Thursday, May 19, 2022
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10 Fintech News in One-Shot – Your daily dose

1. What are RBI’s concerns over Equitas SFB’s new scheme for Google Pay Users?

Last week, Equitas Small Finance Bank (SFB) came up with a new fixed deposit scheme. This can be booked directly and instantly through Google Pay.

This scheme is welcomed as the world is turning towards sachetisation of financial products. However, RBI is concerned about Big Tech’s entry in the Indian banking ecosystem.

Read more about the product and RBI’s concerns here.

2. Indian Fintech startups have collected $4.6 billion in funding in 2021

Indian Fintech startups have hit an all time high with $4.6 billion in funding. It is 5.8 times more than the previous year.

One of the major reasons for the same is the depth of business models within the Fintech industry. Startups are more niche based now. This is why 160 deals have been done in Fintech alone in the year 2021.

Read more about this story here.

3. Cashfree launches “Accounts” to help Fintech integrate banking services

Payment company Cashfree has launched a new Banking-as-a-Service product ‘Accounts’. This will help Fintech companies and neo-banks integrate banking services into their products.

It will provide them features like account opening, depositing, linking, checking balances to their customers. It will also provide 100% paperless bank account opening instantly.

Read more about Cashfree and this new feature here.

4. Mego ATM is making ATM withdrawal easy for rural India.

Haryana based Fintech company launched a self-service ATM to fulfill the needs of rural India under the theory of financial inclusion for all.

It is enabled with AEPS biometric that lets people check their balance and transfer money directly from one source to the other. The company that made this ATM is RBP Finivis. It will further empower the small local kirana stores.

Read more about it here.

5. IIM Udaipur Incubation center calls for Agritech and Fintech startups

IIM Udaipur’s Incubation center recently announced the fourth cohort of ‘Launch-n-Zoom’. It is a three month accelerator program which is designed to provide startups with the resources they need to grow in the market and become viable.

This cohort also includes investment opportunities of upto Rs 20 lakhs for the qualified startups. PI Industries and Fidelity Investments will also mentor and guide the participants.

Read more about the program here.

6. In Spite of Chinese developments, global capital will come to India: GGV Capital’s Tung.

There is a short-term inflation in asset value in India. However, GGV Capital is bullish on India even after that as stated by the venture capital firm’s Silicon Valley based investor Hans Tung.

Tung is in the top three Forbes Midas List and has invested in 18 unicorns. He was also an early investor in Xiaomi, Musical.ly, AirBnB, and Slack among others. He adds that the Indian Ed-tech industry has become more interesting. The fund is looking to invest in more Indian Fintech companies.

Read more about it here.

7. 300 million Indian smartphone users embrace digital payment.

PhonePe Pulse reported that average transaction value since coming up with insurance, investment and gold purchases on the platform has risen by 100-400%.

Digital payments are now used by 300 million Indian smartphone users. PhonePe alone has seen digital transactions from across 19,000 pin codes.

Read more about it here.

8. Standard Chartered launches an online investment platform that gives users a complete investment ecosystem.

Standard Chartered has launched ‘SC Invest’. It is an online investment platform that will give the users a comprehensive investment platform. This pulls together various industry leading features and integrates with this platform.

This new product has put Standard Chartered with leading Fintech firms. It can be useful from amateur investors to seasoned professionals.

Read more about it here.

9. Fintech platforms are empowering women led businesses.

Fintech revolution in India is changing the landscape of women led businesses in the country. The latest technologies help in determining their creditworthiness and thus helping them start their own business.

A BCG study has already shown how women-owned businesses have managed to generate twice as much per dollar invested than the male-owned ones. Fintech further simplifies things for them.

Read more about it here.

10. Big tech in banking, what the future beholds?

The Fintech industry is one of the hottest sectors right now in the country. This sector is seeing the rise of other platforms helping them meet the unique demands of customers. Most of them are big tech firms like Google, Apple and Amazon.

In June 2021, SBI requested RBI to not let big firms from entering the banking ecosystem in the country. They gave the reason that privatization can lead to more serious threats like a compromise with the data safety of customers.

Read this article on what the future will look like with big tech companies entering the banking sector.

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