Thursday, May 19, 2022

10 Fintech News in One-Shot – Daily dose

1. Ayekart Fintech is empowering MSMEs

During 2020, MSMEs faced the biggest challenge of marketing and digital education.

Ayekart Fintech solves this problem and makes the MSMEs future proof. It is a complete ecosystem of business operation, finance and product distribution for Fintech.

Read more about the company here.

2. MSTC to venture into Fintech

MSTC Ltd, a state owned company was transformed into an e-commerce outfit from a pure play trading agency.

The CMD of the company, Surinder Kumar Gupta, is in talks with some entities to venture into one of the hottest sectors in the country, Fintech.

Read more about this here.

3. Fintech startups in India making use of AI

The combination of Fintech with AI sounds very exciting. Fintech’s growth has increased financial inclusion in the country.

Companies can record consumer behaviour and obtain data using artificial intelligence and machine learning. This can be used to simplify the user experience later.

Read about those companies here.

4. Ecommpay: Only 14% of UK consumers completely understand Open Banking

Payment service provider and card acquirer, Ecommpay has released a new research paper named, ‘Beyond the pandemic: The outlook for Open Banking’.

One of the major findings includes that 48% of consumers have confusion regarding open banking and 10% business leaders don’t understand how it can benefit their business.

Read more about the report here.

5. Capgemini wins contract with Pensions Dashboard Programme of UK

The Pension Development Programme is a government backed initiative to build an ecosystem that lets citizens access their pension information online.

Capgemini has won a contract for delivery of its technical framework. It will work with Fintech Origo on the same.

Read more about it here.

6. Bank of Montreal uses AI for capital markets structured note pricing.

Bank of Montreal is working with Canada based startup Riskfuel Analytics to develop AI based models for the pricing and scenario analysis of structured derivatives transactions.

This will help the bank in reducing its dependence on slow and expensive financial models to calculate the same.

Read more about it here.

7. ICICI Bank customers can manage credit cards issued by any bank with a mobile app.

ICICI Bank’s mobile app, iMobile Pay has enabled millions of its customers to pay and manage credit card dues instantly.

It reduces the hassle of going to various websites by customers to manage and pay dues of multiple cards.

Read more about the same here.

8. 44% of Indonesians use digital payments platforms at least 4 times a week

Kadence International Indonesia has released its research report, Digital Payments and Financial Services Usage and Behaviour in Indonesia.

The results show the change in Indonesian customers’ behaviour post Covid-19 as payments shift to digital modes.

Read more about the report here.

9.Companies that grow internationally without prioritising compliance more likely to face problems: Globalization Partners

Entity setup, hiring, onboarding, financial reporting, transactions, and product and service commercialisation are some of the important aspects of compliance.

Globalization Partners, a US-based compliant and automated global employment platform, reported that companies that grow internationally without giving importance to compliance are more likely to run into problems according to its “7 Compliance Challenges Companies Face When Growing Globally” e-book.

Read more about the report here.

10.Future FinTech Group to acquire supply chain software business, Dianfa Technology

Future FinTech Group Inc. a blockchain-based e-commerce business and a FinTech service provider has announced that it has signed an equity acquisition term sheet to acquire 51% of the equity of Shanghai Dianfa Internet Technology Co., Ltd. (“Dianfa Technology”).

With this acquisition, the company plans to enter the key supply chain finance business of SMEs and the microfinance sector. These entities cannot access bank loans like large businesses.

Read more about it here.

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