Thursday, May 19, 2022

10 Fintech News in One-Shot – Daily dose

1. Groww acquires Indiabulls AMC, approved by CCI.

The Competition Commission of India approved the acquisition of Indiabulls Asset Management Company and Indiabulls Trustee Company by Nextbillion Technology. It operates the online investment platform Groww.

Groww announced this acquisition back in May 2021 for a total consideration of Rs 175 crore. The cash component was Rs 100 crore.

Read more about it here.

2. It is Groww vs Zerodha in the mutual fund business now

CCI has approved Groww’s acquisition of Indiabulls AMC. Recently, Zerodha also received approval from India’s market regulator to enter the mutual fund industry.

With the two companies, who lured Indians into investing in the stock market, are now entering the mutual fund industry, it will be exciting to see the competition and innovation they bring in the industry. It will also lead to more financial inclusion in the country.

Read more about it here.

3. PayTM, PhonePe and more companies set to bring street vendors to UPI.

Fintech firms PayTM, PhonePe, BharatPe, Mswipe, and Acerware have joined a program by the Ministry of Electronics and Information Technology and the Ministry of Housing and Urban Affairs. This program falls under PM SVANidhi Yojana.

It is a 45 days special campaign that aims at onboarding street vendors on the government’s Unified Payment Interface platform popularly known as UPI. It is done on a pro-bono basis by the government.

Read more about it here.

4. SBM Bank in India to target MSMEs to partner with Lendingkart.

SBM Bank of India has partnered with Lendingkart, a Fintech startup that is in the working capital sector. It has launched a customised overdraft facility for over 1 lakh customers.

The CEO of SBM Bank of India has mentioned that MSMEs have to provide collaterals like property, business inventory or fixed deposit for taking loans which most of them are not able to provide. This partnership solves it.

Read more about it here.

5. RBI should protect startups against big tech in Fintech sector

Google Pay and Amazon Pay are entering and trying to dominate most of India’s financial services. They provide deposit booking services with third party service providers for their company.

Cyber law and legal experts dive deep into how the big companies are able to sway the most market share in their own favour thus rendering the startups with less share.

Read more about it here.

6. Rupeek launches its first ever digital campaign

Fintech platform Rupeek launches its first ever digital campaign that features Manoj Vajpayee and Priyamani from the Family Man series.

It is a television commercial that shows how one can get easy gold loans without any hassle at the lowest interest rate. The commercial is in hindi and will be launched in regional languages soon to further spread brand awareness.

Read more about it here.

7. Walmart backed PhonePe aims to reach 500 million customers

PhonePe aims to reach 500 million customers. Hemant Gala, Head of Financial Services and Banking of PhonePe mentioned that the recently released PhonePe Pulse shows a good amount of penetration across the country for payments space.

Also merchant penetration has gone deeper with over 20 million merchants in the country.

Read more about it here.

8. How Fintech can harness the power of AI/ML to ease paperwork

Paperwork and document processing is still a hurdle in the financial sector of the country. The solution to this lies in artificial intelligence and machine learning.

Amazon Web Services provide AI/ML solutions. It provides choice, flexibility and innovation to streamline document extraction processes.

Read more about it here.

9. BharatPe to disrupt Indian banks after disrupting the payment sector.

BharatPe has become one of India’s largest Fintech companies in just 3 years. It has also become a unicorn now.

The company has signed a joint venture with Centrum Group and received in-principle approval from the RBI to take over PMC bank and relaunch it into a small finance bank. It will become the first small finance bank in the country in 6 years.

Read more about it here.

10. PayU India’s former CEO wants to change the credit card scenario in India.

India has one of the lowest credit card penetration among its developed counterparts. To change this, PayU India’s former chief executive (CEO) and co-founder Nitin Gupta — who also led Ola Financial Services — has embarked on a journey to make this process simpler with his latest venture Uni. He is joined by Prateek Jindal, who previously built Ola Money, and Laxmikant Vyas, who has previously headed Bajaj Finance.

It provides a special Visa 1/3 card, in partnership with RBL Bank and Mauritius-based SBM Bank, to its customers. This offering works pretty much like a credit card but divides all of the customer’s transactions into three instalments that have to be repaid over a period of three months without any interest.

Read more about it here.

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