Signs aplenty that the world economy is up against numerous crises and recently occurred pandemic (which still persists in lighter variants) alongside the ongoing Russian-Ukraine war has hammered global economy hard. We cover fintech news updates in India to aid you in decision making. Fintech news updates in India.
Now to tide over the hardships and to emerge better prepared, even the most distinguished mind Douglas Diamond has been awarded the Nobel prize for Economics and this precious diamond-like mind teems with ideas and recommendations for all types of countries and economies of all sizes to become more resilient to forlorn economic scenario and the monstrous recession that looms over the planet. Fintech News updates in India are right here.
Professor Douglas shed everything that churned out of the brain-brilliance over economic ratting taking place across the globe, especially the dreaded recession.
Fintech news updates in India to better insulate yourself against recession.
In a quiz by a prominent media house in India, he was nudged to disclose some of the valuable observations regarding the Indian economy and the role and responsibility of fintech and about the worth of PSUs (Public Sector Units). Here is what he said:
Ques: As the world economy faces many testing conditions, sending experts into a quandary and the concern that 2023 would bring us closer to recession, grows stronger with every passing day. In this light, how can the banks be better powered to tackle this nuisance? Fintech news updates in India gathered with rich insights.
Does the financial crisis of 2008 hold any answer and guidelines for us?
Diamond-esque Answer. He confirmed the following facts:
- Capital buffer have grown bigger with the banks, strategically, which is more than the required amount,
- Institutions manned by judicious minds, function painstakingly, and therefore have become more capable for any financial onslaught,
- Regulations have been introduced to stabilize banks’ position with more capital pumped in. Evidently, the banks enjoy more equity as against fewer deposits,
- Commercial banking pockets have also sprouted more resilience than before,
- Banks should soften on raising credit standards a little bit as this would remodel the things,
- Carefully banks should tread the fine line with higher lending standards,
- Transparency and accountability would flow into the bank’s favour,
Ques: Fintech has grown exponentially across the horizon in the past 3-4 years. Do fintech companies enjoy more power and relevance than the banks? What do you foresee about the role and responsibility of the banks in the time to come?
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Diamond Mind Answers: Fintech does help actualize a wide spectrum of services, which are although similar to banks, but these perform on a different platform hugely online and invoke distinct technologies extravagantly while evaluating the profiles of those borrowing or lending.
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- Noble Nobel laureate reckons fintech cos as shadow banks of the present times. Fintech news updates to galvanize your financial nerves.
- Profits can be earned by borrowing for a short duration and by lending for longer duration. If a company falls short in doing this, another from the industry will emerge in the place and fill the vacuum.
Ques 3: There is a perception that the Indian banking sector is overshadowed by the Public Sector Banks. Their market share is two-third absolute. Now, his views were sought about such a banking landscape where state-run banks monopolize. If the government decides to prioritize some banks what would be his take on this?
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Diamond Answers: Across the world, government banks are politically active in doing the lending and the earnest lending operations are found overshadowed by this naked reality.
- Banks extend money to bail out the weak business operations and this is integral with the politically connected banks.
- PSUs should lend to those players of the economy who need a nudge for broader economic welfare.
- PSU banks are not after the profit. Driven by the policy set by the government, they can allocate funds for business activities.
- Capital allocation at the minimum level can’t be left and if the government decides to allocate capital, we find a crony aspect of capitalism.
Ques: In India, weather is a dominant factor in deciding the price. In this light, Mr Diamond’s sparkling thoughts were warranted about the inflation as a unique ecosystem that pushes the monetary policy (price included) ahead in economies inundated by external factors.
Precious Answer: To this he answered:
- If the central bank vouches for inflation and the perceptions of inflation don’t spiral out of control, then the natural target is held as actual inflation. Fintech news updates in India.
- If one comes up with an inflation target, he should hold on to his own version of core inflation. For instance, prices that remain unfazed by the weather such as wages and crop prices. We simplify fintech news updates in India.
- We should also pay heed to “headline inflation” and also set an eye on “long run moving average”. Fintech news updates in India to keep you on top of evolution.
- When prices soar by 10% today and sink by 12% tomorrow as the weather gets cozy, this is price movements and not to be taken as inflation.
