paytm Payments… Read More

January 26, 2024 @ 3:56 am By Michael Wong  |  

Digital lending platform Vivifi India Finance has raise $75 million in a Series B funding round to further extend loans to the salaried class as well as small businesses in India. This latest infusion of capital comprises $15 million in equity and $60 million in… Read More

January 20, 2024 @ 9:36 pm By Michael Wong  |  

Bharatsure, an emerging Insurtech startup based in India, has reportedly raised $1 million in a funding round anchored by early-stage venture capital fund Capital-A. The round also saw contributions from Grip Invest and a cohort of existing investors, including Inflection Point Ventures, Dexter Ventures, HEM… Read More

January 20, 2024 @ 7:43 pm By Michael Wong  |  

India-based financial services platform DMI Group has announced its acquisition of the Goldman Sachs-backed ‘buy now pay later’ (BNPL) platform ZestMoney. This comes after the Bengaluru-based ZestMoney ceased operations following unsuccessful attempts to revive its business amid regulatory uncertainties. DMI, having raised over $1.5 billion… Read More

January 14, 2024 @ 5:42 pm By Michael Wong  |  

Reserve Bank of India (RBI) Governor Shaktikanta Das refuted claims that new digital lending guidelines would hinder fintech growth, asserting instead that investor confidence in the sector has risen since their implementation. Speaking at the Mint BFSI conclave in Mumbai, Das highlighted the positive impact… Read More

January 11, 2024 @ 10:23 pm By Omar Faridi  |  

In a significant move towards modernizing business-to-business (B2B) payment processes, PayMate India SPC, a B2B digital payments company, has signed a Memoranda of Understanding (MoU) with the National Bank of Oman (NBO) in order “to digitize, automate, and streamline B2B payments using Visa Business Credit… Read More

January 8, 2024 @ 7:10 pm By Michael Wong  |  

The Fintech sector in India experienced a significant decrease in funding in 2023, securing only $2 billion, a sharp decline of 63% and 76% from 2022 and 2021, respectively, according to a report by Tracxn. In comparison, the sector raised $5.4 billion in 2022 and… Read More