Page 11 - Fintech Sector

Fintech associations exploring ways to incentivise SRO membership

The central bank in its draft framework had said that the industry needs to answer the question of how an SRO-FT would create incentives for membership since entities in the fintech sector

Paytm trims losses to Rs 221.7 crore, revenue from operations zooms 38%

Paytm's expenses have increased 9.5 per cent Q-o-Q to Rs 3,216.3 crore in Q3FY24 from Rs 2,936.7 crore in Q2FY24. On a Y-o-Y basis, expenses rose 27.5 per cent from Rs 2,522.3 crore

E-auction announced for developed vacant plots in Chennai Fintech City

Plots on offer are part of a multiple-use zone suitable for office, residential, and hospitality

Regulating fintech

RBI draft guidelines kick off the process

PhonePe sells over 9 million insurance policies since September 2021

The Walmart-owned fintech firm said it has contributed to over 65% growth for two-wheeler digital Insurance in India

India among most thriving cluster of fintech hubs, says WEF study

India is among the most significant operating countries for hosting a thriving cluster or fintech headquarters, a WEF study showed on Thursday. Releasing the report during its Annual Meeting 2024 here, the World Economic Forum said fintechs are increasingly expanding operations across borders, mainly in the same region as their headquarters. "The study reveals that vibrant hubs such as Singapore, the UK, the US, and India have hosted a thriving cluster of fintech corporate headquarters. "Among the countries surveyed, the most significant operating countries for fintechs include the US, the UK, Singapore, Mexico, and India," it added. According to the report, the global fintech industry remains strong, with customer growth rates averaging above 50 per cent across industry verticals and regions. Consumer demand is the main driver of growth, and fintechs are offering tailored financial services and products to traditionally underserved segments of the population, it noted. The repor

SoftBank fully exits Policybazaar parent, collects $650 mn in returns

SoftBank had invested about $200 million in PB Fintech. In Dec 2023, Softbank's arm SVF Python II (Cayman) divested a 2.5 per cent stake in Policybazaar's parent firm PB Fintech for Rs 914 crore

RBI releases draft norms for fintech self-regulatory organisations

The draft norms, which were released on Monday, said SRO-FTs should strive towards healthy and sustainable development of the fintech sector

RBI releases draft framework for fintech self-regulatory organisation

The body would work towards strengthening governance standards and addressing the sector's needs and challenges, the central bank said

Funding winter shows signs of thaw but fintech industry is under scrutiny

The industry faces greater scrutiny and stricter governance norms

Interim Budget 2024-25: Funds to boost reach on fintech industry wishlist

They hope for provisions to ease financial burden on fintechs and tax-saving benefits to startups

Fintech firm Mobikwik refiles draft papers with Sebi to raise Rs 700 cr

Unicorn fintech firm One MobiKwik Systems Ltd has filed its preliminary papers with markets regulator Sebi to raise up to Rs 700 crore through an initial public offering. This is the second attempt by the Gurugram-based firm for the public issue following its first attempt in July 2021. Earlier, the company shelved its IPO plans and withdrew its draft papers due to unfavourable market conditions. The public issue is entirely a fresh issue of equity shares worth up to Rs 700 crore, as per the draft red herring prospectus (DRHP) filed on Thursday. The company may consider a pre-IPO placement of its securities worth up to Rs 140 crore. If such a placement is undertaken, the size of the fresh issue will be reduced. The proceeds from the fresh issue to the tune of Rs 250 crore will be used for funding growth in the financial services business and Rs 135 crore for the payment services business. Further, Rs 135 crore for investment in data, machine learning and artificial intelligence, a

Indian fintech funding declines 63%; raises total $2 bn: Tracxn Report 2023

Despite the decline, the Indian fintech sector has retained its position as the third-highest funded globally in 2023

BharatPe earns Rs 904 cr against a loss before tax of Rs 886 cr in FY23

BharatPe's EBITDA loss declined by about Rs 158 crore in FY23, it said in a statement

Paytm looks to rationalise employee costs by revising hiring strategy

The company, said to be exploring different ways to save on employee costs, has laid off a few employees for 'poor performance'

Compliance costs may spur fintech sector consolidation: Industry experts

The minimum cost of compliance has nearly doubled over the past year, say companies

Uttar Pradesh govt invites bids for 100-acre fintech park in Noida

The fintech park, to be developed in Noida Sector 13, will encompass infrastructure amenable for the growth of financial services companies across the financial and allied value chain

Awaiting clearance on PA license, fintechs diversify into credit offerings

Meanwhile, other payment majors awaiting a decision expect to receive a nod in the first half of the next year

PhonePe launches section to help customers with credit score, bills

Fintech company says service will help users in understanding their credit health

Infibeam Avenues picks up 49% stake in Ahmedabad-based Pirimid Fintech

The partnership aims to combine Infibeam's digital payments and AI-based frameworks with Pirimid Fintech's capital market trading software for its clients nationwide and globally