Tagged: india

September 23, 2019 @ 12:49 pm By Omar Faridi  |  

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

September 20, 2019 @ 11:24 am By Omar Faridi  |  

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

September 13, 2019 @ 3:37 pm By Omar Faridi  |  

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

September 10, 2019 @ 2:14 am By Omar Faridi  |  

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

September 8, 2019 @ 8:33 am By Omar Faridi  |  

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

August 20, 2019 @ 8:51 am By JD Alois  |  

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

August 13, 2019 @ 2:24 am By Cali Haan  |  

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

July 27, 2019 @ 2:52 pm By Cali Haan  |  

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

July 23, 2019 @ 1:24 pm By Samantha Hurst  |  

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

July 22, 2019 @ 4:14 pm By Samantha Hurst  |  

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

July 22, 2019 @ 11:17 am By Samantha Hurst  |  

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

July 19, 2019 @ 7:43 am By Cali Haan  |  

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

July 10, 2019 @ 3:38 pm By Samantha Hurst  |  

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

July 9, 2019 @ 12:09 pm By Samantha Hurst  |  

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

July 2, 2019 @ 2:30 am By Cali Haan  |  

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

June 25, 2019 @ 11:29 am By Samantha Hurst  |  

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

June 21, 2019 @ 1:04 am By JD Alois  |  

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

June 18, 2019 @ 3:02 am By JD Alois  |  

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

June 8, 2019 @ 8:45 am By Cali Haan  |  

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

May 22, 2019 @ 11:06 am By Samantha Hurst  |  

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