Author: yourfintech

In a role reversal, Xalts, a Singapore fintech startup founded 18 months ago, has acquired Contour Network, a digital trade platform set up by eight major banks including HSBC, Standard Chartered and BNP. Terms of the deal were undisclosed, but the acquisition price was in the high single millions and composed of cash and stock. Backed by Accel and Citi Ventures, Xalts enables financial institutions to build and manage blockchain-based apps. Contour was started in 2017 by a consortium of eight banks to digitize trade and is currently used by 22 banks and more than 100 global business including Tata…

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New Business to Leverage Artificial Intelligence The Nigerian microfinance bank, Carbon, has reportedly acquired the fintech firm Vella Finance for an undisclosed amount. This acquisition, which was finalized by the microfinance bank’s parent company, One Credit Limited, paves the way for the launch of a novel banking platform aimed at Nigerian businesses. As part of the acquisition agreement, Vella Finance, which ceased offering crypto-related services on Oct. 30, 2023, will transition its business clientele to Carbon Business. Individual customers will also be presented with the option to upgrade to business accounts. Furthermore, the fintech firm’s solutions will be incorporated into the new…

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India’s central bank has asked Visa and Mastercard to stop card-based business-to-business payments such as rents or money transfer to vendors routed through third party fintech firms, according to two sources familiar with the matter. The central bank has not specified why they have placed these restrictions, the sources said, adding that the impact would only be on commercial payments routed through third parties and not on all corporate card payments. A set of fintech firms in India operate in a category called “business payment solution providers” (BPSPs), which facilitate payments to merchants that do not otherwise accept card payments…

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Global investment in fintech sank to a five-year low of $113.7 billion across 4,547 deals in 2023 as investors pulled back from making large deals amid concerns about stubbornly high interest rates, conflicts in Ukraine and the Middle East, falling fintech valuations, and the parched exit environment, revealed a report by KPMG. Fintech investment in India was particularly soft, falling from $6.8 billion to $3 billion between 2022 and 2023, although investment also dropped in Singapore—from US$4.5 billion to US$2.2 billion. The Americas attracted the largest share ( 70  per cent) of investment during the year, accounting for $78.3 billion in…

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Fintech SaaS company Trust Fintech Limited had filed its Draft Red Herring Prospectus (DRHP) with NSE Emerge to raise funds via an initial public offering (IPO). The company’s IPO will comprise fresh issuance of 62,82,000 equity shares, each with a face value of INR 10. Founded in 1998 by Hemant Chafale, Heramb Ramkrishna, and Mandar Kishor Deo, Nagpur-headquartered Trust Fintech provides core banking SaaS products and fintech software solutions around ERP implementation and customised software solutions development, and SAP B1 and offshore IT services for the banking, financial services, and insurance (BFSI) sector. As per the IPO draft papers, Trust…

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The Indian Railway Catering and Tourism Corporation (IRCTC) has incorporated a new subsidiary which focuses on payment aggregator business, according to the company’s disclosure with the stock exchange. The disclosure comes months after the company initiated the process to acquire a payment aggregator license with the Reserve Bank of India (RBI). IRCTC had then also launched an in-house payment gateway, called iPay. The gateway brings an additional layer to the payment process allowing users to book tickets through autopay, debit card, credit card, and net banking, among others. “On the iPay platform, [the] number of payment transactions handled during this quarter is 1.54…

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Finance ministry on Friday met fintechs and banks such as Punjab National Bank (PNB) and State Bank of India (SBI), and officials from various government departments, to discuss the ways to tackle increasing incidents of recent online financial frauds. The meeting was chaired by Vivek Joshi, secretary, department of financial services, and involved officials from department of revenue, telecom regulatory authority of India (Trai), Reserve Bank of India (RBI), Telecom Regulatory Authority of India (TRAI), Unique Identification Authority of India (UIDAI), Indian Cyber Crime Co-ordination Center (I4C), National Payments Corporation of India (NPCI), among others. Banks and financial institutions are required to phase out…

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Could 2024 be the year for fintech IPOs? Quite possibly, according to F-Prime Capital’s State of Fintech 2024 report. F-Prime — a VC firm with over $4.5 billion in assets under management that tracks the performance of emerging, publicly traded and privately held financial technology companies — naturally remains bullish on the fintech space, noting that: “In aggregate, fintech companies have captured <10% of financial services revenue, yet many scaled private fintech companies are generating $1B+ revenue, still growing rapidly, and expected to list in public markets.” “Many sizable companies are now filing or considering going public,” says F-Prime. To…

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FinTech is a disruptive sunrise industry with the potential to make financial services accessible, simple and cost-effective. The Indian FinTech ecosystem is the third largest in the world, with the market size expected to reach US$ 150 billion by 2025. The 3,000+ FinTechs registered with the DPIIT are taking advantage of the highest FinTech adoption rate (87%) in the world. The sector has given the underbanked and unbanked sections access to banking solutions. Digital lending had already become a US$ 270 billion market in 2022. However, financial misbehaviour and irregularities have tainted the potential improvements in the FinTech space in…

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 The cutting-edge core banking provider, proudly announces the successful closure of its series B financing round, amassing €25m. The round witnessed leadership from CommerzVentures, accompanied by contributions from Speedinvest and several returning investors. The company, renowned for its groundbreaking approach to banking technology, has been on a rapid growth trajectory since its first client partnership in February 2019. Tuum stands at the forefront of digital transformation in the banking sector, offering flexible, cost-effective systems that liberate banks to innovate, develop new products, and penetrate fresh markets. Boasting a diverse customer base across 10 countries, with a significant footprint in the…

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