Thursday, May 19, 2022

Daily News. Shriram Group To Use Blockchain to Issue Digital Fixed Deposits, To Onboard Other Startups

  1. 1. How fintech is ensuring greater financial inclusion?

Fintech companies in India are going after different products like payment lending, personal finance management, and regulation technologies. The population and internet are further helping these companies in simplifying these tasks.

Further, technologies like artificial intelligence (AI), machine learning (ML), data analytics, process automation, and Blockchain have transformed the financial world.

Read this article on how fintechs are ensuring greater financial inclusion.

2. How are fintechs helping MSMEs?

Micro, small and medium enterprises (MSMEs) are a key part of the Indian economy. 40 per cent of India’s exports come from the sector.

Fintech companies powered by NBFCs are making sure that banks are not the only way of generating credit.

Technologies like artificial intelligence, intelligent data are being leveraged to weave lending models for MSMEs, depending on their size and requirement.

Read more about it here.

3. Online facility makes owning land at Kolkata Fintech hub easier.

The West Bengal government has launched an internet-based utility to own a piece of land in Kolkata Fintech hub. The hub will be ready in 3-4 years’ time.

The Minister of Housing and Transport launched this facility. Various entities like mutual funds will be able to amass land there.

Read more about it here.

4. SaveIN gets a nod for social finance platform

Fintech start-up SaveIN has got a patent for its social finance platform. It aims at digitising informal, social and relationship-based loans among family, friends, colleagues and business partners.

SaveIN is an online platform. It is aiming to bank on households reaching out to acquaintances in times of need. It will cater to those Indians who lend and borrow money from each other.

Read more about it here.

5. Shriram Group To Use Blockchain To Issue Digital Fixed Deposits, To Onboard Other Startups

Shriram Transport Finance Company Limited (STFC) is a vehicle asset financing arm of Shriram Group. It will launch Blockchain assured Digital Fixed Deposit (FD) Certificates

It also plans to bring other Blockchain startups to leverage the technology and to adopt innovations.

About 19% of the Indian population is without bank accounts. Blockchain technology will prove helpful in bringing this part of the population to create digital identities and help them access banking and financial services.

Read more about it here.

6. GimBooks Raises Seed Funding From First Check Ventures And Y Combinator

Chattisgarh-based fintech SMEs, GimBooks, on Friday announced to have raised a certain amount of Seed funding from a network (syndicate) of angel investors pooled in by First Check Ventures through the US-based AngelList platform.

This is the first funding round raised by GimBooks since it started in 2018. Before this, the startup was bootstrapped.

Read more about it here.

7. Users can now invest in Fixed Deposits & Mutual Funds on Amazon.

Amazon Pay is an online payments processing service owned by Amazon. It is ready to offer deposit services to its customers. The payment app has tied up with Wealth Management Simplified to provide the services.

Through this collaboration, the customers of Amazon Pay would be able to invest in mutual funds and similar products like this. Kuvera will bring its services, products and technical knowledge to create an exclusive experience for Amazon Pay users to invest in Mutual Funds, Fixed Deposits, and more over time.

Read more about it here.

8. RealX will offer fractional ownership of a Real estate

RealX is a platform for fractional ownership of property. The firm was launched last year and had to stop its operations because of Covid-19 pandemic.

It has opened its platform for investors to invest in high yield, high return properties with blockchain-based registry.

Read more about it here.

9. SaveIN raises funds in an extended pre-seed funding round

SaveIN aims to broaden its product offerings by adding banking, credit and payments in the next few months. The company had rolled out its Beta program in April 2021, through its mobile app on Google Playstore and Apple App Store.

Since its launch, the app has been downloaded by over 50,000 users and has already recorded thousands of transactions from users across the country. The platform is now recording double transactions base month on month.

Read more about it here.

10. OroPocket launches Auto-Invest Plan for tokenized gold and silver

Users of OroPocket can invest just Rs100 per day along with one tap liquidation via UPI. It will ensure no lock-in periods. Users can also set up automatic payments from their bank accounts for easy and timely payments.

Auto-Invest Plan (AIP) is an investment strategy similar to a SIP. An investor can set an amount at pre-decided intervals.

Read more about it here.

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