July 2024 - NewNerve

PM Modi Shifts Gears: Overhaul for State-Run Firms, Not Privatization

13Jul

By Ankit1 Comment

BFSI, Blog, Economics, Finance

PM Modi Shifts Gears: Overhaul for State-Run Firms, Not Privatization

In a surprising move, Prime Minister Narendra Modi has announced a shift in strategy regarding state-owned enterprises (SOEs). While the government had previously indicated a strong push for privatization, Modi has now opted for a complete overhaul of these firms, aiming to improve their efficiency and competitiveness. This change in direction comes after extensive consultations with industry experts and stakeholders. The government acknowledges that while privatization can be a viable option in certain cases, it believes that a comprehensive revamp of SOEs is crucial for their long-term success. The overhaul will include a multi-pronged approach: Modernization of Operations: SOEs will be equipped with cutting-edge technology and streamlined processes to enhance thei...

MariBank Founder Zheng Yu Dong Resigns as CEO, Transitions to Advisory Role

12Jul

By Ankit1 Comment

Fintech, Banking, Global BFSI, Startups

MariBank Founder Zheng Yu Dong Resigns as CEO, Transitions to Advisory Role

Zheng Yu Dong, the founding CEO of MariBank, a digital bank licensed by the Monetary Authority of Singapore (MAS) and a wholly-owned subsidiary of Sea Group, has announced his decision to step down from the CEO role after a five-year tenure. According to a LinkedIn post by Zheng, he will continue to serve as an advisor to both MariBank and Sea Group, the parent company. Sea Group has secured two digital banking licenses - one in Singapore to establish MariBank, and another in Malaysia for the yet-to-be-launched YTL-Sea Digital Bank Project. Under Zheng's leadership, MariBank has reported significant growth in its customer deposits and balances. In 2023, the digital bank recorded S$503.8 million in deposits and balances, a massive increase from just S$2 million the previous year. H...

KPMG Launches ‘Clear on Climate Reporting’ Platform to Assist Companies with Climate-Related Financial Disclosures”

12Jul

By AnkitNo Comments

Blog

KPMG Launches ‘Clear on Climate Reporting’ Platform to Assist Companies with Climate-Related Financial Disclosures”

KPMG, the global professional services firm, has launched a new digital platform called "Clear on Climate Reporting" to help businesses navigate the complex landscape of climate-related financial reporting. [2] The hub offers a wide range of resources to assist companies in addressing various climate-related reporting challenges, including: Understanding Financial Implications Determining the impacts of climate-related matters on financial statements [1] Providing relevant and transparent disclosures to enable investor understanding [1] Adhering to IAS 1 requirements for information that could influence investor decisions [1] Accounting for Emissions and Green Initiatives Accounting for emissions programs and voluntary carbon credit sc...

Outdated Payment Systems Are Hurting Travel Companies’ Bottom Line

12Jul

By Ankit1 Comment

Payments, BFSI, Fintech, Global BFSI

Outdated Payment Systems Are Hurting Travel Companies’ Bottom Line

A new report by Airwallex and Skift Research reveals that a whopping 66% of travel companies worldwide are struggling with shrinking profit margins due to outdated payment systems. This isn't just a minor inconvenience; the study found that 90% of these companies are prioritizing upgrades to their payment and financial operations systems within the next year. The report, based on a survey of 473 travel executives from seven global markets, highlights the challenges of managing cross-border payments. 70% of travel companies find it increasingly difficult to navigate the diverse range of new payment methods emerging in different markets. The survey also uncovered the financial struggles faced by the travel sector, including: Managing local payment systems: Companies struggle to h...

Union Budget 2024: Continuity and Challenges

10Jul

By Ankit2 Comments

BFSI, Economics, Finance, Startups

Union Budget 2024: Continuity and Challenges

Finance Minister Nirmala Sitharaman is set to present her seventh consecutive Union Budget 2024, including the Interim one earlier this year. This continuity is remarkable, but there’s more to it. Let’s delve into the key points: Fiscal Consolidation Path: Officials suggest that the full Budget will likely adhere to the fiscal consolidation path set in the Interim Budget, maintaining the fiscal deficit target for the current financial year at 5.1% of GDP. The robust GDP growth and a record dividend from the Reserve Bank of India provide support. Tax Breaks vs. Welfare: There’s buzz about tax breaks for the salaried class, especially those at the bottom rung. Some argue that tax breaks are more effective than welfare schemes in boosting consumption by putting more disposable income ...

World Bank Projects in India: Understanding its Key Priorities and Focus Area

6Jul

By AnkitNo Comments

Blog, Development Projects, Economics, Finance

World Bank Projects in India: Understanding its Key Priorities and Focus Area

The World Bank, a global financial institution dedicated to fighting poverty and fostering development, plays a significant role in India's economic and social progress. The World Bank projects in India are carefully aligned with the country's development priorities, reflecting a collaborative approach to achieving shared goals. Here's how: 1. Aligning with National Development Plans: The World Bank projects in India are designed to support India's national development plans, such as the Sustainable Development Goals (SDGs) and the National Development Strategy. This ensures that projects address key areas of focus for the Indian government. For example, the "India Climate Resilient Agriculture Project" directly contributes to achieving SDG 2 (Zero Hunger) and SDG 13 (Climate Ac...

Global Firms Acquire Majority Stake in PB Fintech as Early Investors Exit | July 3, 2024

3Jul

By AnkitNo Comments

Insurtech, BFSI, Startups

Global Firms Acquire Majority Stake in PB Fintech as Early Investors Exit | July 3, 2024

Gurugram-based fintech firm PB Fintech, which operates insurance marketplace Policybazaar and credit platform Paisabazaar, has seen a surge in interest from global and domestic institutional investors. Several early-stage investors in the company have exited their positions, either fully or partially, through bulk deals since the firm went public in 2021. American financial services major Capital Group, as well as asset management firms T. Rowe Price, Fidelity, and Vanguard, have all acquired significant stakes in PB Fintech. Capital Group now owns around 10% of the company through various investment vehicles, according to a person familiar with the matter. Here are the main highlights: Foreign portfolio investors (FPIs) have been actively acquiring shares in PB Fintech. This incl...