Fintech - NewNerve

Fintech Growth in 2024: How to Adapt and Succeed in a Changing World

10Mar

By Ankit1 Comment

Fintech

Fintech Growth in 2024: How to Adapt and Succeed in a Changing World

Introduction Over the past decade, fintech has transitioned from the fringes to the forefront of financial services. Technological progress, rapid digitization, and changing customer preferences have fueled its meteoric rise. Let’s explore how fintechs are shaping the financial ecosystem and what lies ahead. Key Themes Shaping Fintech’s Future 1. Market Capitalization and Unicorns As of July 2023, publicly traded fintechs boasted a staggering market capitalization of $550 billion, doubling since 2019. The fintech landscape also witnessed the emergence of 272 unicorns, collectively valued at $936 billion—a sevenfold increase from five years ago. 2. The 2022 Market Correction A market correction in 2022 tempered the explosive growth mome...

Unlocking UPI Sentiments: Why 73% of Users Reject Transaction Fees

10Mar

By AnkitNo Comments

Payments, Fintech

Unlocking UPI Sentiments: Why 73% of Users Reject Transaction Fees

Understanding UPI Users’ Sentiments on Transaction Fees In the rapidly evolving landscape of digital payments, the Unified Payments Interface (UPI) has emerged as a game-changer. Its seamless and instant fund transfer capabilities have revolutionized the way we transact. However, recent discussions around introducing transaction fees have sparked debates. A recent survey sheds light on a critical aspect: transaction fees. Let’s explore the survey findings and their implications. Survey Findings: A Resounding Opposition to Transaction Fees According to a comprehensive survey conducted by LocalCircles, a pollster specializing in governance and public issues, 73% of UPI users are vehemently opposed to the idea of charging transaction fees for UPI transactions123. These findings...

Banking Synergy: Fincare Small Finance Bank Joins AU Small Finance Bank

8Mar

By Ankit20 Comments

Fintech, Payments

Banking Synergy: Fincare Small Finance Bank Joins AU Small Finance Bank

A Deep Dive into the Fincare Small Finance Bank Ltd. and AU Small Finance Bank Ltd. Amalgamation A Strategic Move in India’s Banking Landscape The Reserve Bank of India (RBI) has given its nod to a significant financial union—the amalgamation of Fincare Small Finance Bank Ltd. (Transferor Bank) with AU Small Finance Bank Ltd. (Transferee Bank). This all-stock merger, valued at $530 million, is set to reshape the banking landscape in India. Let’s explore the details and implications of this strategic move. 1. The Merger in a Nutshell Effective Date: The amalgamation is slated to take effect from April 1, 2024. Branch Integration: All branches of Fincare Small Finance Bank Ltd. will seamlessly transition to operate as branches of AU Small Finance Bank Ltd. from the same date. ...

Currency Diplomacy: RBI and Bank Indonesia Forge New Path with INR-IDR MoU

8Mar

By Ankit1 Comment

Blog, Fintech, Payments

Currency Diplomacy: RBI and Bank Indonesia Forge New Path with INR-IDR MoU

INR Meets IDR: A Game-Changer for India-Indonesia Trade As the heartbeat of India’s economy, the banking sector plays a pivotal role in shaping financial stability, credit growth, and technological advancements. The Reserve Bank of India (RBI) and Bank Indonesia (BI) have recently taken a significant step toward enhancing bilateral trade and strengthening economic ties. On March 7, 2024, they inked a Memorandum of Understanding (MoU) in Mumbai, paving the way for a new era of cross-border transactions. The MoU in a Nutshell Local Currencies Take Center Stage: The MoU aims to promote the use of local currencies—specifically, the Indian Rupee (INR) and the Indonesian Rupiah (IDR)—for bilateral transactions. By encouraging the adoption of INR and IDR, the RBI and BI seek to opt...

5 Essential Benefits of Account Aggregator in India for Financial Empowerment

7Mar

By Ankit3 Comments

Account Aggregator, Fintech, Lending

5 Essential Benefits of Account Aggregator in India for Financial Empowerment

Account Aggregator in India The Account Aggregator (AA) framework in India is revolutionizing the financial landscape by enabling secure and consented sharing of financial data between Financial Information Providers (FIPs) and Financial Information Users (FIUs). This innovative system is designed to improve access to financial services, particularly for small and medium-sized enterprises (SMEs) and individuals who have traditionally faced barriers in accessing credit. A Game Changer for Financial Inclusion? The AA (Account Aggregator) Framework: A New Era of Financial Inclusion The AA framework, introduced by the Reserve Bank of India (RBI) and the Government of India, is aimed at empowering consumers by enabling them to share their financial data securely and electronically with FI...

Wise: Integration of PayNow and Expansion of Singapore Team, 2024

7Mar

By Ankit2 Comments

Fintech, Payments

Wise: Integration of PayNow and Expansion of Singapore Team, 2024

Wise, a renowned global online money transfer service, has recently announced two major milestones: the integration of PayNow, Singapore's local payment network, and the expansion of its team in Singapore. The integration with PayNow allows tourists to conveniently make QR payments to local merchants directly through the Wise app. This development is particularly beneficial for businesses that traditionally do not accept card payments, such as hawkers. Singapore becomes the first country where Wise has connected with two local payment systems. This achievement builds upon Wise's previous integration with the FAST system in 2022, further enhancing its presence in the country. Regional Collaborations: In addition to its expansion in Singapore, it focuses on regional growth by colla...