Wealthtech - NewNerve

InCred’s Stellar FY24 Performance: Revenue Soars, Profits Explode

10Jun

By AnkitNo Comments

BFSI, Payments, Wealthtech

InCred’s Stellar FY24 Performance: Revenue Soars, Profits Explode

InCred, the fintech unicorn, has announced impressive financial results for FY24, showcasing significant growth across all key metrics. Revenue Breakdown: InCred's revenue primarily comes from interest received on loan disbursements, accounting for 94% of its total operating revenue. This indicates that InCred's core business is lending, and they're doing it very effectively. The remaining 6% of revenue comes from fees, commissions, and dividends. This suggests that InCred is diversifying its revenue streams beyond just loan interest. Revenue Growth: InCred's revenue surged to Rs 1,267 crore in FY24, marking a remarkable 48% increase from Rs 856 crore in FY23. This impressive growth follows a 2.6X jump in revenue from FY22, where the company recorded Rs 488 crore. ...

SEBI Simplifies Risk Management Framework by Relaxing KYC Norms

15May

By AnkitNo Comments

Wealthtech, BFSI, Fintech

SEBI Simplifies Risk Management Framework by Relaxing KYC Norms

The Securities and Exchange Board of India (SEBI) has recently announced the relaxation of Know Your Customer (KYC) norms in order to simplify the risk management framework. This move by SEBI aims to streamline the KYC process and make it more convenient for market participants. In this article, we will delve into the details of SEBI's decision and its potential impact on the securities market. Simplifying the Risk Management Framework SEBI, the regulatory body overseeing the securities market in India, recognizes the significance of KYC norms in mitigating risks and ensuring the integrity of the market. However, it also acknowledges the need to strike a balance between risk management requirements and the ease of doing business for market participants. In its updated notification on ...

Combat Cybercrime and Financial Frauds: Workshop was conducted by DFS

30Apr

By AnkitNo Comments

Banking, BFSI, Digital Lending, Fintech, Insurtech, Lending, NBFC, Payments, Startups, Wealthtech

Combat Cybercrime and Financial Frauds: Workshop was conducted by DFS

Workshop on Collaboration Between Fintechs, and Law Enforcement Agencies The Department of Financial Services (DFS), Ministry of Finance, and the Indian CyberCrime Coordination Centre (I4C), Ministry of Home Affairs, recently organized a half-day workshop in Vigyan Bhawan, New Delhi to promote collaboration between Law Enforcement Agencies (LEAs), Start-ups, and Fintech ecosystem partners. The workshop aimed to foster innovation, compliance with regulations, and address challenges such as cybersecurity and digital financial frauds. With the participation of key stakeholders, the event emphasized the need for greater collaboration to harness the full potential of the Start-up and Fintech sector in India. Collaborative Efforts for a Thriving Sector: During the workshop, the DFS Secretary,...

India’s Forex Fall to $643 Billion, Steepest Decline in 3 Months: What Does It Mean for the Indian Economy?

20Apr

By AnkitNo Comments

BFSI, Business, Economics, Wealthtech

India’s Forex Fall to $643 Billion, Steepest Decline in 3 Months: What Does It Mean for the Indian Economy?

India's foreign exchange reserves declined by $5.4 billion to $643.16 billion for the first time in eight weeks as of April 12, as per data released by the Reserve Bank of India. This is the steepest decline in Forex in over three months. Earlier, it rose by $32.5 billion over a period of seven weeks. Key Points: This is the first decline in Forex reserves in eight weeks. The decline is the steepest in over three months. The decline is attributed to the central bank's intervention in the forex market to control volatility. The rupee settled at 83.47 against the dollar on Friday. Reasons for the decline in Forex Reserves The central bank has been selling dollars in the spot forex market over the last few sessions to prevent a large-scale depreciation in the rupee amid g...

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...

RBI’s Vigilance Drive: Unauthorised Forex Trading Platforms Under Scrutiny, Banks Called to Action

10Apr

By AnkitNo Comments

Fintech, Banking, Finance, Regtech, Wealthtech

RBI’s Vigilance Drive: Unauthorised Forex Trading Platforms Under Scrutiny, Banks Called to Action

The Reserve Bank of India (RBI) has intensified its efforts to combat unauthorised forex trading platforms, emphasizing the need for heightened vigilance among banks. Governor Shaktikanta Das has raised concerns about banking channels being exploited for funding these platforms, prompting the RBI to take decisive action. Framework for Authorisation of Electronic Forex Trading Platforms The RBI has implemented a robust framework for the authorisation of electronic trading platforms since 2018. This framework ensures strict compliance with regulations and is currently being updated to keep pace with technological advancements that have revolutionized financial markets. Cautionary Advice and Alert List: In response to complaints of cheating and fraud associated with unauthorised trading p...

FD Interest Rates of 8-9% Expected to Continue as RBI Holds Repo Rate: Maximizing Returns

6Apr

By Ankit1 Comment

Banking, Wealthtech

FD Interest Rates of 8-9% Expected to Continue as RBI Holds Repo Rate: Maximizing Returns

In recent times, fixed deposit (FD) investors in India have been enjoying the benefits of a high-interest rate regime. This has been possible due to the Reserve Bank of India (RBI) keeping the repo rate unchanged for the seventh consecutive time at its recent bimonthly monetary policy committee meeting. The sustained repo rate hike over the past year has resulted in FD interest rates reaching a new high of 8-9%. In an unexpected yet welcome move for fixed deposit investors, the Reserve Bank of India (RBI) has maintained the repo rate at its current level, signaling a continuation of the high interest rate period for fixed deposits. This decision, rooted in the latest monetary policy review, offers a lucrative window for investors seeking stability and impressive returns in a volatile ma...

1Apr

By Ankit2 Comments

Fintech, Global BFSI, Insurtech, Lending, Payments, Regtech, Wealthtech

Global Fintech Newsletter, March 2024, by NewNerve

Here’s a summary of some notable Fintech news from March 2024: Visa and Mastercard Settlement: US merchants reached a landmark settlement with Visa and Mastercard to lower swipe fees. The credit interchange rates will be capped for the next five years, resulting in an estimated $29.79 billion in savings for US merchants. Robinhood’s Leadership Change: Baiju Bhatt, co-founder and chief creative officer of Robinhood, stepped down after ten years at the company to “pursue other entrepreneurial interests.” Vlad Tenev, CEO and fellow co-founder, praised Bhatt’s pivotal role in opening access to markets for millions of new investors. Co-operative Bank Job Cuts: The UK’s Co-operative Bank is set to cut around 400 jobs (12% of its workforce) as part of a cost reduction progra...

Bajaj Housing Finance Initiates IPO Preparation, Aims for $9-10 Billion Valuation

27Mar

By AnkitNo Comments

NBFC, Wealthtech

Bajaj Housing Finance Initiates IPO Preparation, Aims for $9-10 Billion Valuation

Bajaj Housing Finance Gears Up for IPO, Targets Multi-Billion Dollar Valuation Bajaj Housing Finance, a subsidiary of Bajaj Finance Ltd, has commenced preparations for an initial public offering (IPO) with the goal of achieving a valuation between $9 billion and $10 billion. The move comes as a result of regulatory requirements imposed by the Reserve Bank of India (RBI) on "upper layer" non-banking financial companies (NBFCs) to list within three years of identification. Let's delve into the details of this upcoming IPO. Preparations for IPO: Bajaj Housing Finance has reportedly entered into preliminary discussions with various investment banks regarding the potential IPO. The company aims to raise approximately $900 million to $1 billion through the IPO, considering the minimum dilutio...

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