Thursday, May 19, 2022

Daily News: Crypto+Fintech, 4Fin raises pre-seed funding & more

1. Crypto Stack A Happy Disruption For India’s Fintech Sector: Sharad Sharma, iSPIRT

The Reserve Bank of India (RBI) is an exception in pushing the Account Aggregator (AA) policy which can be replicated for the crypto stack too, to help the fintech sector scale. With the Open Credit Enablement Network (OCEN), we are working on a system to enable multiple lending parties together to provide low-cost, cash flow based loans.

The Gujarat International Finance Tec-City (GIFT) will be the touch-point for crypto assets to come in, following which the crypto-assets can be used in a compliant way via the OCEN framework, says Sharma.

Read more about it here.

2. Fintech startup IppoPay raises undisclosed pre-seed round from Better Capital

Chennai-based IppoPay said it has raised an undisclosed amount of pre-seed funding from investors including Better Capital, an early-stage investor, and Prabhu Rangarajan, who founded API platform for banking and payments M2P. Rocketship VC’s Sailesh Ramakrishnan, who is a partner at the venture capital firm, also invested in the round.

Founded in 2020 by Mohan K and Jai Kumar, IppoPay is a payment aggregator that lets businesses collect and accept payments from customers. It mostly operates in semi-urban India, and powers digital payments for small businesses, SMEs, freelancers, and homepreneurs, in Tier II, III, and rural areas.

Read more about it here.

3. Venture investments into Indian fintech startups continue to rise

Venture funding into Indian startups continued to rise, with new unicorns emerging from the ecosystem as the total amount for the third week of September touched closer to $500 million.

M2P Fintech raised $4 million in Livquik Technology.

Fintech startup Paytail raised $1.5 million from Cholamandalam and other angel investors.

Fintech startup 4Fin raised $1.1 million from Curesense Therapeutics.

Home loans startup Easiloan raised Rs 8 crore from Tomorrow Capital.

Read more about it here.

4. American Express ropes in 80,000 small retailers with 50 per cent cashback incentive to customers

Global financial services firm, American Express has roped in 80,000 small merchants for its 2021 Shop Small initiative, which will be live till October 31.

With the festive season in India around the corner, the number of merchants being supported this year is 2x compared to 2020 ( 40,000), a move aimed to incentivize consumer spending at small businesses and help them recover from the impact of a pandemic.

Read more about it here.

5. Top 5 online payment gateway in India

The circumstances that the pandemic has put us in have pushed us towards digitalization. We are now comfortable with digitalized payment, credit cards. With this, a change in our online payment gateway is also visible.

Top 5 online payment gateway in India 2021,






Read more about it here.

Interested to know more about Payment Gateway, you can check out our course here.

6. From Credit Line Cards to SME and gold loans, how Xiaomi plans to ‘double down’ on financial services in India

After becoming the number 1 smartphone and smart TV brand, Xiaomi wants to shake up India’s Fintech space. The company started offering financial services in 2018, starting with a UPI-based product called Mi Pay. In 2019, it launched Mi Credit, a curated marketplace that would eventually go on to offer personal loans of up to 25 lakhs.

With the challenging times and the relative ‘newness’ of the products, Xiaomi had little choice but to go back to the drawing board and make changes in order to grow the business. The result, that Xiaomi is rightfully calling financial services 2.0, is all about doubling down efforts and doing the full spectrum especially on the credit side, so there’s a product for every perceivable need. Basically, no one gets left behind.

Read more about it here.

7. SEBI, RBI Have Knowledge, Power & Capabilities To Regulate Crypto: Navin Surya, Chairman, Fintech Convergence Council

Fintech Convergence Council chairman Navin Surya said that regulatory bodies such as the SEBI and the RBI have the knowledge, power and capabilities to mitigate risks and are capable regulators when they have accepted cryptocurrencies as the future.

The regulators should step back and look at how fiat currencies came into existence — from gold to promise pitch papers — and accept cryptocurrencies in a similar way. Current regulators can divide assets side, trading side and issuance of securities for crypto among themselves for a faster implementation, he suggested.

Read more about it here.

8. A Guide To The Fintech Laws And Regulations In India

With the evolution of technology, it is becoming difficult for regulators to keep up with the latest technological developments to curate the fintech laws accordingly. Regulators and policymakers have to understand the latest fintech innovations and promote regulations that will enhance its service without compromising its security.

Fintech is growing in India, so potential threats like frauds, breaches, and danger to cybersecurity are also on the rise. New payment systems and models can compromise security and market integrity. Blockchain, crowdfunding, and distributed ledger technology (DLT) are also developing the dangers of frauds and hacks.

Read more about it here.

9. RBI decision to allow NBFCs apply for Aadhaar-e-KYC licence to promote digitisation

Reserve Bank’s decision to allow NBFCs and payment service providers to apply for obtaining Aadhaar e-KYC Authentication Licence will promote digitisation and check frauds, opined Fintech players. According to toThe RBI, NBFCs, Payment System Providers and Payment System Participants are desirous of obtaining Aadhaar Authentication License – KYC User Agency (KUA) License or sub-KUA License. So they may submit their application to the central bank for onward submission to the Unique Identification Authority of India (UIDAI).

The Reserve Bank’s initiative will also help in improving trust levels among customers because only licensed entities will be permitted to conduct eKYC, said Ankit Bhatnagar, Head of Product, Mswipe.

Read more about it here.

10. 4Fin raises pre-seed funding of $1.1 million

Fintech Platform startup 4Fin announced that it has raised $ 1.1 million in a pre-seed round. 4Fin will use the investment to enhance its product development to make finance more accessible, offer personalised lending products and provide support to its customers with the unique model of ‘4Fin Mitras’, designed to act as social-driven customer care.

The investment was raised through Curesense Therapeutics, which is run by the investors behind the biotech company, Mylab Discovery Solutions.

Read more about it here.

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