April 2024 - NewNerve

Wise Faces Licensing Hurdles: Discontinues E-Wallet Services in Indonesia

19Apr

By AnkitNo Comments

Wise Faces Licensing Hurdles: Discontinues E-Wallet Services in Indonesia

In a recent development, Wise, the popular online money transfer service, has announced its decision to discontinue e-wallet services for its users in Indonesia due to licensing Challenges. Effective from May 23, 2024, Wise users in Indonesia will no longer be able to store funds within the app's e-wallet. This decision comes as a result of regulatory requirements, as Wise currently lacks the necessary license to operate as an electronic money provider in Indonesia, as mandated by Bank Indonesia's regulation. Background: Wise's Entry to Indonesian Market Wise entered the Indonesian market in 2020 and has been backed by its local entity, PT Wise Payments Indonesia, which is licensed by Bank Indonesia as a Fund Transfer Provider. While Wise has been successful in providing core remittance ...

iCapital Marketplace Launches in Singapore and Hong Kong: News Update

19Apr

By Ankit1 Comment

Global BFSI, Business, Startups, Wealthtech

iCapital Marketplace Launches in Singapore and Hong Kong: News Update

iCapital, a global fintech firm, has recently introduced its groundbreaking iCapital Marketplace in Singapore and Hong Kong. This innovative platform aims to streamline access to a diverse range of alternative investments for wealth managers and advisors. By leveraging proprietary technology, iCapital Marketplace addresses common industry challenges and transforms the investment process by providing simplified subscription processes, educational resources, and a comprehensive suite of investment opportunities. Enhancing Wealth Management through Technology The iCapital Marketplace platform offers an array of features and benefits that revolutionize the wealth management landscape. Simplifying the Investment Process: With its user-friendly interface, iCapital Marketplace simplifies t...

Revolut Empowers 2 Million Young Users Worldwide with its Youth-Focused Financial App

19Apr

By Ankit1 Comment

Global BFSI, Fintech, Payments, Startups

Revolut Empowers 2 Million Young Users Worldwide with its Youth-Focused Financial App

Revolut, a global neobank, has recently achieved a significant milestone as its youth-focused financial app surpassed 2 million users worldwide. The app, designed for individuals aged 6-17, is part of Revolut's suite of products aimed at empowering the next generation with financial literacy. With its increasing user base and growing adoption, Revolut's app is playing a crucial role in developing good financial habits among young users from an early age. Empowering Financial Literacy Revolut's <18 app provides young users and their parents with essential tools to effectively manage their finances. The app offers features such as instant spending alerts and budgeting tools, enabling users to develop healthy financial habits from a young age. By promoting financial literacy and responsi...

Decoding RBI’s Draft Guidelines for Payment Aggregators

19Apr

By Ankit1 Comment

Fintech, Goverment Notice/Circulars, Payments, Regtech

Decoding RBI’s Draft Guidelines for Payment Aggregators

The Reserve Bank of India (RBI) has recently unveiled draft guidelines for payment aggregators (PAs), and industry experts believe that these regulations are both pivotal and timely. Let’s delve into the details and understand why these guidelines are significant. Boosting the PA Ecosystem and Enhancing Trust The proposed regulations aim to bolster the PA ecosystem, improve digital trust, and promote ethical practices. Here are the key takeaways: Level Playing Field: The guidelines ensure a level playing field by defining PAs as entities that onboard merchants and facilitate payment aggregation for goods and services. This includes both online and physical point-of-sale (PoS) payment modes. Notably, the updated definition now includes physical PoS payment providers w...

Pradhan Mantri Jan Dhan Yojana Achieves Milestone: 3.3 Crore Bank Accounts Opened, Cash Level Surges by Rs 36K Crore in FY24

18Apr

By Ankit1 Comment

Banking, Finance, Payments

Pradhan Mantri Jan Dhan Yojana Achieves Milestone: 3.3 Crore Bank Accounts Opened, Cash Level Surges by Rs 36K Crore in FY24

In a remarkable achievement, the Pradhan Mantri Jan Dhan Yojana (PMJDY) has witnessed tremendous growth in the financial year 2024, with the opening of 3.3 crore new bank accounts. This surge in account openings has propelled the cumulative tally to a staggering 519.5 million accounts. Furthermore, the cash level in these accounts has risen by an impressive Rs 36,000 crore, indicating a substantial increase in financial activity and savings among the unbanked population. Pradhan Mantri Jan Dhan Yojana (PMJDY) The total balance across the Jan Dhan accounts has reached a significant milestone of Rs 2,34,997 crore, reflecting the growing confidence of individuals in the banking system. Comparing the figures to the previous year, the total balance has shown a robust growth from Rs 1,98,844 c...

