Financial Technologies

More the merrier? A tale of multiple self-regulatory organisations

Mint Road positions these entities as the cornerstone of compliance, but will the numerous voices unite the sector or create conflict?

RBI sets up 8-member panel to develop framework for ethical use of AI

The Reserve Bank on Thursday announced the setting up of an eight-member committee to develop a framework for responsible and ethical enablement of artificial intelligence (FREE-AI) in the financial sector. Headed by IIT Bombay professor Pushpak Bhattacharyya (Department of Computer Science and Engineering), the panel will assess the current level of adoption of AI in financial services, globally as well as in India. It will also review regulatory and supervisory approaches on AI with focus on the financial sector globally. The panel will also identify potential risks associated with AI, if any, and recommend an evaluation, mitigation and monitoring framework and consequent compliance requirements for financial institutions, including banks, NBFCs, FinTechs, PSOs, etc. The committee will recommend a framework including governance aspects for responsible, ethical adoption of AI models / applications in the Indian financial sector, the RBI said. The other members of the panel are: .

KFin Technologies Q1 results: Profit after tax jumps 57% to Rs 68 cr

Financial services firm KFin Technologies on Friday reported 57 per cent jump in profit after tax (PAT) at Rs 68.07 crore for June quarter 2024-25 driven by strong performance across business segments. The company had posted a PAT of Rs 43.38 crore for the same quarter a year ago, KFin Technologies said in a statement. Revenue from operations rose 31 per cent to Rs 237.56 crore in June quarter 2024-25 from Rs 181.5 crore in the year-ago period. "Throughout the quarter, we achieved significant milestones across our diverse business segments, marked by substantial new client wins, growth, and enhanced profitability. "Notably, we gained significant traction in new contract sign ups in the fast-growing business lines of global fund services (international), alternatives and wealth solutions, fund administration solutions, and technology solutions," said Sreekanth Nadella, Managing Director and CEO, KFin Technologies. The company provides SaaS based transaction management, channel ...

RBI dy guv flags risks in digital outsourcing for financial companies

'Inadequate management' of such relationships can expose regulated entities to reputational damage, says M Rajeshwar Rao

Fintech major Razorpay's latest offerings: PoS device, marketing stack

The Bengaluru-based fintech firm marked its foray into the marketing and growth solutions space as it launched Engage; a full-stack marketing growth suite

PhonePe appoints Ritesh Pai to lead fintech firm's global expansion plans

Pai is a seasoned digital payments sector leader with a proven track record of launching innovative solutions and structuring strategic business partnerships globally

DLAI appoints Hemachandra, Prasad as independent directors to board

Fintech companies believe an SRO can consolidate multiple stakeholders on the back of a framework of common standards

Multi Commodity Exchange tanks after extending IT contract at higher cost

MCX's transition to the TCS-run platform has been delayed, despite the company assuring analysts and its investors that the transition would take place by end-June

RBI advises fintechs to focus on governance, data protection issues

Das advised fintechs to pay close attention to governance, business conduct, data protection, customer centricity, regulatory compliance and risk mitigation frameworks

What is a regulatory sandbox?

Regulators SEwhat BI, RBI, IRDAI, IFSCA and PFRDA recently came together to allow an interoperable regulatory sandbox. But, what exactly is a regulatory sandbox? We explains it in this episode

Naspers-owned Prosus terminates $4.7 billion deal to acquire BillDesk

Prosus has been a long-term investor and operator in India, putting in close to $6 billion in Indian technology companies since 2005

63 moons to provide next-gen tech to Italian firm; eyes pan-European mkts

63 moons technologies, formerly known as Financial Technologies, on Tuesday said it will provide next-generation technology solutions to Italy-based Spuma SRL as it targets pan-European markets. In addition, 63 moons said it will evaluate global giants in cloud computing services like Amazon's AWS, Microsoft's Azure and Google cloud for deploying the technology, the provider of technology solutions to financial markets said in a regulatory filing to the BSE. 63 moons provides next-generation technology ventures and solutions for creating digital markets and marketplaces that enable price discovery and transaction efficiencies across industry segments. The announcement comes a day after 63 moons said that it will not provide technology support to Multi Commodity Exchange (MCX) after September 30. As per the filing, Spuma SRL will leverage 63 moons' expertise on real-time mission critical solutions, using the latest technology suite. The company will be offering a SaaS ...

Cross-border payment: Four firms complete test in RBI's 2nd sandbox cohort

The four entities are: Cashfree Payments, Fairex Solutions, Nearby Technologies, and Open Financial Technologies

Cryptocurrencies are a 'clear danger': RBI governor Shaktikanta Das

Indian fintech industry value projected to hit $150 bn by 2025

Upswing Financial Technologies raises $4 mn from QED Investors, others

Upswing Financial Technologies will use the funds in building plug-and-play platforms for open finance and help fintechs and consumer tech players offer financial services seamlessly.

CAMS reports consolidated net profit at Rs 72.55 crore in Sept quarter

The company has reported a consolidated profit for the quarter ending September 30, 2021

Wise launches low cost and fast international money transfers from India

Co-founded by Taavet Hinrikus and Kristo Kaarmann, Wise launched in 2011 under its original name TransferWise

UK-based Revolut to launch in India, hires ex-Airtel Money exec as CEO

Revolut is making a multi-million pound investment in India over the next five years and has committed itself to the creation of 300 new jobs in the country

Statspeak: Four reasons why FinTech adoption remains on the rise

FinTech challengers are looking less like start-ups and more like professionally managed companies

FTIL stock up 13% on better June quarter result

The company reported a turnaround for April-June, with net profit of Rs 12.4 crore