Fintech Sector

Companies offer up to 9.5% interest rate per annum on fixed deposits

The value of the deal is reportedly pegged at $250 million, although the company did not voluntarily disclose the deal size on the exchanges

The move will allow the Walmart-backed fintech firm to offer an integrated payment flow-from transaction origination to final settlement-to the merchants it services

Amsterdam-headquartered fintech MODIFI on Tuesday said it aims to finance over 5,000 small and medium enterprises (SMEs) across India in the next two to three years. Having facilitated over USD 3 billion in global trade across over 1,800 trading partners in more than 55 countries since its inception, India remains pivotal to MODIFI's global expansion journey, a release said. The company, a global player in cross-border B2B trade finance and payments solutions, launched its India operations in 2019, making it the first international market outside Europe. In India, the release said, the company has provided trade financing to firms across key export sectors like renewables, automotive, chemicals, and textiles. "With our latest funding, we are doubling down on our India operations to meet the increasing demand for flexible, digital trade finance solutions," said Matthias Hendrichs, Chief Commercial Officer of MODIFI Global. With a 38 per cent year-on-year growth, the fintech said it

He added that it is the responsibility of entities in the financial services domain to ensure the safety of users through measures involving customer education

The Group delivered its first full-year standalone profitability, with a profit of approximately Rs 37 crore (before exceptional items), a turnaround from a loss of Rs 143 crore in FY23

One of the major focus areas for the SRO-FT includes improving communication among members regarding compliance and regulation

Organisations assess other challenges, such as talent, transparency, and grievance redressal, as negligible risks in their operations

Cedar-IBSi Capital on Saturday said it is looking to invest in 10-15 startups working in the banking and insurance technology segment to expand its footprint in the country. "The fund plans to build a portfolio of the companies, allocating a budget within the range of Rs 4-10 crore, with an intensified focus on financially strengthening 8 to 10 high-performing companies," it said. The fund has already gathered commitments in the range of Rs 50-75 crore from its Rs 240 crore early-stage fund launched in 2023, it added. "We are focusing on investing in startups which offer unique products and innovative tech to help improve efficiency at financial institutions. We have made our first investment in Cogniquest, an intelligent document processing tech company and are looking forward to announcing our second investment shortly," Sahil Anand, Founder and Managing Partner, Cedar-IBSi Capital, said. The business-to-consumer disruption has taken place in the last 5-8 years, but the software

India is at the forefront of the digital revolution and financial technology is speeding up digital payments, Reserve Bank Deputy Governor Michael Debabrata Patra said on Wednesday. Vibrant e-markets are springing up and expanding their reach. It is estimated that the digital economy currently accounts for a tenth of India's GDP, he said, adding that going by growth rates observed over the past decade, it is poised to constitute a fifth of GDP by 2026. In his inaugural address at the DEPR Conference on 'Digital Technology, Productivity and Economic Growth in India' here, Patra also said India is uniquely positioned to unlock new growth avenues and optimise existing ones with its digital public infrastructure (DPI), a vibrant information technology sector and a burgeoning youth population, including one of the largest AI talent bases. On digitalisation of Indian finance, Patra said micro-level evidence from surveys of Indian banks shows that while all of them have implemented mobile

After Paytm's disappointing performance after listing in 2021, the markets have evolved and the fintech ecosystem has matured with greater regulatory clarity from the RBI

Early-stage ventures could see potential fundraising of up to $1 million as part of the programme

BS BFSI Summit: RBI is actively working to link UPI with other countries, aiming for global acceptance that would allow Indians abroad to make payments using UPI, said RBI Deputy Governor

Analysts believe Paytm's cost optimization measures and gradual business turnaround will put it on an early path to profitability.

BS BFSI Summit: While compliance requires significant investment, it does not impede industry progress, said CTOs and CEOs as they discussed the role of regulation in India

Firms store physical gold in vaults to back up the accumulated gold stored digitally in a user's account

Fintech company reports growth despite restriction on taking in new customers

The ban on sanction and disbursement for its partner DMI Finance would be effective from October 21, as per the RBI directive

The company said that its cash burn was reduced by 85 per cent on a Y-o-Y basis

At present, most UPI debit transactions continue to remain free, with payment-processing expenses borne by fintechs and banks