Thursday, May 19, 2022

Daily News – How India emerged as Asia’s biggest destination for fintech deals, Why are banks going big on credit cards & more..

1. Chinese Hackers Targeted Aadhaar Database, Times Group.

Chinese state-sponsored hackers are believed to have infiltrated and stolen data from an Indian government agency responsible for a national identification database and one of that country’s largest media conglomerates, according to a new report by a cybersecurity firm Recorded Future Inc. Both the government agency and the media company dispute the claims.

The Unique Identification Authority of India, also known as the UIDAI, contains the private biometric information of more than 1 billion Indian citizens. The authority’s networks were believed to have been breached during intrusions tracked between June and July this year, though it’s not clear what data was taken, according to Recorded Future.

Read more about it here.

2. BharatPe appoints Nehul Malhotra to lead consumer lending

BharatPe on Thursday appointed Nehul Malhotra as head of its consumer lending division and said he will work closely with chief executive Suhail Sameer to scale up consumer-focused lending products at BharatPe.

Previously, he was an executive director at Russell Reynolds Associates. He has an in-depth understanding of fintech, having spent 4.5 years at Paytm. During his time at Paytm, he held multiple roles including head of the customer service, head – payments merchant management and head-seller onboarding for Paytm Mall.

Read more about it here.

3. TiE Delhi-NCR kickstarts the 10th Edition of India Internet Day themed Digital India

TiE Delhi-NCR is organising the 10th edition of India Internet Day (iDay) in virtual format, with the theme ‘Digital India: Escape Velocity. With a Focus on Tech trends including Fintech, Crypto SaaS for SMEs, Gig Economy, Capital markets, Healthcare, Hybrid education & more, it will take place over 2 days 23rd & 24th September. The conference plays host to in-depth sessions & keynotes by leading founders & investors from India and around the World.

The Conference is supported by Startup India, Google, Western Digital, Sequoia Capital, Morgan Stanley, Coinbase, Microsoft, AWS, Icertis, Kalaari and Avendus.

4. Share India set to disrupt the FinTech industry with strategic acquisitions

Share India Securities Limited has announced the acquisition of two companies, namely – Algowire Trading Technologies Private Limited and Utrade Solutions Private Limited. Share India Securities Limited has taken the next evolutionary step towards building a platform for AI-driven automatic trading, strategy development and execution for its retail investors with these acquisitions.

It continues to strengthen its position as a market leader and technology innovator in the FinTech industry. The company has principally agreed to invest INR 150 million to gain a majority stake in both entities. These acquisitions will significantly strengthen Share India’s tech capabilities as both the acquired companies are run by tech experts and have been inactive operation for more than a decade.

Read more about it here.

5.How Fintech Is Transforming Banking In India?

The banking industry has evolved from physical to digital, and now to hybrid banking models. Thanks to emerging technologies and the fintech companies that are using digital tools to transform the way we bank.

The use of the Aadhaar Card and video know-your-customer (KYC) along with card-less cash withdrawals, paperless customer on-boarding, ‘tap and pay’ through mobile are some of the technology-first tools that reflect an acceleration in the digitization of banking in India. Let’s look at the five fastest ways in which fintech has brought more agility to banking and aided a versatile digital experience for users.

Read how fintech is a major catalyst of this here.

6. InvestaX Gets Closer to Tokenizing the World with MAS Fintech Sandbox

Singapore based InvestaX (IC SG Pte Ltd) launches an exchange in the Monetary Authority of Singapore (MAS) sandbox, providing key infrastructure for bringing liquidity to digital securities.

InvestaX, announced entry in the sandbox for its exchange, and now provides a one-stop-shop solution for the issuance and trading of digital securities, for global products and global investors.

Read more about it here.

7. Why are banks going big on credit cards?

Credit Cards, the most profitable product for banks, are again gaining popularity. On September 20, HDFC Bank partnered with Paytm to launch a co-branded credit card, while Federal Bank launched three variants of credit cards in association with Visa earlier in the month. State-run lenders including Bank of Baroda and Union Bank of India have also rolled out co-branded cards, while Axis Bank launched a wellness credit card in January 2021.

Most Commercial banks are launching new credit cards by the co-branding model or partnering with fintech as the pandemic has accelerated the shift to digital transactions and e-commerce even in small towns.

Read more about it here.

Interested to know more about Card and POS machines, Digital Payments, check our course here.

8. How are fintech companies overcoming the pandemic?

Organizations in 2020 were compelled to make substantial modifications in a matter of weeks to keep the business running due to nationwide lockdowns, strict social distancing norms and several other safety measures that were required.

One such important thing was to switch gears from offline to online working. Clearly, it was not an easy task for leaders as well as employees. Both had to quickly adopt video conferencing tools for seamless interactions and making their presence felt across teams and senior management. This is the reason why people management teams (HRs) need to rethink their strategies and ensure that employees stay connected, engaged and motivated throughout this work from home (WFH) phase.

Read more about it here.

9. How has India emerged as Asia’s biggest destination for fintech deals?

India has emerged as Asia’s biggest destination for financial technology (fintech) deals. It leaves behind China in the quarter ended June 2020, a research report said on Wednesday.

With around 33 deals valued at USD 647.5 million, India has the highest investment in the fintech segment compared to China’s USD 284.9 million during the quarter ended June 30, 2020, the report released by RBSA Advisors said. Total investments in India’s fintech sector crossed the USD 10 billion mark over the last four and half years (the calendar year 2016 to H1 of 2020). Bengaluru and Mumbai remain the top two headquartered cities for fintech companies.

Read more about it here.

10. Cashfree Payments wins Excellence in Payments at ASSOCHAM Awards for Fintech & Digital Payments

Cashfree Payments, the leading payments and API banking solutions company of the country, today announced that it has won the ‘Excellence in Payments (processor)’ award at the ASSOCHAM Awards 2021 for Fintech and Digital Payments.

The selection criteria included five parameters –

● The scope of impact

● Customer acquisition

● Growth rate

● The market potential of its services, innovation, solution differentiation

● Ecosystem enhancement.

Based on this, ASSOCHAM and PwC scored and selected the three best applications for each award category.

Read more about it here.

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To get our Fintech courses and Certificate at USD10, please use code GFA10 at check out/payment page, visit our website for Fintech courses – Global FinTech Academy

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