Thursday, May 19, 2022

10 Fintech News in One-Shot – Your daily dose

1. South Indian Bank launches credit card with OneCard

South Indian Bank has launched its credit card with Fintech company OneCard. The internationally valid credit card can be fully controlled through the powerful OneCard app.

It has features like lifetime validity with zero joining and annual fees, 100% digital customer on-boarding process, instant virtual card issuance, instant issuance of reward points and easy redemption within the app, and a lot more.

Read more about it here.

2. How will Fintech grow in India?

India is probably the perfect country to try exciting things. It is even set to triple in 4 years’ time as mentioned by MoS Finance.

From the 2016 demonetisation to the Covid-19 pandemic, this sector has seen and disrupted a lot. Even UPI has a major role to play in it.

Read how Fintech will grow in India here.

3. Indian teens get a taste of financial freedom by Fintech startups

Fampay, YPAY and Junio are set to issue prepaid cards to teens to let them shop online.

From buying books to investing in cryptocurrency, lots of Fintech startups are helping Indian kids take their finances in their own hands.

Read how these companies are changing the lives of Indian teens here.

4. MD of BharatPe: every Fintech will have to do lending in India to make money.

Ashneer Grover, the co-founder and managing director of BharatPe talked to MoneyControl regarding the future of lending, new consumer lending product PostPe and much more.

He said that earlier, Fintech was only meant for payments. However, one cannot make money from it. So lending is the most lucrative option to sustain economically.

Read the full article here.

5. How Fintech is redefining payments in India?

People in India are not visiting physical bank branches to avail financial services. They can do so via his mobile app itself.

UPI has already crossed Rs 6 lakh crore mark in July. It has simplified payment for Urban and Rural customers alike.

Read here how Fintech is the biggest breakthrough sector in India.

6. A startup that uses Machine Learning to give loans

Kissht is a Fintech startup that provides quick credit to Indians. It uses technologies like AI, ML and deep technology to provide financing.

These technologies are used to determine one’s creditworthiness and detect potential fraud in the borrower. Besides they also have Kissht Score to tell users their credit score. It is done without the help of a CIBIL score.

Read more about it here.

7. The concept of CRED Mint is old in India. What is the history of P2P lending in the country?

P2P is not new in India. In 2017 itself, the RBI regulated this service. Major companies like RupeeCircle, Finzy, IndiaMoneyMart, are already functional in this space.

For its P2P lending feature, CRED has tied up with RBI-approved non-banking financial company Liquiloans. NBFCs provide the companies with a database of creditworthy people that can be targeted for a loan. Fintech companies typically stand to make a commission for this.

Read more about it here.

8. Tomorrow Capital provides seed funding to Easiloan

Easiloan is a Fintech company that gives home loans. It has raised equity funds from Tomorrow Capital. It will largely be invested in consumer space. Apart from funds, it will also provide support for branding, distribution and organisation building.

The company provides API level integration with 15 of the top home finance providers. The company also offers the Easiloan Instant Match application that uses the lender’s credit logic and customers information to draw the best offer almost instantly in an end-to-end digital process.

Read more about it here.

9. Spice Money partners with Israel’s leading fintech player to launch a community-led rural lend-tech platform.

Spice Money Limited is a subsidiary of Digispice Technologies Limited. It has entered into a joint venture with Tarya group, Israel’s leading fintech player with 70% P2P market share in Israel.

This joint venture will bring India to the front of the ongoing data-led digital revolution by launching a lend-tech platform targeted towards rural India. The JV will combine their technological expertise leveraging data to bring digital transformation and reshape financial inclusion in Israel.

Read more about it here.

10. Banks are partnering with Fintech to offer new-age products

These days, you will find many banks collaborating with Fintech companies to provide credit cards or trade finance to their customers. Fintechs are on huge growth in the country.

Covid-19 pandemic has further induced the sentiment of not visiting banks months after months. Even though the cases might decrease, what will not change is consumer behaviour.

Read more about it here.

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