Thursday, July 7, 2022

Daily Fintech News: Jupiter Capital to launch $150 million funds, FAANG stocks of India & more

1. The rise of fintech: Banking is dead

Any company can be a banking company these days, they just need the right code. Global brands from Mercedes and Amazon to IKEA and Walmart are cutting out the traditional financial middleman and plugging in software from fintech startups to offer customers everything from banking and credit to insurance.

This is possible because of embedded finance—a new term for companies integrating software to offer financial services. This means Amazon can let customers “buy now pay later” when they check out and Mercedes drivers can get their cars to pay for their fuel.

Read more about it here.

2. IISc Bengaluru establishes new AI and machine learning centre

Kotak Mahindra Bank Ltd and the Indian Institute of Science yesterday announced a partnership to set up a state-of-the-art Artificial Intelligence & Machine Learning (AI-ML) centre at the IISc campus.

This Kotak-IISc AI-ML centre will offer Bachelor’s, Master’s and short-term courses in areas such as artificial intelligence, machine learning, deep learning, fintech, reinforcement learning, image processing and computer vision, a joint statement said.

Read more about it here.

3. Banking Could Go the Way of News Publishing

Google already provides one of the two most popular payment wallets in the country. But now GPay wants to push time-deposit products of small Indian banks that don’t have much of a retail liability franchise of their own. Equitas Small Finance Bank will offer Google Pay customers up to 6.85% interest on one-year funds as part of a “branded commercial experience” on the platform.

This move shows the tenuous nature of the hold financial institutions have on a core operation like deposit-taking, and their vulnerability to an assault from an online search, social media and e-commerce behemoths.

Read more about it here.

4. Can POWRZ be the FAANG stocks of India?

P represents Paytm, which represents fintech in general; O is for Ola which includes cabs as well as the electric business of theirs; W is Walmart is a representation of Flipkart; R is Reliance, Z is Zomato and S represents Swiggy as well as Byju’s because it ends with apostrophe S.

These stocks represent the emerging areas in the new economy and the world and also represent some of the companies which are potentially getting listed in the next 12 to 18 months, as said by Venugopal Garre, Managing Director, Bernstein.

Read more about it here.

5. Fintechs to play a role in greater financial inclusion: Nishant Arora

The fintech business received USD 2 billion in investments in the first half of 2021, which is almost the same amount as the total invested in the entire year of 2020.

Commenting on the scope of fintech, Nishant Arora, founder, Sixth Element Finserv’s Setup Services India (SSI), says, “The Fintech companies have to realize that not every startup can or want to hire a huge accounting firm because they are not only expensive to hire, but also lack the flexibility that a startup may wish to. As a result, SSI was founded as a pure management consulting firm with advisors, facilitators, and problem solvers to help SMEs, young entrepreneurs, salaried employees/professionals, foreign investors, and business owners overcome their challenges.”

Read more about it here.

Interested to know more about Digital Financial Inclusion & Fintech for inclusion, you can check out our course here.

6.10×1000 Launches “Flex” Fintech Program

Fintech training platform 10×1000 Tech for Inclusion announced that it will deepen its collaborations with partners worldwide and will work with leading global organizations, tech investors, and industry organizations to offer a program that enables aspiring practitioners to learn from global experts at their own pace.

It will also work with partners and alumni to cultivate a global fintech community, creating a vibrant platform that provides opportunities for willing organizations and individuals to contribute to global financial inclusion.

Read more about it here.

7. Singapore and India to link real-time payment systems

Users of Singapore’s PayNow and India’s Unified Payments Interface (UPI) will soon be able to transfer money between the two countries with the linking of the countries’ two real-time payment systems by July 2022.

This will allow users to transfer money from one bank account to another at low cost. Transfers from both countries can be made using a user’s mobile phone number, by using the UPI virtual payment addresses, according to an announcement by the Monetary Authority of Singapore (MAS).

Read more about it here.

8. Jupiter Capital to launch $150 million fund

Jupiter Capital is morphing into a specialised fund with a focus on investing in SaaS companies. It wants to become a billion-dollar asset manager in seven years and to be recognised as a global top investment firm.

A senior executive of the company said “We are targeting disruptive B2B startups that leverage India’s strong technology ecosystem to build global products. We will invest early in the company lifecycle, typically in pre–Series A and Series A rounds where the company has a full product, customer traction, and insight into unit economics. We are associated with several family offices for J1 Capital.”

Read more about it here.

9. LoanTap announces debt listing on BSE, raises more than Rs 100 crore

Pune based LoanTap, a homegrown digital lender, has announced its debt listing with BSE. The company is a digital lending FinTech firm with two in-house NBFC. It entered the lending industry in 2016. The entity has grown its AUM and disbursed more than Rs. 700 Cr. so far.

Just like other NBFC firms, Loan Tap borrows funds from banks and other NBFCs to provide credit facilities to customers with specific needs. It offers flexible repayments and friendly products to its consumers.

Read more about it here.

10. IFSCA is in the process of setting up the International Arbitration Centre in GIFT IFS.

The International Financial Services Centres Authority (IFSCA) is in the process of setting up an International Arbitration Centre in the GIFT IFSC for the speedy resolution of any dispute, its Chairperson Injeti Srinivas said on Friday.

The IFSCA is a unified authority for the development and regulation of financial products, financial services and financial institutions in the International Financial Services Centre (IFSC) in India.

Read more about it here.

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