Thursday, May 19, 2022

ICICI Bank partners with Amazon India to offer OD facility, IIM Udaipur to launch digital financial vertical & more

1. Banks, fintech firms tie up to grow business

A growing number of small and mid-sized banks in India are partnering with fintech companies to expand their reach and tap new customers, saving on costs and time to ramp up their retail network.

Traditionally, banks have relied on their network of branches, especially in semi-urban and rural areas. However, the rise in the use of smartphones and lower data cost have given banks an opportunity to expand their business without building new branches.

Read more about it here.

2. Hopes rise in India as China tames its tech giants

India in July surpassed China in monthly venture capital deals for the first time since 2013, according to Preqin data, which said India received investments worth $7.9 billion in July this year.

Connexdoor, a Mumbai-based digital platform for promoting entrepreneurship, co-founder Pankaj Singh has to keep a close watch on Western investments in India’s tech ecosystem. And he has been observing a significant uptick off late.

Read how these two are related here.

3. Centre ropes in Aceware Fintech as partner for digital on-boarding of street vendors in Kerala

 The Central Government has roped in Aceware FinTech Services, a fintech startup mentored by the Kerala Startup Mission and registered with Startup India, as the partner for the special drive launched for the digital on-boarding of the street vendors in Kerala.

The drive was launched as part of the PM Street Vendor’s Atma Nirbhar Nidhi (PM SVANidhi). Under the drive, a special micro-credit facility for street vendors, the Centre aims to bring 8.68 lakh street vendors on board across the country, a release by the government said on Monday.

Read more about it here.

4. 5 FinTech companies helping MSMEs scale their businesses

A sector hit the hardest by Covid 19 has been the MSMEs. A number of entrepreneurs have reported the inability to survive more than 3 months owing to the disruptions faced in the last year. Small scale enterprises have faced a deep chasm in business operations, supply chain, credit access and other areas that have led to unprecedented losses and inability to stay afloat.

This pandemic has also forced enterprises to overhaul their way of working and move towards a digital and cloud-first infrastructure. In these times, five such companies have risen to help SMEs thrive and adopt seamless services.

Read more about it here.

5. IIM Udaipur to launch digital financial vertical ‘Fintech’

Indian Institute of Management (IIM) Udaipur has announced a new initiative that focuses on Fintech, a digital center driven by Fintech academia and stakeholders for empowering the development of financial frameworks and technical understanding of the path-breaking industry vertical.

Witnessing the rise in interest for Fintech and the need for better financial understanding, this Fintech initiative aims to bring together industry practitioners, market regulators, entrepreneurs, venture capitalists, technologists, and academicians to develop new knowledge, practices, and frameworks for the rapidly emerging and disruptive financial vertical.

Read more about it here.

6. Info Edge stock jumps as Makesense and PB Fintech agree to file fresh scheme of amalgamation after IPO

On Saturday, Info Edge announced that Makesense Technologies received a request letter from PB Fintech seeking its consent for withdrawal of the aforesaid Scheme from the Hon’ble National Company Law Tribunal, Chandigarh Bench (“NCLT”) in order to expedite the process of its upcoming IPO.

At around 2 pm, Info Edge was trading at Rs6718.20 per piece higher by Rs66.25 or 1% on Sensex. The stock has touched an intraday high of Rs6790 per piece.

Read more about it here.

7. PM Modi highlights importance of fintech

Prime Minister Narendra Modi on Sunday talked about the importance of fin-tech and Unified Payments Interface (UPI) in his 81st monthly radio programme Mann ki Baat. He said that 355 crore UPI transactions took place during August, with  ₹ 2 trillion digital payments on average happening through UPI.

This comes at the time of India taking the lead in digital payment transactions with the union budget earlier this year announcing  ₹1,500 crores for incentivising digital payments. “It is a matter of delight for us that even in villages, the common person is getting connected in the direction of digital transactions through fin-tech UPI… its prevalence has begun increasing,” he added.

Read more about it here.

Want to know more about Digital financial inclusion and Fintech for inclusion, check out our course here.

8. McKinsey Report states Asia-Pacific digital banking is accelerating

Consumer use of digital banking has increased sharply recently and the driving force behind this is the soaring adoption rate in emerging markets, especially India, due to product and service innovations. A McKinsey and Co. research report published last week titled “Emerging markets leap forward in digital banking innovation and adoption” revealed that the adoption of digital banking among consumers in Asia-Pacific’s emerging markets has caught up with that in developed markets.

In the report, McKinsey also added that the shift to digital banking happened quickly and was likely accelerated by existing digital trends aided by technology and the increasing use of digital channels for transactions including financial services.

Read more about it here.

9. INDmoney offers US stocks as rewards for credit card spends

INDmoney is a fintech platform that was founded in April 2019. Now it plans to offer US stocks to its customers as rewards for their credit card spending. The US allows holding of fractional shares which makes credit of small amounts of stocks possible.

An INDmoney customer would open a rupee account on the app which would be maintained with INDmoney’s partner bank in India. A favourable deal with the partner bank and use of technology has eliminated the high fixed charges associated with small forex transfers, said Ashish Kashyap, founder and CEO, INDmoney.

Read more about it here.

10. ICICI Bank partners with Amazon India to offer OD facility to sellers, small businesses

ICICI Bank has partnered with Amazon India to offer an overdraft (OD) facility of up to Rs 25 lakh to individual sellers and small businesses registered on the e-commerce player’s online marketplace, the private lender said on September 27.

It will be driven by API integration and the partnership will enable sellers to avail an OD from the bank in a process. From application to sanction to disbursement everything is entirely digital. Even customers of other banks can avail the OD facility from ICICI Bank if they are registered as sellers with, the bank said in a release.

Read more about it here.

Our Fintech Courses

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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