- If central banks have to perform better, they should pursue some set goals which are achievable.
Fintech companies on Indian turf find a common thread in India Fintech Forum, which is an association set up to advocate their interests globally as well as inside the country, without expecting any profit. This month, grand success would be scripted for 23 fintech startups as they are set to showcase their high-end products and services before the jury comprising big-names. Fintech news updates in India.
The winning startup will enjoy the spotlight with IFTA Fintech Startup of the Year award on 30th November 2022 when a full-day in-person conclave will be held in Mumbai. Fintech news updates in India.
Curiously enough, an award category; Fintech Scale up of the Year award is also conceived for companies that were setup before 2015 . For this award category,, six entries are there. Fintech news updates in India.
Recipients of IFTA awards in the past, include popular agencies like Capital Float, ZestMoney and Simpl.
In the past, the awardees have managed to cumulatively raise over USD 4 billion in funding from Venture Capitals, on the back of the IFTA awards. Fintech news updates in India.
Distinguished as winner of Fintech Startup of the year 2020, Nitya Sharma, who is Co-Founder & CEO of Simpl, reveals, “This award is a recognition of all the hard work the team has put into creating a new category of payments and a breakthrough consumer experience.” Fintech news updates in India.
1200+ recommendations were registered from various places like Australia, Bangladesh, Brazil, Georgia, Germany, Hong Kong, Hungary, India, Netherlands, New Zealand, Nigeria, Poland, Portugal, Singapore, Spain, Sweden, United Arab Emirates, United Kingdom and United States of America. Fintech news updates in India.
The award categories are 20+ in number. The process of narrowing down is complex in calculations and many parameters are passed and approval is sought from the panel. Fintech news updates in India.
This is the 7th IFTA edition that garners support from distinguished associations that are diligent in efforts to empower and broaden the Indian Fintech Ecosystem. The major entities include Mumbai FinTech Hub, Perfios, Happay, CashRich, Think360.AI, EnKash, Biz2X, Ring, Dhan, JuicyScore, TransUnion CIBIL, Xoxoday and ComplyVantage.
India FinTech Forum presents the fintech startups for 2022 which show a flame to flourish on the horizon.
1. Arthan Finance ARTH (India): Arthan Finance is an all-inclusive Lending platform of new age that is meant to rewire Small Business mechanism through AI & Deep Learning based financial products that are customized as “Fit to Purpose”. Fintech news updates in India.
2. BankSathi (India): BankSathi is a modern day venue meant for financial executives with which they can emphasize their authority and can provide digital consultancy online and this way, they can offer financial goods online swiftly. Fintech news updates in India.
3. Bimaplan (India): Bimaplan’s inclusive insurance venue showcases numerous insurance policies before the customers at the click of a mouse and ensures smooth user experience too. Fintech news updates in India.
4. Biz2X India (India): Biz2X is of a great help to banks and they fuel their lending operations to new horizons. It facilitates loan management, lending services, risk evaluation and scripts for an an inclusive customer growth journey. Fintech news updates in India.
5. BondEvalue (Singapore): BondEvalue looks after the BBX, and this is the world’s first fractional bond exchange. Monetary Authority of Singapore controls this under a regulation, which makes this a recognised market entity. BBX sets the global bond market into motion and investors are obliged to trade in bonds digitally and such are fractional bonds which may include other banks and brokers as partners. Fintech news updates in India.
6. CASHe (India): CASHe is an integrated finltech ecosystem that bundles together many consumer lending products and related services, which range beyond personal loans, credit line, BNPL, payments and money transfer advantage to employees with it’s proprietary credit rating algorithm is at work. Fintech news updates in India.
7. Cashfree Payments (India): Cashfree Payments is for business enterprises in the country and it serves a range of objectives like collections, vendor payouts, salary payouts, quick loan disbursements, refunds in e-commerce transactions, processing insurance claims, expense reimbursements, loyalty calculations, and deciding rewards and its payments and so forth. Fintech news updates in India.
8. CredAble (India): CredAble is a mega digital platform dedicated to working capital that fulfils such requirements of Indian corporations of all denominations, I.e. large, mid, emerging corporates, MSMEs, and financial houses etc. Fintech news updates in India.