Aditya Birla’s Financial Businesses Set to Soar: Expects 19%-21% Growth in 3-5 Years

17Apr

By Ankit1 Comment

NBFC, BFSI

Aditya Birla’s Financial Businesses Set to Soar: Expects 19%-21% Growth in 3-5 Years

In an exciting development for the financial sector, Aditya Birla Group, one of India's leading conglomerates, has announced its optimistic outlook for the growth of its key financial businesses. Chairman Kumar Mangalam Birla unveiled the group's projections, stating that they anticipate a remarkable compounded annual growth rate (CAGR) of 19% to 21% over the next three to five years. This revelation signals a strong commitment to expanding their presence and influence in the financial services industry. Announcement from Aditya Birla Capital During a recent event in Mumbai, Aditya Birla Capital, the financial services arm of the group, introduced a digital application called ABCD. This innovative platform aims to attract a substantial customer base, with a target of acquiring 30 million...

SBI Urges Government to Grant Full Tax Exemption on Rs 2.7 Lakh Crore Interest Earned by Senior Citizen Deposits

17Apr

By Ankit1 Comment

Banking, Finance, NBFC

SBI Urges Government to Grant Full Tax Exemption on Rs 2.7 Lakh Crore Interest Earned by Senior Citizen Deposits

State Bank of India (SBI), one of India's largest public sector banks, is urging the government to provide a full tax rebate on the interest earned by senior citizens on their deposits. The bank estimates that senior citizens have earned a staggering Rs 2.7 lakh crore in interest, and by assuming an average tax payment of 10%, approximately Rs 27,106 crore could be collected as tax revenue. SBI argues that granting a full tax rebate on these earnings would not impact the government's fiscal deficit and would be a fair measure to support senior citizens. Rising Deposit Rates and Special Schemes: The surge in deposit rates, coupled with higher interest rate differentials for senior citizens, has led to a significant increase in deposit accretion among this demographic. SBI highlights the s...

Review of Draft circular by RBI “Amendments to PA (2)”

17Apr

By Ankit2 Comments

Goverment Notice/Circulars, Blog, Fintech, Payments, Review

Review of Draft circular by RBI “Amendments to PA (2)”

Here’s a concise summary based on the draft circular for Payment Aggregators (PAs) issued by the Reserve Bank of India (RBI): Objective: The circular aims to introduce amendments to the Payment Aggregators (PA) framework. Some Key Points of the draft circular: Risk Management: PAs must implement robust risk management practices, including monitoring and mitigating risks associated with transactions. Merchant Onboarding: PAs should ensure thorough due diligence while onboarding merchants. Transaction Limits: PAs must set transaction limits for merchants based on their risk profiles. Escrow Account: PAs must maintain an escrow account with a scheduled commercial bank. Security Measures: PAs should enhance security measures to prevent unauthorized access and fraud. ...

BharatPe’s Bold Move: Nalin Negi Appointed as CEO

16Apr

By AnkitNo Comments

Fintech, Payments

BharatPe’s Bold Move: Nalin Negi Appointed as CEO

BharatPe, a prominent payments startup, has recently announced the elevation of Nalin Negi as its Chief Executive Officer (CEO). This move comes as a testament to Negi's exceptional leadership skills and his significant contributions to the company since joining as the Chief Financial Officer (CFO) in 2022. Negi had been serving as the interim CEO since January 2023, following the departure of former CEO Suhail Sameer. With this appointment, BharatPe aims to further strengthen its position as India's leading fintech company. Negi's Background and Accomplishments: Before joining BharatPe, Nalin Negi held the position of CFO at SBI Card for over 10 years, where he played a pivotal role in leading the credit card giant towards its successful initial public offering (IPO) in March 2020. With...

Regulatory Shift Ahead: RBI Considers Licensing Framework for POS Players, Implications for Pine Labs, Paytm, and More, April’24

16Apr

By Ankit3 Comments

Fintech, Payments

Regulatory Shift Ahead: RBI Considers Licensing Framework for POS Players, Implications for Pine Labs, Paytm, and More, April’24

The Reserve Bank of India (RBI) is reportedly contemplating the implementation of a licensing framework for point-of-sale (POS) operators. This move is expected to have significant implications for major players in the industry, including Pine Labs, Paytm, MSwipe, and BharatPe. The objective behind this proposed measure is to ensure operational consistency and create a level playing field between online and offline payment operators. However, if licences become mandatory, it raises questions about the eligibility . Read more at: https://bfsi.economictimes.indiatimes.com/news/policy/rbi-may-bring-licensing-regime-for-pos-players-impact-pine-labs-paytm-among-others/109328779?utm_source=top_story&utm_medium=homepage Current Scenario While existing regulated entities such as ...