Thursday, May 19, 2022

Daily News: How Fintech has played an important role in shaping the study abroad dreams of middle-class Indian aspirants?

1. Fintech disruptor, story of Zerodha’s Nikhil Kamath

Nikhil Kamath, 35 is the co-founder of Zerodha. It is India’s largest trading platform by volume, with his older brother Nithin in 2010 in Bangalore.

Zerodha, the name of the company, is a combination of “zero” and “rodha”, the Sanskrit word for barrier. A couple of years ago the company got its first thousand users, today it has 4.5 million active monthly users and is the country’s largest trading platform by volume.

Read the full interview here.

2. M2P Fintech invests $4M in LivQuik

M2P FINTECH is a Chennai-based API infrastructure company. It enables businesses of any scale to embed financial products in their customer journeys. Recently, it has announced an investment of $4 million in Livquik Technology.

LivQuik is a Future Group-backed payments technology company. It is a RBI-approved prepaid payment issuer (PPI) and Full-Fledged Money Changer (FFMC). The company offers payment gateway and enterprise fintech software development services, and has been managing the Future Pay platform.

Read the full story here.

3. Neobank Jupiter raises money from QED

Jupiter Neobank has raised money from QED Investors. The latter is a fintech-focused fund. It’s investments include NuBank, Affirm, and SoFi which are among the hottest fintech startups in the world currently. People familiar with the matter said it signals its intent to invest more in India.

QED’s investment of close to $10 million supplements the $45 million Jupiter raised recently from Brazil’s leading neobank- Nubank, along with other investors such as Rocket Internet, Sequoia Capital, Matrix Partners and others.

Read the full story here.

4. How Fintech has played an important role in shaping the study abroad dreams of middle-class Indian aspirants?

2020 witnessed a slight dip in demand for education loans in the first quarter because of the pandemic induced lockdowns, travel restrictions and job uncertainties. However, the demand for education loans began to pick up the pace later in the year. This was because most schools and colleges around the world were going entirely online or switching to the hybrid model.

According to data from CRIF High Mark, an Indian credit bureau, education loan companies including bank and non-bank lenders, disbursed Rs.11,000 crore loans in the 12 months through September 2020. Most of these loans happened in the pandemic period, with more than 3 lakh new borrowers signing up for loans between March and October 2020.

Read more about it here.

5. First Horizon works with Wipro on major fintech shift

First Horizon partnered with Wipro Limited, a company that offers information technology, consulting, and business process services.

Wipro helped First Horizon’s digital banking platform VirtualBank shift to a cloud-based system, supporting its end-to-end program management, governance, customer data conversion, systems integration, and testing services.

Read more about it here.

6. New umbrella entities: Why has India delayed retail payment systems?

RBI has deferred private umbrella entity licenses because of data security concerns. This decision came much to the concern of Tata & Reliance who among other applicants, are eager to venture into the retail payments sector .

“New Umbrella Entities” (‘NUE’) is similar to Unified Payments Interface (UPI). NUEs promote private participation, it became relevant to make sure that consumer data is secured. RBI has announced extensive guidelines that are compulsory for all institutions involved in payments & settlements to follow, to protect and prevent breach or misuse of the customer data.

Read more about it here.

7. VCs & govt policies to give a boost to start-up ecosystem

Despite the second wave, 2021 is turning out to be a defining moment for the venture capital industry. According to Venture Intelligence data, the first half of 2021 witnessed $27.1 billion (442 deals) in investments. In the first six months of 2021, VC investments in India grew by 33 per cent year-on-year.

India is one of the world’s major fintech marketplaces, with the adoption rate of 87 per cent much more than the worldwide average (64 per cent). Here, digital payments are the market leader. The government has launched initiatives to support the start-up ecosystem, such as Atmanirbhar Bharat and Startup India.

Read more about it here.

8. What is CRED’s Tech Stack?

CRED started as an app that allows users to make credit card payments for which they get rewarded. Later, it added features to allow users to make house rent payments and introduced short-term credit lines.

CRED’s Engineering team designed their architecture in a way that it can be scalable with Availability and Reliability without any stress to deal with Infrastructure in real time. They are using different techniques like Chaos Engineering to make their Infrastructure fault tolerant, available and reliable.

Read more about it here.

9. Union finance minister Nirmala Sitharaman, ‘Digitization helps banks with data collection, aids better credit assessment’

Union finance minister Nirmala Sitharaman said that collection of auto-populating data by banks will lead to better credit assessment of borrowers. Such a thing can only be achieved through banks digitizing their services.

Fintech is the biggest area (of business) using which banks are able to cross populate data, she added. It will facilitate better lending by banks as well.

Read more about it here.

10. MAS Financial Services partners with CredAvenue for co-lending platform

MAS Financial Services Limited specializes in MSME financing. It has announced that it will partner with CredAvenue for their co-lending platform.

MAS Financial Services will utilize the platform for partnering with multiple originators. It also plans to utilize the full stack discovery, credit, operations, and risk management modules available on CredAvenue’s co-Lending platform.

Read more about it here.

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