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RBI Organizes Annual Conference of the RBI Ombudsmen

19Mar

By Ankit1 Comment

Fintech, Payments

RBI Organizes Annual Conference of the RBI Ombudsmen

Annual Conference of RBI Ombudsmen: The Reserve Bank of India (RBI) recently conducted the Annual Conference of RBI Ombudsmen in Mumbai on March 15, 2024. The conference centered around the theme of "Protecting the Consumers – Building Robust Systems and Procedures." Prominent attendees included Chairman/Managing Director & CEOs of regulated entities from major banks, NBFCs, Non-bank Payment System Participants, NPCI, senior officials of RBI, as well as the RBI Ombudsmen and Deputy RBI Ombudsmen. Governor Shri Shaktikanta Das inaugurated the conference, while Shri Dipak Misra, former Chief Justice of the Supreme Court of India, delivered the keynote address. Shri Misra highlighted the unique features of the Reserve Bank – Integrated Ombudsman Scheme, 2021, which includes a broader ...

From Aadhaar to UPI: India’s DPI Fuels FinTech Revolution

19Mar

By Ankit1 Comment

Fintech

From Aadhaar to UPI: India’s DPI Fuels FinTech Revolution

India’s DPI, comprising matured digital entities like Aadhaar, UPI, and FASTag, has been a game-changer for the FinTech landscape. These robust platforms have contributed nearly 0.9% to India’s GDP in 2022. But it doesn’t stop there—India’s UPI now spans seven nations globally, including recent additions like Nepal, Sri Lanka, and Mauritius. The approach to DPI emphasizes scalability, interoperability, and innovation, guided by principles such as open APIs and a multi-layered architecture. As we look ahead, DPIs hold immense promise, with the potential to triple economic value by 2030. Buckle up—the FinTech revolution fueled by India’s DPI is just getting started! 🚀🌐💰 To Read More visit: ETBFSI Also Read: How to Navigate the Regulatory Landscape for Fintech in India: A Compr...

Paytm Stock Skyrockets 11% in 2 Sessions, Hits Upper Circuit at 389.20: Here’s Why

18Mar

By AnkitNo Comments

Fintech, Payments

Paytm Stock Skyrockets 11% in 2 Sessions, Hits Upper Circuit at 389.20: Here’s Why

Paytm, the parent company of One97 Communications, experienced a surge in its stock price, reaching the upper circuit for the second consecutive trading session. The stock price rose by 18.50 points or 4.99% to reach 389.20. This increase comes after Paytm received approval from the National Payments Corporation of India (NPCI) to join the Unified Payments Interface (UPI) as a third-party application provider under the multi-bank model. The move is viewed positively by Morgan Stanley, which maintained an Equal Weight stance and a target price of Rs 555. The approval marks an important milestone for Paytm as it ensures continuity in UPI transactions and AutoPay mandates for existing users and merchants. This development also signifies a potential shift in Paytm's business model towards clos...

UBS to Cut 70 Staff in Asian Wealth Management Division: Restructuring Update

18Mar

By AnkitNo Comments

Fintech, Wealthtech

UBS to Cut 70 Staff in Asian Wealth Management Division: Restructuring Update

UBS, a prominent wealth management entity, has announced plans to downsize its staff in the wealth management division across Asia. The restructuring initiative will primarily affect operations in Hong Kong and Singapore and is expected to result in a reduction of approximately 70 positions. The decision comes amidst a challenging financial climate that has impacted the profitability of UBS's Asian wealth management sector. While specific details remain undisclosed, this move reflects the ongoing adjustments within the financial industry as firms navigate fluctuating market conditions. Read More on : Fintech News Also Read: PPRO Raises €85m in Funding to Drive Global Payment Expansion and Market Domination Future of Payments in India : 5 Key Predictions

PPRO Raises €85m in Funding to Drive Global Payment Expansion and Market Domination

18Mar

By AnkitNo Comments

Fintech, Payments

PPRO Raises €85m in Funding to Drive Global Payment Expansion and Market Domination

PPRO, a leading local payments platform, has successfully secured €85 million ($92.8 million) in funding through a dual-tranche funding round. The investment comes from a mix of new and existing investors, including prominent names like Eurazeo, HPE Growth, and PayPal Ventures. With this infusion of capital, PPRO plans to fuel its growth in key markets and further enhance its global network of local payment methods. This funding round follows PPRO's remarkable performance in 2023, which saw the company achieve record revenue. PPRO's mission is to simplify access to local payment methods, and this funding will enable the company to continue providing seamless payment experiences to customers worldwide. Read More on: Fintech Magazine Also Read: 7 Key Insights from FinTe...

