Page 14 - Fintech Sector

Developing best practices

SRO for fintechs will be a first step

Will take a shot at bourses after 3-4 quarters of profit: MobiKwik

Taku said that the company plans on tapping into new investments if it is working on a new product or an inorganic play that requires capital

Frictionless credit helped cut operational cost to lenders: RBI's Choudhary

Speaking at the Global Fintech Fest 2023, Choudhary spoke of the importance of customer centricity and governance to ensure the sustainability of fintech entities

Banks have no option but to partner with fintech, says K V Kamath

'India will be a $25 trillion economy in 25 years, digital India will drive 20-25% of this growth'

Governance mechanism can aid in sustainable growth of fintech: RBI official

Sustainable growth of the fintech ecosystem can be achieved by putting in place a governance mechanism and focusing on customer-centricity, a senior RBI official said on Thursday. On Wednesday, RBI Governor Shaktikanta Das had asked fintech companies to form a self regulatory organisation and improve governance standards. "What is needed for the sustainable development and growth of the fintech ecosystem is the right thrust on customer-centricity and better governance standards. These can be achieved by balancing the needs of tomorrow with the wants of today," Ajay Chaudhary, an executive director who heads the fintech department at the Reserve Bank of India, said. He was addressing the final day of the three-day global fintech summit here. Noting that fintech companies have vastly improved the efficiency of service delivery and customer experience, he said that what is needed is more focus on these matters which can be better achieved through the above points. Underlining the nee

Fintech companies need to set up self-regulatory body: RBI governor

He cautioned the fintechs that they should not get carried away with valuations and revenue but need to focus on customer satisfaction

Innovation gains

Paytm is leading the way among fintechs

Fintechs can act both as competitors and collaborators: T Rabi Sankar

He said regulators also draw comfort in these arrangements as traditional financial entities- banks, NBFCs which are well regulated will continue to discharge the basic responsibility

Soon, make your card payments through Paytm and Pine Labs soundboxes

The company said the total deployment of all its soundboxes is pegged at 85 lakh devices in the market. Additionally, the company added that it deploys over 12 lakh soundboxes every quarter

In mutual fund foray, Zerodha plans to emulate its broking playbook

To offer passive direct plans, while relying on digital route for distribution

Fintech startup Khatabook lays off 42 employees to reorient business

Fintech startup Khatabook has laid off 42 employees, or 6 per cent of its total workforce, to reorient business in line with its targets, the company said on Friday. The company had a total workforce of 700 prior to the layoffs. "In-line with our profitability goals, we are reorienting some parts of our business which requires us to operate with a leaner team on certain business verticals," a Khatabook spokesperson said. "This restructuring has impacted 6 per cent of our 700 employees. All impacted employees have been provided with a separation package which covers 3 months of pay, stock vesting option, health insurance extension and other job search-related support," the spokesperson said. Khatabook -- valued at USD 600 million (about Rs 4,500 crore) after its previous funding round -- is backed by Sequoia Capital (now PeakXV Partners), Tencent, Tribe Capital, and Moore Strategic Ventures, among others. The company had raised USD 100 million (about Rs 743 crore) in the funding ro

Fintech loan disbursement rose 21% YoY in FY23: FACE-Equifax report

Number of loans disbursed increased 49%; delinquency rate fell

Alibaba's Antfin transfers 10.3% stake to Paytm chief Vijay Shekhar Sharma

Chinese e-commerce major Alibaba group firm Antfin has transferred its 10.3 per cent stake in One97 Communications to the fintech firm's founder and CEO Vijay Shekhar Sharma, according to a regulatory filing. The deal turns One97 Communications, which operates under Paytm brand name, into a majorly Indian-owned company from being majorly owned by Chinese entities. Antfin will continue to hold the economic rights of the stake that is being transferred to Sharma. "We, Antfin (Netherlands) Holding B.V., one of the shareholders of One 97 Communication Limited, hereby file the disclosure in the format prescribed under Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, with respect to disposal of 65,335,101 equity shares of the Company..." the filing said on Wednesday. The transaction was completed on August 14, which brought the total stake of Antfin to 13.49 per cent from 23.79 per cent earlier, the filing said. The deal makes Sharma family t

Intuit executive Alex Chriss to become president and CEO of PayPal

Intuit executive Alex Chriss will become the president and CEO of digital payments company PayPal next month. Chriss will take over the CEO post from Dan Schulman, who told PayPal's board in February that he planned to retire at the end of the year. Schulman will stay on PayPal's board until its next annual shareholders meeting in May 2024. In January PayPal announced that it would cut about 7 per cent of its total workforce, or about 2,000 full-time workers, due to challenging macro-economic conditions. Chriss, who has worked at Intuit for 19 years, has served as executive vice president and general manager of Intuit's small business and self-employed group since January 2019. He led Intuit's USD 12 billion acquisition of Mailchimp in 2021. Other Intuit products include TurboTax and Credit Karma. Chriss will also join PayPal's board, effective September 27. PayPal Holdings Inc., which is based in San Jose, California, is the parent of Venmo, Xoom and Honey, among other brands. It

BharatPe to double its POS network in India over the next 12 months

As a part of the plan, it launched its new Android POS terminal, BharatPe Swipe Android

Protean, PayNearby partner for providing credit services on ONDC network

Protean eGov Technologies and fintech platform PayNearby have collaborated for providing credit services on the ONDC network for last-mile borrowers and MSMEs. Once launched, the marketplace will also allow for easy discovery of various lending products at affordable pricing, according to a statement. "In this partnership, Protean will serve as an ONDC technology service provider that facilitates availability of credit for last-mile borrowers across the country through PayNearby's well entrenched Distribution as a Service (DaaS) network," it said. Speaking to PTI, Protean eGov Managing Director and CEO Suresh Sethi said there are several people who are not digitally enabled to even get into the account aggregator framework and get credit against their data, or consent for it to be used. "We are looking at this as a sort of intervention which can leverage the physical network provided by PayNearby and the last mile agent can then provide an assisted service and onboarding people to

Indian fintech sector: A resilient green shoot of the start-up ecosystem

India maintained its position as the third-highest funded fintech industry globally, following the US and UK, similar to last year

Paytm rallies 12% as Vijay Shekhar Sharma buys 10.3% stake from Antfin

On closing of this transaction, Sharma's shareholding in Paytm (direct and indirect) will increase to 19.42 per cent, whereas Antfin's shareholding will reduce to 13.5 per cent

Enkash expects business to grow by 36% to Rs 250 crore this fiscal

Fintech firm Enkash expects its business to grow by 36 per cent to USD 30 million, about Rs 250 crore, in this fiscal on account of digitisation in small and medium business in the accounting segment, a senior official of the company said. Ascent Capital-backed Enkash founder Hemant Vishnoi told PTI the company focuses on spends management of small and medium enterprises that have over Rs 10 crore annual turnover and expects the customer base to double in the current fiscal. "We closed last financial year closer to USD 22 million revenue and we are targeting close to USD 30 million this year. We had a growth of 2.5 to 5 times on multiple business metrics," Vishnoi said. The company expects its new platform "Olympus", which combines payable, receivable and reconciliation in one suite, will be a key growth driver for the company. "We have closer to 10,000 customers and more than 250,000 businesses connected on our platform. We expect two-fold growth in terms of businesses on our ...

Paytm up 4% as loan disbursements more-than-double in July to Rs 5,194 cr

During the month of July, Paytm catered to 93 million average monthly transacting users (MTU), up 19 per cent year-on-year (YoY)