Page 3 - Fintech Sector

90% of financial institutions focus on AI, GenAI for innovation: PwC India

Ninety per cent of Indian financial institutions are focusing on artificial intelligence (AI) and GenAI (Generative Artificial Intelligence) as the primary technology enablers of innovation, according to a PwC India report. As per the PwC India report titled, 'Mapping the FinTech innovation landscape in India' data analytics also continues to emerge prominently across nearly 74 per cent responses, underscoring its integral role in driving insights and decision-making within the financial services (FS) sector. It said that 31 financial institutions consisting of banks, insurance firms and fintechs participated in the survey. "Artificial Intelligence (AI) and GenAI (Generative Artificial Intelligence) emerged as the focus area for innovation for Indian financial institutions, with 90 per cent of the respondents citing them as the primary technology enablers of innovation," it said. Further, 84 per cent of respondents stated that customer experience and engagement - acquisition, ...

Time for fintech NBFCs to revisit business models, says India Ratings

Tight liquidity, signs of stress weighs on business

Stashfin parent AKARA Capital lists first Rs 10,000 face value NCDs on BSE

This follows a July 2024 Sebi amendment lowering the minimum face value of debt securities from Rs 1,00,000 to Rs 10,000, expanding retail investment opportunities

Govt pitches for more disclosures on cross-border payments with FATF

India is pitching for greater disclosures by fintech firms, credit card companies and payment aggregators (PAs) at the Financial Action Task Force whereby the sender and recipient in a cross-border financial transaction can be identified and shared with law enforcement agencies as and when sought. Currently, the Travel Rules of Financial Action Task Force (FATF) under which data relating to name of sender and recipient and the country of origin is recorded in any cross-border financial transactions. The policy development group (PDG) of the FATF is now deliberating on whether the required information is clearly available to law enforcement agencies or does the information gets masked in any form. Masking of information leads to delay in information sharing by financial institutions involved in cross-border transactions with law enforcement agencies. "The debate is whether the standards need to be tweaked further so that information can be clearly provided in case of cross-border wir

Paytm surges 9%, hits over 7-month high on heavy volumes; up 34% in 1 month

In nine trading days since August 29, the market price of Paytm has rallied 28% after Paytm Payment Services received FDI approval. It will also resubmit its payment aggregator licence application.

We want to be the trust marker for fintech industry: FACE CEO Saxena

There is a vast universe of fintechs out there and we would be reaching out to everyone to be a part of FACE. We do not have a threshold of scale or business model, said Sugandh Saxena, CEO, FACE

India home to 26 fintech unicorns with a combined market value of $90 bn

The country has 25 unicorns (valued between $1 billion and $10 billion) and 37 minicorns (valued between $100 million and $1 billion).

Insights and social preferences: What microfinance can teach economists

Mainstream economics has largely dismissed the insights from microfinance as folksy, feel-good anecdotes

Govt taking measures at policy level to help fintech sector: PM Modi

Prime Minister Narendra Modi on Friday said the government is taking various measures at the policy level to promote the fintech sector, which attracted over USD 31 billion investments in the last 10 years, and the abolition of the Angel Tax is also a step towards the growth of the segment. Addressing the Global Fintech Fest 2024 here, the Prime Minister also asked the regulators to take more measures to stop cyber frauds and further increase digital literacy among people. "Fintech has played a significant role in democratising financial services," he said, and expressed confidence that it will help in improving the quality of life for Indians. Modi emphasised that adoption of fintech by Indians is "unmatched in speed and scale" and no such example can be found anywhere else in the world. He said the transformation brought about by the fintech sector in India is not just limited to technology, but its social impact is far-reaching. He also stressed that fintech has dented the para

Global Fintech Fest highlights: India's fintech revolution is improving financial inclusion, says PM

PM Modi at Global Fintech Fest highlights: Catch all the news developments here

Fintech has democratised financial services, success unmatched: PM Modi

Companies have 'amazing innovations' to create trust among people, he says

Fintechs can't bypass compliance irrespective of scale, says RBI ED

'Trying to level the playing field between traditional lenders & fintechs'

SaaS major Zoho forays into fintech space, launches Zoho Payments

According to the ministry of finance data, digital payment transactions volume reached a staggering Rs 11,660 crore in 2023 from Rs 3,134 crores in 2018-19

India sees nearly 2x surge in fintech IPO filings over the past five years

IPO filings have surged, nearly doubling from an average of 75 per year in 2018-2019 to 120-140 annually between 2021 and 2023, according to a new report

Bank-fintech tie up will boost innovation, risk management: RBL CEO

The experience of banks and non-banking financial companies (NBFCs) in risk underwriting and risk assessment will help in improving customer experience

India to play prominent role in rule-making for fintech, DPI, says official

India has always been a "rule-taker" but it has a prominent role to play in rule-making in the fin-tech solutions and DPI area given that most of these technologies are made in the country, a senior diplomat said on Wednesday. Dammu Ravi, Secretary (Economic Relations), Ministry of External Affairs, said India wants to collaborate with the World Bank and the International Monetary Fund to help set standards for digital payments, blockchain technologies, and cyber securities. India is also trying to build and help countries in the global south with DPI (Digital Public Infrastructure). "For a long time, India has always been a rule-taker. We just complied with the rules made by the global community, largely driven by the Western nations. But in the fin-tech solutions, fin-tech technologies, and the DPI world, India has an eminent role to play in rule-making because most of the technologies are made in India," Ravi said while addressing Global Fintech Fest in Mumbai. The youth of Indi

RBI focusing on making UPI, RuPay truly global, says Governor Das

RBI grants license to FACE as self-regulatory org in fintech sector

UPI transactions can touch 100 bn in next 10-15 years: Dilip Asbe

He was responding to a question posed by Kunal Shah, serial entrepreneur and founder of Cred, at the Global Fintech Fest on what will bring the next millions to the UPI ecosystem

Paytm Payments gets govt nod; can now resubmit its PA application

The company said that, in the meantime, PPSL will continue to provide online payment aggregation services to existing partners.

PM Narendra Modi to address Global Fintech Fest on August 30 in Mumbai

The GFF is an annual fintech conference, and this year it is scheduled between August 28 and 30