9. Decentro (India): Decentro is a banking venture that functions on full-stack API support and is replete with various modules, which can be integrated in the sandbox, and agencies can launch their product in some days. Fintech news updates in India.
10. Financepeer (India): Financepeer is designed for education payments and academic institutes find a great support to efficiently manage their finance. Parents and guardians can now pay full course fee for the year and they get the option to pay back in installments as per their convenience. Fintech news updates in India.
11. Fintso (India): Fintso is a full-stack wealth management platform that runs on premium technology and is dedicated to retail investors, especially the NeXT Billion. Besides, it also empowers Independent Financial Product Providers (IFPPs) which not only gain access to financial products, but are also helped with online processing and robo-advisory support.
12. Finverv (India): Finverv is a powerful spot that has the power of SaaS. It helps companies to keep credit embedded in their ecosystem while an complicated plug-and-play design is the base. Further, the credit worth of lending parties contains various details for better decision making. Fintech news updates in India.
13. GroMo (India): GroMo authorises their business associates with an app and the latter are able to give over the financial products that suit customer needs. GroMo has empowered a great number of micro-entrepreneurs, to register handsome earning by referencing financial products in their customer grid. Fintech news updates in India.
14. InsuranceDekho (India): InsuranceDekho is an online platform that cultivate interest among the customers immensely as they are able to compare insurance plans and prices of popular insurance companies. As a result, enrolling for an insurance policy becomes easier. Fintech news updates in India.
15. KYC Hub (India): KYC Hub has furnished a ground that helps us to comply with money laundering regulation and to enhance our tenacity by exploiting AI and Machine Learning. They have AML transaction solution in place that unrolls PEP product and aids in sanctions screening, blacklist screening, and other features meant for customer profiles. Fintech news updates in India.
16. Multipl (India): Multipl is an app with the theme “Save Now, Pay Later” and users feel thrilled when they save on their usual expenses. They enjoy great cash-returns from the leading brands as they shop online and such a shopping is sans any debt with a very affordable cost applied. Fintech news updates in India.
17. New Street Technologies (India): New Street Technologies’ trendsetter product MiFiX (Multi-interface Financial eXchange) which is basically designed for the BFSI sector. By using blockchain ecosystem it helps banks, NBFCs and other FIs to connect seamlessly with their customers, service associates and others having stakes and these parties are able to manage multiple services easily. For instance, KYC, opening accounts, Credit Bureau Referencing, disbursements, underwriting, documentation, receiving payments, account reconciliation, financial reporting, billing & settlement and the list has many other services. Fintech news updates in India.
18. NFTBOOKS (Australia): NFTBOOKS is a digitally powered ground meant for publishing books, magazines, paintings etc. on a blockchain protocol. For copyright purpose, they fall back upon NFT (Non-Fungtible Token) identification technology. it tends to get rid of piracy to the possible extent and to make products available to readers or users at a price that is very friendly to pockets. Fintech news updates in India.
19. Pismo Labs (Singapore): Pismo unlocks a potent platform to facilitate banking and payments which is integrated for all-in-one processing. This is a cloud-based platform helping businesses to build and launch with quickness, and to scale as their need grows to accommodate a larger audience but with no compromise on fool-proof security and standards required for swift digital banking and payments solutions. Fintech News Updates in India on your finger tips. Fintech news updates in India.
20. Progcap (India): This has completely revamped the way financial access was delivered to retail parties in India in the past and such was an underserved space too. The unique service model draws power from new age tech to underwrite credit and the under-banked semi-urban and rural retailers get connected to collateral free working capital. Fintech News updates in India.
21. Revfin (India): A phenomenal digital lending platform that makes loans service opportune and even the financially excluded individuals are able to seek easy finance. The lending platform ensures traditional underwriting methods powered by high-end techniques like biometrics, psychometrics and gamification. Fintech news updates in India.
22. Rupifi (India): Rupifi helps in B2B transactions for SMEs. Being first in India as Embedded Finance company, it operates in the B2B Payments segment with its B2B BNPL product.
23. Tazapay (Singapore): Such is a payments platform with a cross border approach and to make cross-border commerce more credible. It helps unlock a range of services for smooth and safe cross-border trade – such as escrow tightens payment protections, trade agreements are developed which are digitally signed and risk assessment is done too.