7 Key Insights from FinTech LIVE Dubai, 2024

17Mar

By Ankit4 Comments

Payments, Events, Fintech

7 Key Insights from FinTech LIVE Dubai, 2024

One notable event that recently took place was FinTech LIVE Dubai, featuring Srinivasan Sampath, Acting Group CTO at First Abu Dhabi Bank. This insightful conference brought together influential leaders in the fintech industry to share their knowledge and experiences. In this article, we'll highlight seven key insights from the event, providing valuable information for finance enthusiasts and professionals alike. Insight 1: Connecting Fintech Leaders: FinTech LIVE Dubai is a premier platform that connects the world's leading fintech experts. The event serves as a networking opportunity for executives from various sectors such as finserv, banking, and insurance in the Middle East and Africa. By fostering collaboration and knowledge sharing, FinTech LIVE Dubai creates an en...

Future of Payments in India : 5 Key Predictions

14Mar

By Ankit1 Comment

Fintech, Payments

Future of Payments in India : 5 Key Predictions

The digital payments landscape in India has experienced rapid growth over the past decade, and it is expected to continue evolving in the coming years. In this article, we will explore the key predictions for the future of payments in India based on a report by NTT Data Payment Services. These predictions shed light on the trends and developments that will shape the payment industry and provide valuable insights for businesses and consumers alike. The Rise of UPI: Unlocking the Potential of Digital Transactions The Unified Payments Interface (UPI) has been a transformative force in India's digital payment ecosystem. UPI facilitates instant fund transfers between bank accounts through mobile devices, making transactions quick, convenient, and secure. The report predicts that UPI will co...

DCS Card Centre Secures Additional S$100M: A Leap Towards Financial Innovation

12Mar

By AnkitNo Comments

AI, Fintech, Payments

DCS Card Centre Secures Additional S$100M: A Leap Towards Financial Innovation

In a remarkable financial move, Singapore’s DCS Card Centre has fortified its position in the fintech sector by securing an additional S$100 million in asset-backed notes. This strategic funding upsize brings the company’s total capital to a substantial S$400 million, marking a significant milestone in its growth narrative. The recent capital boost is a follow-up to the S$300 million raised in December 2023 and is designated for financing the receivables of DCS’s expanding clientele, which includes both retail and corporate sectors. DCS card centre DCS Card Centre’s journey of transformation and expansion is evident through its partnerships with leading payment schemes such as MasterCard and UnionPay, and an anticipated collaboration with Visa. These alliances have fac...

India’s P2P Payment Overhaul: Things You Need to Know, 2024

12Mar

By AnkitNo Comments

Fintech, Payments

India’s P2P Payment Overhaul: Things You Need to Know, 2024

In a decisive move to safeguard the financial ecosystem, the Reserve Bank of India (RBI) has introduced stringent regulations targeting peer-to-peer (P2P) credit card transactions1. This regulatory action is aimed at transactions that involve payments for rent and tuition fees through third-party applications, a practice that has recently proliferated among retail customers. India’s Clampdown on P2P Credit Card Transactions The Crux of the Matter The RBI’s scrutiny was prompted by the discovery that customers were using credit cards to make payments for rent and tuition fees via fintech platforms. These platforms facilitated payments to their merchant accounts, followed by an immediate transfer to the recipient’s bank account, such as a landlord, in exchange for a fee. ...

How to Navigate the Regulatory Landscape for Fintech in India: A Comprehensive Guide, 2024

11Mar

By Ankit3 Comments

Digital Lending, Fintech, Lending, Payments, Regtech, Wealthtech

How to Navigate the Regulatory Landscape for Fintech in India: A Comprehensive Guide, 2024

Expanding Horizons: India’s Fintech Ecosystem India’s fintech sector is a beacon of innovation, with a diverse range of offerings that cater to a rapidly growing consumer base. The ecosystem is rich with opportunities, particularly in the realms of Digital Lending, Insurance technology (Insurtech), Regulatory technology (Regtech), Wealth management technology (Wealthtech), and Virtual Digital Assets (VDAs). Digital Lending - The Financial Catalyst: Digital lending platforms in India have revolutionized access to credit for both individuals and businesses. Companies like QuickPaisa provide a seamless online platform for various lending products, ensuring transparency and convenience1. The sector is expected to grow significantly, with fintechs playing a crucial role in enhanc...