Fintech - NewNerve

NCMC Technology: A Step Towards Cashless Travel or a Complicated Mess?

30Aug

By AnkitNo Comments

Payments

NCMC Technology: A Step Towards Cashless Travel or a Complicated Mess?

The National Common Mobility Card (NCMC) is a transformative initiative launched by the Government of India in 2019 to streamline transit payments and promote cashless transactions across the country. Designed to be a "One Nation, One Card" solution, the NCMC aims to provide seamless access to metros, buses, trains, and even retail outlets using a single contactless card. Key Features of NCMC Interoperability: NCMCs are designed to be used across various transit systems in different cities, unlike city-specific metro cards that are limited to their respective networks. Contactless Transactions: Equipped with Near Field Communication (NFC) technology, NCMCs allow users to make payments by simply tapping the card on a compatible reader, enhancing convenience and security. Offline...

The Escrow Payment Industry in India: A Comprehensive Overview

20Aug

By Ankit1 Comment

Payments

The Escrow Payment Industry in India: A Comprehensive Overview

The escrow payment industry in India is witnessing transformative growth, driven by the increasing demand for secure transaction methods across various sectors. As a crucial component of the fintech ecosystem, escrow services are enhancing trust and facilitating smoother transactions. Here’s an in-depth look at the market size, key players, business models, and future outlook for escrow services in India. Market Size The Indian fintech sector is projected to reach approximately $150 billion by 2025, with the escrow payment segment playing a significant role in this expansion. The B2B payments market alone is expected to grow from nearly $8 trillion in FY22 to about $10-11 trillion by FY26, indicating a substantial opportunity for escrow services to facilitate secure transactions. Key Pl...

Stable Money: Is It the Right Choice for Your FD Investments?

27Jul

By AnkitNo Comments

Fintech

Stable Money: Is It the Right Choice for Your FD Investments?

Stable Money is a fintech company focused on simplifying and enhancing the fixed deposit (FD) experience for Indian investors. They offer a platform that allows users to compare and invest in FDs from various banks, all within a single app. Here's a breakdown of their offerings and what sets them apart: Key Features: High-Interest FDs: Stable Money boasts competitive interest rates on FDs, often surpassing traditional bank offerings. No New Bank Account Needed: Users can invest in FDs without opening a new bank account, streamlining the process. Fast Withdrawals: Stable Money offers same-day, 3-hour withdrawals for Suryoday SF Bank FDs, providing greater flexibility. Wide Selection: The platform aggregates FDs from numerous banks, allowing users to compare and choose the bes...

Fintech’s Wishlist for Budget 2024: A Call for Digital Infrastructure and Innovation

20Jul

By Ankit1 Comment

Economics, Finance, Fintech

Fintech’s Wishlist for Budget 2024: A Call for Digital Infrastructure and Innovation

The Indian fintech sector, a dynamic force driving financial inclusion and innovation, is eagerly awaiting the Union Budget 2024. With its rapid growth and potential to transform the financial landscape, the sector is looking for policy measures that can further propel its trajectory. Here are some key expectations from the fintech industry for Budget 2024: 1. Boosting Digital Public Infrastructure: Investment in UPI and Digital Payments: The fintech industry is calling for increased investment in the Unified Payments Interface (UPI) and other digital payment infrastructure. This includes expanding UPI's reach to rural areas, enhancing its security features, and exploring potential for cross-border payments. Promoting Open Finance: Encouraging the adoption of open finance fra...

Synapse Bankruptcy: A Warning Sign for Fintech?

16Jul

By AnkitNo Comments

BFSI, Business, Fintech, Payments, Startups

Synapse Bankruptcy: A Warning Sign for Fintech?

The recent bankruptcy of Synapse, a prominent fintech company, has sent shockwaves through the industry, raising concerns about the stability of the burgeoning sector. Synapse, known for its innovative banking-as-a-service (BaaS) platform, filed for Chapter 11 bankruptcy on [date], citing a combination of factors, including rising interest rates, a challenging economic environment, and a decline in customer demand. The company's collapse has sparked widespread debate about the future of fintech, with some experts questioning the sustainability of the industry's rapid growth. Here are some key takeaways from the Synapse bankruptcy: The BaaS model faces challenges: Synapse's reliance on the BaaS model, which provides banking services to other businesses, proved vulnerable to market...

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...

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...

Beyond Payments: How Fintech Firms Use Microfinance Licenses to Expand Their Offerings

26Jun

By Ankit2 Comments

BFSI, Fintech, Global BFSI, International Reports, Microfinance

Beyond Payments: How Fintech Firms Use Microfinance Licenses to Expand Their Offerings

The microfinance sector has traditionally been the domain of specialized lenders focused on serving the underbanked. However, in recent years, a new trend has emerged - fintech companies are increasingly acquiring microfinance banking licenses to expand their capabilities. According to Eric Ntumba, the acting CEO of Baobab Microfinance Bank, this strategic move by fintechs is driven by their desire to go beyond just being payment platforms. "Most fintechs present themselves primarily as payment platforms. However, once they obtain a microfinance banking licence, they can also lend. Thus, they become relevant competition as they are equipped to perform the same regulatory activities we do," Ntumba explained. The advantages for fintechs are clear. By obtaining a microfinance ...

RBI’s “Finquiry”: A Dedicated Platform for Fintech Collaboration

26Jun

By AnkitNo Comments

BFSI, Fintech, Goverment Notice/Circulars

RBI’s “Finquiry”: A Dedicated Platform for Fintech Collaboration

The Reserve Bank of India (RBI) has taken a significant step towards fostering a more collaborative and transparent relationship with the burgeoning fintech sector by launching "Finquiry." This dedicated two-hour window, held on the last working Wednesday of every month from 3 PM to 5 PM at the RBI's FinTech Department in Mumbai, provides a platform for direct interaction between fintech companies and RBI officials. Finquiry: Key Details Commencement Date: June 26, 2024 Schedule: Last working Wednesday of every month Timing: 3 PM to 5 PM Venue: FinTech Department, RBI Central Office, Mumbai Purpose: To facilitate direct interaction between fintechs and RBI officials Finquiry: A Bridge Between Innovation and Regulation Finquiry's primary objective is to facilitate open...

India’s Fintech Sector: A Unicorn Breeding Ground with $11.4 Billion Potential

21Jun

By Ankit1 Comment

Fintech, Startups

India’s Fintech Sector: A Unicorn Breeding Ground with $11.4 Billion Potential

India's burgeoning fintech sector is proving to be a hotbed for future unicorns, with a staggering 30 startups poised to reach the coveted billion-dollar valuation mark, according to a recent report by Business Standard. This burgeoning ecosystem, valued at a collective $11.4 billion, is attracting significant investor interest and driving innovation across the financial landscape. The report, drawing insights from data compiled by Tracxn, highlights the key factors fueling this growth: Strong Government Support: The Indian government's proactive policies, including the Digital India initiative and the push for financial inclusion, have created a fertile ground for fintech startups to flourish. Favorable Regulatory Environment: The Reserve Bank of India (RBI) has been instrument...