Author: yourfintech
echnically, the market is expected to be rangebound and consolidative as long as it trades below the 22,300 level, with immediate support at the 22,000 mark, experts said, adding that a decisive close above 22,300 can take the Nifty 50 towards the next key resistance area of 22,500 level. On February 26, the Nifty 50 was down 91 points to 22,122, while the BSE Sensex fell 353 points to 72,790 and formed a small bearish candlestick pattern on the daily charts. The Nifty Midcap 100 and Smallcap 100 indices were under pressure, shedding 0.36 percent and 0.26 percent. Stocks that…
Automation has been exerting a profound impact on innumerable industries globally. In the fintech (or financial technology) segment, automation is driving unimaginable efficiencies and opportunities. Fintech mainly comprises the use of customized software and algorithms on computers and smart devices. Although fintech has always been powered by technology, advanced technologies such as artificial intelligence, machine learning, robotic process automation, cloud computing, biometrics, natural language processing and more are now propelling the sphere to stratospheric heights. In turn, the various forms of automation are boosting operational efficiencies, eliminating or limiting human errors, and enhancing the overall customer experience. Whether it is…
The saying “one man’s loss is another man’s gain” resonates well in India’s competitive fintech sector. In what appears to be a “moment-marketing” stunt, one of the largest merchant payment platforms Pine Labs took a jibe at Paytm’s newspaper front-page ad on a national daily. Pine Labs came up with their digital ad campaign saying, “The front page can be bought. Trust cannot”. The ad further said that around “One Million businesses across India count on Pine Labs to power their business in-store, one transaction at a time. Explore the range of our in-store solutions” Paytm’s front-page ad came just a day…
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…
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…
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…
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…
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…
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…
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…