Thursday, May 19, 2022
spot_img

10 Fintech News in One-Shot – Your daily dose

1. RBI permits card tokenization to make card transactions safer

RBI has issued a notification permitting authorised card networks to offer card

tokenization services. With effects to the same, it has advised that neither the authorised Payment Aggregators (PAs) nor the merchants on-boarded by them shall store customer card credentials.

However, for transaction tracking and/or reconciliation purposes, entities can store limited data. It will be the last four digits of the actual card number and card issuer’s name, in compliance with the standards applicable. This will come into effect from January 1, 2022. Read more about it here

2. Slice to issue Rs 2000 credit limit cards, aims to disrupt 200 million users

India has one of the lowest rates of credit card users. Slice is about to disrupt this market for credit card users.

They are aiming to reach 200 million users from this. It will be huge as those who do not have a good credit score can also avail credit cards now.

Read more about it here.

3. India’s Fintech market to reach Rs 6.2 lakh crore by 2025

MoS Finance, Bhagwat Karad has made a huge statement about one of India’s hottest sectors right now. He said that India’s Fintech market will reach Rs 6.2 lakh crore by 2025.

He further added that India is a leader in adopting financial technology among emerging markets. The country had an adoption rate of 87 per cent in March 2020, as compared to the global average of 64 per cent.

Read more about it here.

4. NPCI and Fiserv will open RuPay API platform

Fintech firm Fiserv and National Payment Corporation of India will launch an application programming interface (API) platform for startups and banks looking to build credit card-based products on top of the RuPay rails.

Senior executives of the company mentioned that this will help in faster and cheaper onboarding of customers and merchants by banks. It will also enable fintech firms to build out new models of digital interfaces for customers launching RuPay credit card products.

Read more about it here.

5. Owl ventures and Harvard Management Company invests in Leap

Leap is a startup that is a combination of Fintech and Edtech. Students who want to study abroad do not have a local credit history. So they cannot avail a range of financial services, including a loan or a credit card. Even if they do, they have to pay a premium for it.

Leap is granting loans to students at a reasonable interest rate by evaluating the data they generated — alternative and derived — in India itself. Besides, they also help them land internships. The startup is looking to expand into the Middle East and Southeast Asia.

Read more about it here.

6. PayTM Money launches an investment advisory marketplace to target young investors.

Paytm Money is the wealth management division of digital payments major PayTM. It is now creating a wealth and investment advisory marketplace on its platform to offer curated advisory services and products to retail investors.

The stock portfolios recommendations are built around specific investment themes. Paytm Money has partnered with investment startup WealthDesk to offer investment portfolios called ‘WealthBaskets’.

Read more about it here.

7. Late stage technology deals are an all time high in India: IVCA-EY report

2021 is turning out to be one of the most unexpected and aggressive phases of consumer and business adoption of digital. The average ticket size of late stage technology deals is at an all-time high so far in 2021 compared to the last two years, with a total of 500 deals.

Fintech has topped the chart with 61 deals followed by Edtech with 42 deals.

Read more about it here.

8. SBM Bank India Collaborates with OneCard to extend mobile-based credit cards

SBM Bank has collaborated with OneCard, to introduce a mobile-based credit card. With this product, the partner aims to cater to the tech savvy populace who has embraced ‘digital’ as a natural way of life.

SBM is one of the youngest universal banks. OneCard is a fintech start-up that aims to digitally revolutionise credit and payments in India.

Read more about it here.

9. NatWest Group India brings Global Open Finance Challenge to encourage innovation

NatWest Group, National Australia Bank, Canadian Imperial Bank of Commerce, and Itaú Unibanco are organising the Global Open Finance Challenge, a first-of-its-kind virtual event encouraging innovation and the development of new solutions for a global open finance ecosystem.

The four banks are inviting teams of innovators from start-ups, fintechs, universities, and large organisations from India and around the world to take part in the Global Open Finance Challenge.

Read more about it here.

10. WeRize Raises $8 Million; To Launch ‘Social Shopify Of Finance’

The company aims to provide customised credit, group insurance, and savings products to lower and middle-class families.

The startup will come up with a  social distribution tech platform dubbed “Social Shopify of Finance” where it aims to have 50K+ freelance financial consultants across the country. The funds will be used to launch products across Fintech categories.

Read more about it here.

Related Articles

Stay Connected

0FansLike
3,315FollowersFollow
19,600SubscribersSubscribe
- Advertisement -spot_img

Latest Articles

%d bloggers like this: