C2FO, a fintech firm and market for working capital based in the U.S., announced on Wednesday it is acquiring India-based payment platform, Priority Vendor. C2FO reported that through the acquisition, Indian suppliers will receive a continuous flow of capital at costs lower than traditional financing… Read More
Walmart Inc. (NYSE:WMT), a Bentonville, Arkansas headquartered multinational retail corporation, is partnering with tech giant IBM, in order to use blockchain technology to monitor its shrimp supply chains. Walmart will be using distributed ledger technology (DLT) to track Indian-sourced shrimp delivered to several Sam’s Club… Read More
Mumbai-based Varanium Capital, an asset manager that provides investment and consulting services to public and private businesses, is reportedly planning to raise ₹200-crore (appr. $28 million) for a Fintech-focused early stage venture capital fund. The Varanium NexGen intends to strategically invest around ₹2-5 crore (each),… Read More
Mumbai-based Airpay Payment Services, a payments platform, has announced a partnership with InstaReM, one of the world’s fastest-growing digital cross-border payments companies. The new partnership will launch “FX Payment”, an international payments solution for its merchants. Airpay’s “FX payment” is an alternative to credit cards… Read More
The National Payments Corporation of India (NPCI) has requested Bengaluru-based digital payments firm PhonePe to work with another banking partner for its Unified Payments Service (UPI) model. PhonePe’s management has reportedly decided to work with Mumbai-headquartered multinational banking and financial services company ICICI Bank. According… Read More
Switzerland-based EST Group announced on September 27 that it will invest $250 million in the next 18 months into various Indian Fintech companies. EST Group said in a release that it is very bullish about the Indian market due to great potential for new opportunities…. Read More
Bithumb Global, the global platform for Bithumb, a South Korea- based digital asset exchange, has announced its plans of coming to India. Bithumb reported that it will now onboard Indian customers with a sign-up incentive along with the opportunity for Indian exchanges to become a… Read More
The Reserve Bank of India (RBI) recently instructed local banks and non-bank lending institutions to stop “agents” from reviewing credit bureau data. The central bank’s directive could have a negative impact on software service providers, who work with local banks to assess credit quality. Several… Read More
India has slashed its corporate tax rates in order to encourage companies to make investments and help grow the nation’s struggling economy. Indian finance minister Nirmala Sitharaman noted that the base corporate tax rate would be reduced from 30% to 22%. Shortly after the announcement,… Read More
The Monetary Authority of Singapore (MAS), the nation’s central bank, announced on Thursday the appointment of its chief fintech officer Sopnendu Mohanty as a digital and fintech advisor to India’s Odisha state, according to a report by the Times of India. In his new advisory… Read More
Beijing-headquartered mobile technology and software firm Xiaomi has been developing premium smartphones and selling them at competitive prices. Referred to as the “Apple of China,” the consumer electronics company recently penetrated India’s consumer markets. Xiaomi’s smartphone has become India’s most popular mobile device, according to… Read More
Fintech firms that originally offered loan originations and pure-play credit marketplaces are now looking to become lenders themselves. Some of these firms have either applied for or have received a non-banking finance company (NBFC) license from the Reserve Bank of India (RBI), according to local… Read More
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 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
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
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
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
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
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
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
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