Regtech - NewNerve

Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive

15Apr

By Ankit2 Comments

Haryana Police Retrieve Rs 70 Lakh in Cyber Fraud Case Targeting HR Executive

In a significant victory against cyber frauds, Haryana police have successfully recovered Rs 70 lakh that was defrauded from a senior HR executive. The victim, identified as Sanjay Jain, fell victim to a sophisticated online scam orchestrated by cyber fraudsters. This incident highlights the growing threat of cyber frauds and the importance of robust cybersecurity measures to protect individuals and organizations. The Cyber Fraud: Sanjay Jain, a resident of Sector 47 in Gurgaon, reported the incident to the police on February 16. He disclosed that he had lost Rs 1 crore to cyber con artists who lured him through an investment link shared on WhatsApp. The fraudsters posed as representatives of a reputed financial services firm and enticed Jain with promises of high returns on investments ...

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...

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...

The Evolution of Compliance in Banking and Fintech: A Reflection, 2024

19Mar

By Ankit2 Comments

Fintech, Payments, Regtech

The Evolution of Compliance in Banking and Fintech: A Reflection, 2024

In the dynamic landscape of financial services, compliance has emerged as a cornerstone, ensuring the integrity and stability of banking and fintech operations. The journey, however, has been fraught with lessons, some learned at a high cost. A striking example from 2006 highlights the gravity of compliance: a bank dismissed its entire current account team for opening over 700 accounts using the same template—a practice that was replicated across various banks over the years. As banks embarked on partnerships with fintech companies, the focus on regulatory compliance seemed to wane, overshadowed by business interests. The fintech sector’s vibrancy and innovation made traditional banking institutions appear outdated in comparison. From Template Troubles to Tech Triumphs: The Banking Com...

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...